If, like most people, the facilities you have had with major lenders; be they Loans, Credit Cards, Mortgages, Hire Purchase (HP) or Store Cards, the paperwork that they provided to you at the time that the sale took place has long since been disposed of. You may believe that this causes a problem when trying to locate Payment Protection Insurance (known as PPI), but that is not the case.
Without paperwork you can still ask Lenders to thoroughly search their records to locate information that will confirm whether Payment Protection Insurance has been applied on your facilities in the past, or not. Of course, Lenders are never happy in doing this, and will quote all sorts of timescales to put you off doing this. Many will say that they can only review records for the past 6 years or that if you do not have account numbers, they are unable to review facilities for you. However, our considerable experience dealing with particularly old claims, or claims without paperwork, shows that persistence pays off. We have successfully located and established Payment Protection Insurance on many accounts where facilities were not known about or paperwork was not available to the client.
Payment Protection Insurance and claiming it back has been rumbling on for years. However, there are still millions of policies which remain unclaimed. In a study several years ago, the Financial Ombudsman estimated that the premiums involved in recovery were in excess of £45 billion, but this was only for a period since the time that Payment Protection Insurance was invariably stopped (in 2009) from when they started their count (in 2001). This therefore does not include the considerable Payment Protection Insurance premiums that were collected in the 1980’s – which were the heyday for Payment Protection Insurance premiums being charged and obtained as profit for the banks. One can only estimate how many premiums were taken in this period, but the figure is certainly in excess of £100 billion. Therefore, including potential recovery of compensatory interest, the final figure would be well in excess of this. It therefore puts into perspective what the banks are portraying as an enormous sum already refunded – that being approximately £20 billion as this is probably only conservatively 10% of what should have been refunded.
We are still seeing considerable numbers of claims being made and the figures with the Financial Conduct Authority also bear this, with July 2015 showing a refund amount of almost £350 million.
It is essential that if you have not made a claim or reviewed your old facilities (with a view to ascertaining if Payment Protection Insurance was added to any facilities historically that you may have had) then now is the time to do so. As long as we know the names of the Lenders, have an idea of what address you were living at (at the time), we can then approach the lender with your instruction to find out if Payment Protection Insurance was added, and if it was, look at recovering this plus compensatory interest on your behalf – all on a “No Win No Fee” basis.