There are huge numbers being bandied around in relation to the recovery of Payment Protection Insurance (PPI). Up until the end of October 2015, the Banks and various other Lenders have refunded monies totalling approximately £25billion. This is a huge amount of money and will only increase until the cut-off period for submitting claims, which will be in Spring 2018. However, this is still only a relatively small amount of money compared to the number of policies that have been sold since Payment Protection Insurance became a tremendous Bank money-spinner in the 1980s, and where policies were sold with abandon in the 1990s and early 2000s.
Over this period of time (of approximately 30 years) tens of millions of policies were sold to individuals. Due to the passage of time, many people have either forgotten who their Lenders are, or do not realise that Payment Protection Insurance was ever applied. Sadly this has meant that only a small percentage (and probably only 10% of policies) have so far been claimed against which therefore leaves vast numbers still open for claim and where considerable sums are awaiting anyone who has had a policy in the past.
All that we need in order to look at whether you have had Payment Protection Insurance attached to any old or historic facilities, as well as facilities which are more up to date, are the names of the Lenders. From this information, we can establish if Payment Protection Insurance was attached and if it was, we can look at making a claim on your behalf. This is regardless of how far back the facility was. Our most successful claim so far (in terms of historical claims) is from 1987 in a claim against Barclays. However, there are some claims that we have taken on and which we are still awaiting decisions for even earlier dates than this.
You do not need to have paperwork nor account numbers, or even a knowledge that Payment Protection Insurance was ever applied or not, because in all fairness nobody can remember as far back or can say with absolutely clarity that these payments were applied or not.
With this limited information, we can however approach the various Lenders and (despite their normal deflecting and stalling tactics) on the vast majority of cases we are able to establish with them whether Payment Protection Insurance was applied or not. Of course, for our client’s protection, if they are unable to locate your details or if PPI was not applied, then of course there is no fee to pay. Our fee is only applied if we are successful in obtaining a refund on your behalf, which is 25% including the VAT of any sums recovered.
Therefore, if you have had any credit cards, loans, mortgages, hire purchase (HP), store cards or card finance in the past (whether the facilities are open or closed) and whether or not you have information for them, then we will be delighted to look at these for you. At the very least, if there is no Payment Protection Insurance established you will be able to put the potential for a recovery from Payment Protection Insurance to bed in the knowledge that you have at least tried and without cost to you. However on many occasions, and due to the tremendous number of policies that still remain unclaimed, a large proportion of our clients in exactly the same situation do find themselves with surprising refunds.