If you’ve taken out a financial agreement that included PPI, you probably already know you may be entitled to compensation. However, you might not know about the six year deadline associated with claims. Read more below about how far back you can claim PPI.
Six year deadline
The six year deadline comes into effect when a policy ends or is terminated early. It is not started from the date your policy began. If you have a finance agreement that began 20 years ago but is still active or ended within the last six years, your lender will hold a record of it.
This is how long banks are legally required to keep your records. After this, it may be a lot more difficult to find out if you’re eligible for a PPI claim if you don’t have the original paperwork.
How far back can I claim PPI?
The most important thing to remember is that the deadline is for the lender, not for you. This is to ensure that your records are kept for an adequate amount of time. Following the six year deadline, your banks can then get rid of your records, though some do keep them.
Many people have seen issues with their policy seller not holding records before these regulations were set. However, the underwriter of the policy would have been regulated at the time. You can make your complaint beyond the six year deadline. You simply have to prove a link between the lender and the policy underwriter. If you’re unsure about how to do this, our team of legal experts can advise.
Whether you have already claimed successfully, or if you have had a claim rejected, you may still be eligible for compensation under the Plevin vs Paragon case law. The Plevin ruling looks at whether the level of commission paid between your lender and broker was unfair. If it was above 50 percent of the PPI premium, this constitutes an unfair contractual relationship under section 140A of the Consumer Credit Act 1974.
For more advice on your complaint, get in touch with our expert team. You’ll have access to our resources free of charge with no fees until we have secured your compensation.