Is Time Running Out? Lots Of People Worried About PPI Time Limits

With the ‘Mis sold payment protection insurance’ scandal drawing to a close in 2019, many people are worried about the issue of not only a ‘claims deadline’ but also the issue of ‘how far back can they make a PPI claim for?’ or in other words, how far back in time can their miss sold PPI be for them to still make a successful claim.

PPI Claims
woman reading receipts and holding a credit card

So How Far Back Can A Miss Sold PPI Policy Be Claimed For?

When it comes to miss sold PPI, there is no ‘hard and fast’ time limitation that people must have a miss sold policy within, the claims can go back more than 20 years and if there is a valid case of mis selling detected then there can be a successful claim for compensation, see this article about “how far back PPI claims can go” for more information.

Whats’ This I’ve Heard About A Six Year Time Limit?

What the ‘six year time limit’ refers to in context of miss sold payment protection insurance is the amount of time that banks and other financial corporations (private businesses) are obligated to keep the record of the account (the same account with the PPI policy) on file, meaning that if you submit an information request, by law they must have the file saved.

For claims longer than six years there are two things to consider:

  • They may well have retained records of the miss sold PPI policy so ‘all is not lost’
  • They may have deleted the file with the records on them, but this does not mean the PPI policy cannot be traced, in fact if you look at old bank statements, old PPI paperwork or old policy documents or transactional receipts or documentation, you may well find evidence of miss sold PPI.

So if a PPI claim goes back more than 6 years, this is not necessarily a problem for your claim and as a result should definitely not deter you from making a claim.

What Is This PPI Deadline People Keep Talking About?

The ‘PPI Claims Deadline’ is the deadline for people who have been the victim of PPI mis selling to put in their claim.

Any claims submitted after the August 2019 closing date are likely to be ignored and therefore, winning compensation will be an unlikely scenario.

Important TIP: Getting your PPI claim in before August 29th 2019 is imperative if you think you have valid claims for compensation, don’t miss the opportunity to get your refund.

What Do I Have To Do To Not Miss The Deadline?

Just make sure to initiate your claim before the month of August 2019, waiting to the ‘deadline day’ (which many potential claimants are expected to do) is sure to complicate the processing of the claim due to the inevitable backlog that will occur with so many people rushing to input their last minute claims.

Gather any documentation you may have at hand (don’t worry if you don’t have the original PPI paperwork) and submit your claim through one of the many internet websites offering PPI claims services, there are a few which have a great reputation and track record, some people choose to make use of PPI companies, others decide to claim their refund without outside help.

What If I Don’t Wish To Use A PPI Claims’ Company?

You are still perfectly entitled to reclaim PPI by yourself, you don’t necessarily need to use a claims management company, although you may find it easier having experts handle the claim on your behalf.

If you don’t wish to use a claims management company but still want to claim compensation, you can contact the FSCS (financial services compensation scheme) and/or the FOS (Financial Ombudsman Service) for help with your complaint.

Of all the claims sent to the Financial Ombudsman a high percentage (as many as 50%) are later upheld, this can be a helpful resource in helping you win compensation.

What Are The Chances Of Me Winning Compensation?

This will be dependant on the circumstances of your claim, approximately 1 in 3 of all PPI complaints are victorious with compensation being awarded as a payout, and most people who submit a claim have more than one PPI policy they intend to claim for, as claims services tend to look for evidence of multiple PPI claims, (generally approximately 2 claims per customer are found), resulting in significant sums of money being awarded to the client.

Final Thought: It is recommended you act quickly to avoid becoming part of a backlog of claims, try to get your claim in within 72 hours of reading this article, it is likely you will avoid the mass of people who will be clamouring to make a claim, especially if you intend to claim with a PPI claims firm, let them do the searching on your behalf.


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