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How Far Back Can You Claim PPI?

Do have any concerns about PPI? Are you dealing with mis-sold insurance products? In this article, we answer the most frequently asked questions on the subject of PPI claims. They are:  

  • What are “loan protection” and “account cover”?
  • How to claim PPI?
  • How many years can you go back for PPI claim?
  • Am I too late to claim PPI?
  • How do I know if I have had PPI?

You might be surprised at just how far back you can claim PPI!

What is PPI?

Payment protection insurance (PPI) is an insurance product made to protect the consumers in case of their inability to meet the debt or loan payment in crises like death, illness, unemployment, etc. In the 1990s, the banks comprehended the profitability of selling insurance. In this regard, the mis-selling of PPI began.

Since many claims have sold 30 years before, consumers require information about the PPI claim period. Here at Canary Claims, an expert PPI Claims Company, we seek to answer the questions people have to help them with their PPI claims. Therefore, below is a clear guide to inform the customers just how far back a PPI claim can go.

PPI Claim. How far back can it be dated?

PPI — how far back? A key number to remember is six years. All financial institutions are obliged to keep documentation of their accounts for six years. Accordingly, if the bank cannot provide you with documentation of your current account within this period, it does not meet regulatory standards.

For instance, if you took on a loan in 2000 but finished paying it off in 2010, the six-year period would begin in 2010. The bank would be required to retain the specified documents until 2016. Afterward, they have no obligation to keep track of your information. Some banks follow the rules strictly and get rid of records right at the six-year mark, while other banks do keep records for longer.

Below are the four most common situations dealing with PPI claims and claim periods.

  1. You are still paying PPI.

If you are still in the process of paying PPI on a loan, mortgage, or credit card, it is possible to check your up-to-date statements and ascertain if PPI is accessible. Note that it might be listed as ‘’loan protection’’ or ‘’account cover’’. If you do find PPI on your statements, start your claim immediately.

  • Your PPI deadline has passed within the past six years. How many years can you go back for PPI claim?

If you were mis-sold PPI on a product you paid off within the past six years, you have a chance to get information straight from your lender. Even if the account has closed, you are still able to file a claim. Referring to the bank regulation, the six-year starting – point is the debt closure or account deactivation, not opening.

To illustrate, if you had PPI on a mortgage you took out in 1994 and you paid off the mortgage in 2014, the bank would still have the details about the account due to the “less than six years ago” period.

  • Your account has been inactive or closed for longer than six years. How far back is your PPI?

Even though your account has closed for more than six years and is currently inactive, you still manage to make a PPI claim. Carrying the documentation, which confirms that you used to have a mis-sold policy, enables you to require investigation of your case.  You are entitled to claim back as many years beyond the PPI claim period if you are convinced that your PPI was mis-sold. If you have all the necessary documents, it will speed up the process.

  • You are not sure if you have ever had PPI.

In case you don`t possess information on having PPI on any of the financial products or its possible mis-selling, you can contact your lender, creditor, or a PPI claims company to ascertain this information for you. On these terms, if your credit establishment confirms your PPI and you want to bring up the case of its mis-selling, you can make a claim.

Don’t miss the 2019 PPI deadline.

After we have gone to the past and established how long PPI goes back, we can start looking forward. It is important to be aware of the PPI deadline. The fixed deadline for all PPI claims is 29 August 2019. Therefore, you are ought to make your claim by that date.

Draw your attention to the fact whether your household comes under a PPI refund. The more information you have on your policy, the more likely you are to reclaim your PPI payments.  The best-case scenario for a consumer is to have the paperwork that identifies the policy and solid proof that PPI has been mis-sold.

Canary Claims has a history of claiming refunds for mis-sold PPI and offers its consumers a “no win no fee” policy. Cancellation charges may apply only on the condition that the claim has cancelled after the 14 days cooling-off period. The fee depends on the work done at the time of cancelling, rating from £120 per hour to up to £180. Furthermore, the company offers one of the lowest fees of just 18% (including VAT) for PPI claims.

Overall, despite how long goes PPI back, we will deal with a mis-sold insurance product and guarantee a PPI refund for you. Contact us today for further information.  

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