Can you make a claim for Payment Protection Insurance (PPI) if you do not know if PPI was located on any facilities that you had, you do not have the paperwork or account numbers available for the accounts (as they may well have been closed or some time ago) and the paperwork has been long destroyed?
The simple answer is yes.
You can look at firstly establishing if PPI was applied or not, which we do for our clients. We do this by contacting the Lender. As long as you know the names of the Lenders, we can do this for you. Once approaching the Lender (who are normally reluctant to provide information) we will continue to contact them until we believe a full search of your files has taken place, regardless of how long ago the facilities would have been in place. Our longest claim, which has been successful, was from 1987. Therefore any facilities that you may have had in the past, whether they be Loans, Credit Cards, Mortgages or Hire Purchase (HP) – we can look into this.
The vast majority of people do not have these records. Do not let this put you off from making a claim as there could be a considerable sum of money available by way of a refund should the Payment Protection Insurance on historic facilities become established and a claim following this.
In recent years, PPI has become a huge scandal that the Banks have had to address. They have made (up until September 2015) refunds which have totalled over £24billion. However, this figure is set to rise, particularly as a time limit is being put in place in Spring 2018 by the Financial Conduct Authority (FCA) for claims to be made. There are approximately 10 to 15 million further claims that could be made, which have not already been done, so whilst it is hard to establish how many policies were actually sold in the 1980s, 1990s and 2000s in total, it is clear that out of the £24billion that have been refunded, this is only a small percentage of the total number – as the Ombudsman themselves believe that 45 million policies were sold from the beginning of the 2000s.
It is therefore essential, particularly with a time limit being put in place (albeit in 2018) that any facilities you may well have had in the past, regardless of the length of time since having them (whether they are open or closed) that you look into these to establish if Payment Protection Insurance has been mis-sold and if it has been, we can look at then addressing the issue with the Lender.
We work on a purely “No Win No Fee” basis whereby we make all initial contact with the Lender to establish if the PPI was applied. From this we will make a claim if it is established that it is in place and was mis-sold. If there was no Payment Protection Insurance in place, or for some reason the Lender is unable to locate the details, then there is no fee to pay. Our fee where there is a successful claim is 20% plus VAT of any successful claim. In the majority of claims, most of our clients, when first contacting, do not have any information whatsoever on the facilities that they had with Lenders – only the names of the Lenders concerned.
We have been working and dealing with clients’ complaints now for approximately 18 years and as such have a wealth of experience in dealing with the Lenders concerned and once established, reclaiming any mis-sold insurance.