Still unsure whether you were a victim of the PPI mis selling scandal?
Everyone by now is well aware that if they had a loan or credit card in the past they could have been mis-sold payment protection insurance, but if you have had other financial products such as a mortgage, catalogue, store card or car/van finance you may have PPI on that as well. There could be a new deadline to find out what you may be owed.
Time could now be being called on making a PPI claim, so far the PPI scandal has cost the banks more than £24billion. There is a probability that soon the Financial Conduct Authority (FCA) will impose a deadline for claiming, this may happen as early as June 2019 if recent reports are to be believed.
After a family friend made a successful PPI compensation claim, Dave wanted to know whether PPI had been unknowingly bundled into a mortgage he took out with Barclays in 1992 and another in 2001.
His first £54,000 mortgage with Barclays was taken out in 1992, part of this was added to a second one for £88,000 in 2001. Dave was keen to find out if he was owed PPI so he contacted Barclays.
Dave was shocked to find that although 8 years had passed Barclays had no trace of him. To make matters worse, Dave has long since shredded all of the paperwork relating to his mortgages as well as having changed his bank.TTY
There is no time limit on how far back you can go to make a claim but it is easier if the policy was sold in the past 6 years because banks are not required to keep records longer than that. However, they have other ways of checking your financial history.
Dave was concerned that as well as not having any paperwork and that the mortgage was taken out so many years ago he thought he could no longer claim
Dave wasn’t sure where to turn to and didn’t know how to check if he had PPI on the mortgages. Dave’s family friend had successfully used a reputable Claims Management Company (CMC) for his mortgage PPI claim.
Dave took his friends lead and approached the CMC, they explained to him they only needed his name and the name of the bank or lender to investigate whether he had PPI on the mortgages. They would do this by completing a Data Subject Access Request (DSAR) to the lender(s). The lender will then legally have to provide all of the records they hold, this would then allow the CMC to identify whether the customer had PPI, how long they had paid for the premiums and on which products. This would then give the CMC the relevant information required to submit a claim in order to obtain a full refund plus 8% statutory interest.
Dave simply filled in the CMC’s claims form, allowing them the authority to deal with Barclays on his behalf and is now waiting on the outcome, which is expected in the next few weeks.
If you are unsure if you have not yet claimed 100% of the PPI owed to you please call 0800 690 6548 today to take advantage of our No Win, No Fee service!