How Many Years Can You Go Back to Claim PPI?

Just six months remain to claim. Read below to find out how old your PPI policies could be.

One of the most popular questions about making a PPI claim is “How many years back can you claim PPI?” This refers to how long ago your PPI policies were sold and whether it’s still possible to make a claim. Many PPI policies were sold during the 1990s. But can you claim on policies taken out before this date or those mis-sold in the early 2000s?

The PPI deadline date is 29th August, meaning consumers have just six months to submit a claim. To date, the banks have refunded over £33 billion to individuals.

With the PPI deadline date getting ever closer, it’s important that you know as much information as possible before submitting your claim to the bank.

How Far Back Can Your PPI Policies Be?

PPI policies were sold alongside mortgages, credit cards, loans, store cards and more. The first PPI policies were sold in the 1980s, though the majority were sold in the 1990s when the banks realised how profitable the policies were.

The critical thing to note is that you can claim PPI from a PPI policy taken out at any point. It may be harder to make a case for an older policy if you no longer have the paperwork, but, in theory, it can be done. Some individuals have made successful claims from policies bought twenty years ago.

In order to make a claim, you need paperwork containing evidence of your PPI policy. Naturally, you might not have kept your old financial paperwork, meaning it will be more challenging to prove that the policy was mis-sold in an older case.

If you can’t find your paperwork, the bank may still have a record of it, if the account was active within the past six years. If the account was not active within the past six years, a claims company or independent creditor will also be able to investigate further and try to identify any old PPI policies.

Make Sure You’re Not Time-Barred

Although you can submit a PPI claim from any year, if you received a letter in the past few years from your bank about mis-sold PPI policies but did not respond, you might be time-barred. From the date of this letter, you have three years to reply to the bank. If you did not make a claim during this time, you will not be able to make a standard PPI claim.

You might, however, still be able to make a claim under the Plevin rule. This allows you to submit a PPI claim to complain about high levels of commission on your policy. If the cost of your policy was made up of more than 50% commission and you were not aware of this, you could be entitled to a refund of the excess commission — even if you knowingly purchased PPI. Many banks took 67% in commission, meaning you could be eligible.

Submit a PPI Claim before the Deadline

If you know that you had a previous PPI policy or want to find out if you ever had a PPI policy, you must submit a claim before 29th August 2019. You have the choice of making a claim yourself or using a reputable PPI claims company.

To submit a claim yourself, you need to find evidence of the PPI policy and contact the bank with a statement of how it was mis-sold to you. Alternatively, you can use a PPI claims company, which will handle the case for you. A company can take the stress out of making a claim by identifying old PPI policies and communicating with the bank on your behalf.

The whole process can take up to six months or even longer for older cases, so it’s important to start as soon as possible.

Logican creates software for the best PPI claims companies to allow them to process as many claims as possible before the deadline. Act now to make sure you don’t miss out before the PPI deadline.