How Far Back Can I Claim My PPI? A Question On The Minds Of Many


At present there is the ongoing scandal of insurance mis-selling (this has been going on in the UK for a number of years and there are cases of miss sold PPI dating back more than 20 years), this is a financial scandal that has been raging for more than a decade with a number of different ppi claims companies’ handling claims for customers (in some cases claimants have hired their own independent solicitors or even pursued a PPI claim themselves).

When it comes to payment protection insurance claims (PPI claims for short) some examples of important questions on peoples minds at the moment are questions such as “how far back can I claim PPI?” Expanded Meaning: “how far back in time can my payment protection insurance policy be before I’ll be unable to make a claim for compensation?”.

The reality is: with a PPI claim there is officially no formal time limit (some people have successfully claimed compensation from miss sold insurance policies dating back over a decade).

However there is a complexity: Something which is known as the “six year time limit”

Six Year Time Limit?

This is basically the statutory time limit for which banks and other financial corporations have to keep a record of payment protection insurance policies.

If your claim is dating back to longer than six years ago this does not necessarily mean that you will have issues with making a PPI claim, what it means is that it is possible that the company that miss sold the PPI to you in the first place has no record of your PPI policy.

What Happens If They Have No Record Of My PPI Policy?

There are ways around this, the most obvious way is to check if you have any of the original paperwork that goes with your original PPI policy, if not, this is not necessarily an issue, there may be other ways to prove you paid into a PPI plan, this is more a matter for expert PPI solicitors to look into rather than something to make speculative estimations on however.

Rest assured: people have successfully reclaimed PPI on policies that go back much longer than six years, so as stated above this does not necessarily pose a threat to a potential claim at all.

How About If I Have My Original Paperwork?

If you have your original paperwork there is no problem, you have supporting evidence to prove you paid into a PPI policy and thus you have a solid foundation to find out whether or not you have a valid PPI claim.

Many PPI Claims companies can help you claim PPI even if you don’t have the original paperwork, one example of such a company is: this company who are known to be actual “PPI solicitors” which gives them additional abilities to facilitate your claim, however there are also other PPI companies’ that can handle your PPI rebates, a simple search will reveal a number of companies that can handle your case for you.

You also have the option to handle the claim by yourself and save having to pay any commissions out to claims management firms, however this can be a lengthy process and may require more than just patience, (many PPI claims end up having to be submitted to the financial ombudsman service and pursued further should the banks try to reject a claim.) However, on the balance it is possible also to claim PPI without the use of a solicitor or a claims management company.

The PPI Scandal is one of the largest scale mis-selling scandals of all time, there are funds allocated to compensate members of the public who have experienced this kind of mis-selling so it is advisable to at least make enquiries if you have a suspicion that you have had PPI on either a loan, credit card, mortgage, or other financial arrangement.

Final Tip: If you do intend to claim compensation it is sensible to claim as soon as possible due to the fact that there is a deadline being implemented by the FCA meaning that any outstanding PPI claims will need to be submitted before the deadline of August 29th 2019, so submit your case as soon as possible.

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Written by Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER
and FACEBOOK
. Happy investing 🙂

Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER and FACEBOOK . Happy investing 🙂

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