Clearing The Three-Year Allowance and the Mis-Sold PPI Claim Deadline

October 14, 2015
by admin in PPI News

Clearing The Three-Year Allowance and the Mis-Sold PPI Claim Deadline

In 2011, the Financial Services Authority (FSA, now FCA), imposed direct redress rules for mis-sold PPI. The banks challenged the regulator’s powers to do this. However, the UK Supreme Court ruled banks should repay customers mis-sold the insurance policy.

Banks and lenders then sent 12 million customers an invite to claim their PPI refunds. However, customers are told they only have three years to make their claim upon receiving the notice.

With a PPI claim deadline coming this 2018 and you received your letter in 2011 and you have yet to make a PPI claim, is your chance to claim expired?

When Does It Count?

The notice counts if you have the original notice.

This means the original letter from your bank or lender asking you to make a claim for your mis-sold payment protection insurance policy.

The appropriate amount and the signature of the authority responsible for the insurance refunding must exist in the letter.

You may also ask your bank about the list of individuals they sent notices in 2011, and if your account still exists despite being fully paid.

What Can You Do When You Go Past Six Years?

It’s possible you’ve finished repaying for your insurance policy as you have finished repaying your financing. But if you went past six years, banks will likely tell you they only keep customer records for six years.

You may ask them to perform a data enquiry to clarify the existence of your mis-sold PPI with your financing if you have gone past six years. You will be charged £10 for most banks for this service.