Generally speaking, there tends to be a common misunderstanding in regards to PPI claims. The talks of ‘six year time limits’ can by and large be misinterpreted, as people believe this means you cannot claim back on credit agreements that were started longer than six years ago, however, this is not always the case for everyone.
If you have been mis-sold PPI, it is still possible to make a claim if your agreement is over six years old. Having said that, the six year length refers to the duration a provider is required to keep your paperwork due to regulations upheld by the FSA.
This paperwork will be required in order to make a claim on financial products that were fully paid off over six years ago as your providers will no longer be obliged to have kept a copy of them for you. In order to avoid misinterpretations, we would advise you to keep hold of your paperwork to demonstrate your payment protection policy existed. If you took a loan out longer than six years ago, but did not conclude the payment until less than six years ago, the provider should have a copy of your agreement by law and you can request a copy of this information from them. If you took out the policy eight years ago and only finished paying off the policy 4 years ago the policy was still active and you will be eligible to claim.
If you did finish paying the policy off longer than 6 years ago then the bank is not required to have kept your paperwork, this may reduce your chances of making a successful claim but it does not rule it out altogether and many of our customers have successfully claimed on loans that were completed longer than 6 years ago.
If you wish to find out more about ‘time limits’ and if you are eligible to make a claim, get in touch with us today. Do not be put off making a claim due to perceived time-limits which may not apply to your particular case.