When Do You Have To Claim PPI By?

With PPI there are usually many questions that people ask one of the most common is, is there a time limit?

There are time limits that apply to making a complaint, it is usually six years from the date of the mis-selling to when you make a claim is the longest time allowance or within three years of realising that the is a problem with the claim. The majority of people who are currently complaining about PPI claims are ‘in time’ as they did not realise the problem straight away.

However it is worth taking note that if the policy was sold a considerable amount of years ago there may not be any record of the policy at all – with neither you or the business having any evidence or proof either way about the claim because the company may have closed or changed their policies.

If your PPI policy has expired don’t despair you may still be able to claim, as the provider may have broken the rules on mis-selling.

You can make a PPI claim if you were mis-sold Payment Protection Insurance, irrespective of whether your policy started (or even ended) more than six years ago. The whole ’6 year’ talk actually relates to the length of time that a provider is required to keep your paperwork on file.

Paperwork to be made on policies that ended more than 6 years ago. You’ll have to be able to prove your policy existed and have the documentation around its terms. If you have a copy of the paperwork, then you can prove that you had PPI on your financial product (whether it was a loan, mortgage, credit card or other).

And remember, the providers are required, by law, to keep your records for 6 years after the end of your agreement. So, for example, if you took out a loan ten years ago, but didn’t finish repaying it until 3 years ago, the provider must still have your agreement.

As long as you can prove you had the policy, there’s no such thing as a ‘maximum PPI claim time limit.’ If you were mis-sold Payment Protection Insurance, then you could be entitled to a refund plus interest and compensation.

All you really need is the paperwork to prove the claim and when you took it out and you can claim, so keep that in mind.

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