PPI, short for Payment Protection Insurance, is often sold with various products in the bank, such as credit card, mortgage or loan.
This insurance is designed to help you keep up with repayments for those products – if you get sick or you’re unable to work, PPI covers you for a loan payment.
In the end, it keeps you safe from going into debt.
Despite all the good sides of PPI, it is often mis-sold.
Whether you’ve been told it was compulsory, the bank failed in explaining the product fully, or you simply don’t need the PPI and it is completely useless to you, you can file a claim to get the refund.
To make sure if you still have the right to file a claim, even the one from 20 years ago, scroll down and find out!
Check if you’ve been mis-sold PPI
By asking yourself just a few simple questions, you may determine if you’ve also been mis-sold PPI.
Ask yourself ‘’Did I know I was buying it?’’, ‘’Was I told I had to buy it?’’, ‘’Did I need it?’’. If you were, contact your bank and file a complaint.
They have eight weeks to react, otherwise, you’ll be able to take a more serious step, such as contacting your solicitor.
If you decide to reclaim PPI payments, you should first of all contact your bank, policyholder or solicitor and claims management company.
Can you file a claim?
Despite all the facts you may have to file a PPI claim, you also need to meet some other criteria.
For example, if you are under 18 or over 65 years old, if you are in danger of losing your job, you have a medical condition or you’re unable to work due to other conditions, if you’re self-employed and there’s a risk of going out of business, there’s a chance you may not be eligible to file a PPI claim.
Claiming PPI from 20 years ago
If you’re able to make a PPI claim and you decide to do so after establishing you were indeed mis-sold, don’t wait any longer.
Start filing the claim as soon as possible in order to receive your money – it can take up to 6 months!
FCA (Financial Conduct Authority) set a date – 29th August 2019 as a deadline for making a PPI claims. After this date, you are no longer eligible for a complaint.
However, you can succeed if you’re in an exceptional-circumstances situation.
By explaining why you didn’t manage to claim on time and explaining the conditions with showing the evidence, your provider will make a decision to accept or reject your request.
Be aware of the fact that the older your case is, the complicated the procedure might be due to paperwork and old files.
In conclusion, a simple answer to whether you can or can’t make a PPI claim from 20 years ago is yes, you can. However, keep in mind specified conditions and make sure you start today!