PPI Claims On Old Payment Protection Insurance Policies
The mis sold payment protection insurance scandal goes back decades, with the first successful payment protection insurance claim being made in 1994 which does mean there are potentially thousands of payment protection insurance policies which were sold to consumers prior to this point that are no longer active but were mis sold and potential PPI claims can be made.
The first step in making a payment protection insurance claim requires you to identify the policies which you were paying for. This can be difficult as the way in which a large proportion of policies were sold meant that many customers were not even aware that they were sold any policies when they took out the loan. Thanks to this it would be recommended that you check all of your loans, hire purchase finance for vehicles, credit cards and store cards that you have ever held to find any hidden payment protection insurance policies which you didn’t know about.
Payment protection insurance was known by a variety of names across the different financial products and the banks so of course it is necessary to be aware of these before starting to check out your documents to make sure you don’t accidentally overlook the existence of the policies. Names which cover PPI are credit protection insurance, credit protection cover and payment protection cover. Alongside this any note regarding the loan being “fully protected” would also suggest that a payment protection insurance policy was included on the loan with payments being blended in with the loan repayments that you were making.
One of the most important parts of claiming on an old, inactive payment protection insurance is the time limits which are in place with these particular PPI claims. Such time limits have been used by many to suggest that eventually the window for claiming back PPI policies as a whole will close but this actually isn’t the case. The time limits concerned are for individual policies and only effect the individual. Currently there are two different time limits which you can refer to when you are making your PPI claims.As the scandal dates back so far it is more than common that a PPI claim needs to be made on a policy which is no longer active and this process is slightly different to the process involved in claiming back on an active PPI policy. PPI Claims Management have the resources to offer you all the relevant advice regarding your old payment protection policy and can complete your claim for you.
The first time limit is in regards to the actual age of the payment protection insurance policy. This PPI claims time limit states that you must start your payment protection insurance claim within six years of the date the policy was sold to you so when you look at this time limit you can only make a claim for a policy which was mis sold within the last six years of today’s date.
However, the second time limit addresses an important issue. Thousands of consumers were mis sold payment protection insurance policies over six years ago and it is therefore not fair on the consumer to be cut off from making a claim due to the age of the policy especially when the fault of this scandal lies with the banks and financial institutions. The second time limit is three years from the time you became aware that you were mis sold a payment protection insurance policy by the banks. So any payment protection insurance policies which were wrongly sold to consumers over six years ago can now be claimed back as long as you act within three years of the date you were made aware you were mis sold the policy. You should bear in mind when making the claim there is always the potential for the banks to dispute when you were made aware of the policy, especially if you were one of the customers who were highlighted as victims by the banks and contacted as a result of this. To ensure your claim can be successfully made act as quickly as possible and try and provide as much information or proof with your claim as you possibly can.
The pay outs with old payment protection insurance policy claims are relatively straight forward as it is paid directly to the consumer rather than used to pay off any loans or existing debts with the banks. The pay out will be the sum of the total amount of money which was spent on the policy which also includes the interest charges that would have been made as a result of paying for the premiums on a monthly basis. On top of the actual refund a statutory amount of compensation is then added on top.