Potential claimants of mis-sold payment protection insurance tend to have a number of concerns in relation to claiming compensation.
In this page we will offer answers to some of the most commonly asked questions to provide fast help for people tearing their hair out about PPI (after all there is only so much time left with which to make a claim!).
What Happens If I’ve Lost My Information For My Suspected PPI Policy?
This is not necessarily a problem in terms of winning compensation, in fact, many people who have lost their original paperwork still manage to successfully reclaim their mis-sold PPI.
PPI Claims companies’ can submit an information request to any company or institution that may have mis-sold PPI, this means that in lieu of paperwork the claim can still be investigated and therefore a lack of information/paperwork OR account numbers should not deter anyone from proceeding with a PPI claim.
How Far Back In Time Can I Claim PPI?
When faced with the question “How far back can PPI claims go?”, the answer to this question is actually unexpectedly simple.
In short terms there is no ‘hard and fast ruling’ on ‘how far back in time’ or ‘how many years ago’ mis-sold PPI can be reclaimed, many people have had claims for mis-sold PPI go back decades that have still been a complete success, so however long ago the PPI was mis-sold, compensation can still be reclaimed, and yes, time should not deter anyone from making a claim.
How Much PPI Compensation Will I Win?
This is another common question on the minds of people about to make a PPI Claim, here goes:
PPI compensation levels are dependant on:
- A) the type of finance (mortgage PPI compensation tends to be an awful lot more than say, credit card PPI) mainly due to the amount paid into the mis-sold policy being much higher as a general rule.
- B) the amount of money borrowed (as this will by large dictate the insurance contributions)
- The length of time the finance was taken out for (and the mis-sold insurance policy to go with it) obviously the longer the amount of time the finance has been active, the more payments and henceforth the more contributions that will have been paid into the policy.
In summary, it would be a safe bet to assume that a 5 year loan of £10,000 will yield more in PPI compensation than say, a £1,000 credit card liability that has only been active 18 months.
Important to remember: you must have actually been mis-sold payment protection insurance in order to qualify for a PPI claim, this is something that either yourself or the PPI company you choose to work with can check on.
Remember: You have only until the 29th of August 2019 to initiate your PPI reclaim, it is advisable to act quickly!