In recent years, the widespread mis selling of payment protection insurance policies in the UK has come to light and has led to literally thousands of consumers making a PPI claim and getting a refund on the money they have paid. It is thought that the mis-selling of such policies, alongside loans, mortgages, store cards, credit cards and other hire purchase agreements, may date back far longer than 6 years. However, there is a common belief that you can only make a financial claim dating back for six years. So what is the situation if you want to make a PPI claim on a policy more than six years old?
If your policy started more than six years ago, the first thing to check is when it ended. If it ended within the last 6 years or has not yet ended, then your lender or provider should have all the information on record and you should be able to proceed with a claim if your policy was mis-sold. If it ended more than six years ago, whether or not you can claim depends largely upon whether you have the paperwork. You need a copy of the paperwork relating to any payment protection insurance policy to stand a chance of reclaiming. If you don’t have it and your policy ended more than six years ago, your chances are slim. While some lenders may still have information on file after this time, there is no legal requirement for them to do so and many do not. With no paperwork, you will not be able to make a claim.
If, however, you do have the paperwork relating to a policy that ended more than six years ago, it is worth your while trying to reclaim if your policy was mis-sold. You may find your chances of success are slimmer than on more recent policies, however, as much of it comes down to what you can remember about the actual selling of the policy.
Essentially, it all comes down to having the paperwork!