How far back can I claim ppi? Might be a question you have been asking yourself…
PPI or payment protection insurance is the biggest financial scandal in the United Kingdom with one out of four UK consumers mis sold the Insurance policy. However, not everyone can make a complaint and receive PPI compensation.
If you took out a PPI policy 10-15 years ago, don’t fret. You could still reclaim PPI after completely paying for it five years ago.
Banks usually keep records of all ongoing, completed, rejected or abandoned transactions for at least six years. Some banks keep records of consumers over 10 years.
If you have an inaccurate date as to when you have completed your payment for your insurance policy or you lost your paperwork, you could actually request for your contract and receipts from your lender. You may have to pay them £1, but it pays to be precise on the date of your last repayment.
Any transaction for PPI completed past six years may still be recovered depending on the banks, but surely, any PPI payment completed past eight years may not have any existing paperwork with the financial institutions.
For the case of credit cards and mortgages, an ongoing financial account with PPI could still receive refunds past 10 years of completing by reviewing the account’s transaction history from the time it started.