ChatterBank0 min ago
PPI
When I moved house 12 years ago I took out £10,000 5 year mortgage I have no idea whether i paid PPI.Is there a time limit on claiming.
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I think you have to have been still making payment (ie the loan still active) in the last 5 (or maybe 6) years, to have a claim, although they say you may still have a claim if it is older than that.
Read Martin Lewis' guide on moneysavingexpert for full info. It tells you all you need to know and also how to find out if you did have PPI
Read Martin Lewis' guide on moneysavingexpert for full info. It tells you all you need to know and also how to find out if you did have PPI
Here is a step by step guide: http://
Even if you don't have the original policy or contract you can request one from your lender. Some charge £1 for the copy. You can certainly go back 10 years.
Even if you don't have the original policy or contract you can request one from your lender. Some charge £1 for the copy. You can certainly go back 10 years.
Is there a deadline I need to reclaim by?
No. Though there are some guidelines which help. It's a lot easier if your insurance was active in the last six years.
Insurance started in the last six years: There's no issue here at all. Even if the loan's now paid off, you can start a reclaim.
Older insurance that's still active, or ended within the last six years: You can start a reclaim. The six year rule applies to active insurance, so a policy taken out 12 years ago but paid off five years ago was still active within the key six year period.
If your policy ended over six years ago: If this is the case, the ‘statue of limitations’ means banks don’t need to keep records. Yet the Ombudsman doesn't officially have a cut-off time. So if you’ve still got the paperwork, while your chances of success are a little lower with older loans, many still do successfully reclaim.
No. Though there are some guidelines which help. It's a lot easier if your insurance was active in the last six years.
Insurance started in the last six years: There's no issue here at all. Even if the loan's now paid off, you can start a reclaim.
Older insurance that's still active, or ended within the last six years: You can start a reclaim. The six year rule applies to active insurance, so a policy taken out 12 years ago but paid off five years ago was still active within the key six year period.
If your policy ended over six years ago: If this is the case, the ‘statue of limitations’ means banks don’t need to keep records. Yet the Ombudsman doesn't officially have a cut-off time. So if you’ve still got the paperwork, while your chances of success are a little lower with older loans, many still do successfully reclaim.
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