You can go back around 6 years in order to claim back missold PPI, however the creditor might not have any details on you and if so you will not be able to claim unless you have paperwork.
How many years can you go back to claim PPI?
Payment Protection Insurance (PPI) is an insurance policy set up to cover your monthly loan or credit card payments (or a percentage of them) if you cannot meet the contractual monthly payments due to being unable to work. PPI applies to those who cannot work due to illness, injury that has been caused by an accident, or those people who unfortunately been made redundant from their job.
Over the last ten years, some loan and credit card agreements have been mis-sold and as a result people are due thousands of pounds in compensation. Large organisations have had to repay billions of pounds (Lloyds TSB is repaying £3.2 billion) to people who were told PPI was essential.
Have you been missold PPI?
- Were you told or sold the wrong thing;
- Did you even know you had been sold PPI?
- Where you unemployed or retired when you took out the loan or credit card?
- Were you self-employed when you took out the borrowing?
- Did you have any medical conditions when you bought the PPI? Most policies don't allow you to claim for help due to pre-existing medical conditions. Were you even asked whether you had any pre-existing medical conditions? Did you know about the exclusions?
- Did you take out a loan or credit with one of the dozens of lenders and financial institutions who have already been fined by the FSA for the way they sold PPI? Take a look at the table to see if this is the case. If 'yes' then there's a strong chance that you have a PPI policy.