If you have had account which is over 10 years old, whether it is open or closed, then you can still look at whether Payment Protection Insurance (PPI) has been applied to that account. If it has been, you can look to make a recovery through a potential mis-sale.
Many people believe that if an account has either been closed, or is over a certain age, then they lose the right to be able to make a claim in relation to Payment Protection Insurance. They also might believe that the Bank does not hold their records in order to confirm whether Payment Protection Insurance has been applied and, as such, they have in effect forfeited any potential refund that they could be eligible to claim.
This belief is incorrect. If you have a facility which is still open, or indeed closed, then you can still make a successful claim if Payment Protection Insurance has been applied. You can also make a claim against the Lender if, as in most people’s situations, they do not have any specific records to confirm whether Payment Protection Insurance has been applied, or have any details of the facilities that they wish to review. The majority of people do not keep records for long periods of time and certainly do not hold records where facilities have been closed because, in effect – why would you? However, if you have had facilities in the past, whether they be credit cards, mortgages, loans, hire purchase (HP) or store cards, there is a high probability that you will have some form of protection on these.
The Banks will of course try their best to deflect any potential complaint – stating that they do not have records on their files for older facilities. However, we have established that this is incorrect on the majority of cases, and our experience in dealing with complaints over the last 18 years (and prior to this we held positions in financial institutions) means that we do not get fobbed off very easily by the Lenders.
The Financial Conduct Authority (FCA) has recently announced that they are to impose a time limit on submitting claims, which will be around spring 2018. With this in mind, if you have had any facilities where you have borrowed, or financed money in whatever shape or form (regardless of the paperwork and knowledge you have with regards to these facilities as to whether Payment Protection Insurance has been applied) then it is vital that a search is conducted on your behalf to establish once and for all whether Payment Protection Insurance was attached or not, and therefore whether a claim is applicable or not.
Approximately £25billion worth of refunds have been made so far by the Banks (up until October 2015). Whilst this is a considerable sum of money, it only represents a relatively small percentage of the potential claims that can be made in relation to the mis-selling. With this in mind, and the potential recovery that can occur on Payment Protection Insurance (certainly over a long period of time) then it is absolutely vital to at least establish if a claim can potentially be made. We always undertake work on a “No Win No Fee” basis so, should we be unsuccessful in recovering any Payment Protection Insurance, or none is found in the process, then there is of course no fee to pay.