You might be surprised at just how far back you can claim PPI from! Payment protection insurance PPI is an insurance product designed to protect you in the event that you are unable to make a payment on a debt or loan because of a crisis, such as death, illness or unemployment.
In the s, the banks realised what huge profits they could make selling the insurance. From this, the mis-selling of PPI began. Many claims were sold nearly 30 years ago and, as consumers catch up and look to discover if they can make a claim, there is confusion as to how far back PPI claims go. An important figure to remember is six years.
All financial institutions are required to keep documentation of their accounts for six years. So, if the bank does not have documentation of your account within this period, they are not meeting regulatory standards.
For example, if you opened a loan in but finished paying it off in , the six-year time frame would begin in The bank would be required to keep paperwork until After that, they have no obligation to keep track of your information.
Some banks follow the rules exactly and get rid of records right at the six-year mark. Rumours of a pending deadline for PPI claims have existed for a long time, in fact, ever since the banks lost the judicial review challenge of the Financial Service Authority [FSA] approach to PPI complaint handling in The rumours will surely continue while the pay-outs and provisions continue to rise and it appears no let-up is in sight. The strongest rumours circulated in January , when national newspapers ran a number of stories.
RBS are said to be opposed to the idea! Sky News. Any campaign, to be comprehensive and effective, would also be expensive. Although the message from Lewis and Lloyd might be right in respect of inappropriate calls for a time bar, they are naive to suggest, as they do, that everyone will find it easy to reclaim where they have been mis-sold PPI and that all a consumer has to do is complete one of their downloadable templates — it is not always that easy. Sure, there are some rogue firms in the CMC industry as there are in any industry but the claims management regulator is dealing with these.
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