Most people want to know where they can found out if they have had Payment Protection Insurance (PPI). Unfortunately there is no master list of Lender’s details for each and every one to detail whether you did or did not have PPI. As such, it is a case of contacting each and every firm that you have had Loans, Credit Cards, Hire Purchase (HPs), Store Cards or Mortgages with and asking them if Payment Protection Insurance was attached to any of the facilities that they held in the past, whether open or closed.
The main problem with contacting these firms is that they rely upon “smoke and mirrors” to deflect your request and quote various regulations which means that you are unable to obtain paperwork for more than 6 years. However, we have found through our contact with Lenders since we have been dealing with complaints, that with our persistent approach they are miraculously able to locate information. In some cases this information has been supplied for facilities that have been open for clients from as far back as the early 1980s. Of course, when dealing with firms, it is slightly less robust and they can take some time to locate the information as they look on older style microfiche records.
The Payment Protection Insurance (PPI) scandal is drawing to an end. So far 10 million policies have been challenged. Whilst this does appear to be a huge number, it is only a small percentage of the 40 million plus policies that were sold since 2001 and this does not include the period in the 1980s and 1990s when Payment Protection Insurance (PPI) was sold on a flagrant and ad hoc basis to anyone who walked into the Bank, regardless of what they wanted. Therefore, there are a huge number of policies, and potentially thousands of pounds to be reclaimed, both in the recent era of 2000 and onwards, but also in the 1980s and 1990s, particularly from the larger Lenders such as the main Retail Banks (HSBC, Lloyds, Barclays, Bank of Scotland, Royal Bank of Scotland, NatWest and the Coop).
We have been dealing with disputes on behalf of clients against Banks since the late 1990s and we are amazed by the level of refunds that we can still obtain for clients for policies which they did not know that they had, had no paperwork or account details for, or policies which were over 25 or even 30 years old.
There are never any guarantees in locating, certainly the older policies, and that is why we are more than happy to work on a “No Win No Fee” basis whereby if no policies are found due to the age, or if the PPI was not applied, then there is no fee to pay. With a time limit on Payment Protection Insurance being put in place at the earliest in Spring 2018, it is now time that if you have not established if a PPI had been applied on previous facilities, to look into this as there are still tens of thousands, if not millions of policies which have yet to be challenged.