Reclaiming PPI

[PAH]

Something interesting about reclaiming PPI is that due to the court ruling earlier this year to stop the courts being flooded with PPI reclaims, the standard compensation includes 8% interest on the PPI amount refunded.

So those paying PPI and reclaiming turn out to be quite astute investors. Especially if you really can reclaim the PPI after having claimed on it.

[PAH]

But typically, everybody and their dog who ever took out PPI knowingly also started claiming refunds.

They would be mad not to give it a go. Only costs a bit of time filling in a form and a stamp to send it off.

Due to the massive numbers reclaiming it means many will get paid out when they wouldn't have otherwise, as banks have set aside billions and are fast-tracking the process so it costs them less in admin.

The banks then get bailed out, then the country get's bailed out, then those with savings from the PPI get bailed out.

It's all free money.

[centurian]

Something interesting about reclaiming PPI is that due to the court ruling earlier this year to stop the courts being flooded with PPI reclaims, the standard compensation includes 8% interest on the PPI amount refunded.

So those paying PPI and reclaiming turn out to be quite astute investors. Especially if you really can reclaim the PPI after having claimed on it.

And yet they then whine bitterly about having to pay tax on that 8%.

BBC News - Taxman to make money from Payment Protection Insurance

But to answer the OP, I think claims have to be lodged within 6 years.

[PAH]

But to answer the OP, I think claims have to be lodged within 6 years.

According to MSE you can still lodge a claim if the loan ended over 6 years ago but chances of success are reduced and you must have the paperwork as proof of the terms and how it was mis-sold.

I think the 6 year limit is what companies are forced to retain paperwork for, so if you can't find your copy of the loan agreement and PPI terms you can request a copy from the lender.

If they can't supply a copy (and some can't due to cock-ups in system upgrades or company mergers after scanning in the documents, oops the IT permies have cocked up ) they're immediately on the back foot. *

Over 6 years without paperwork the lender can deny any claims as there's not going to be much evidence and they aren't required to keep any.

* This method of requesting paperwork and it not being available is also used to try to get out of paying back a loan as the company can't prove you agreed to the loan, despite maybe still paying them instalments () so there are cases (probably rare) where the loan company has lost in court for not keeping the paperwork as required by law.

[doodab]

Right, I've had a look into it, downloaded the form etc.

I have no intention of using an agent to do it, they are all sharks so I will do it myself.

These are old policies related to credit cards, I did cancel the various insurances some time ago so it's possible I won't be able to locate or obtain a copy of the relevant paperwork for the PPI. On the other hand it's quite likely that I will have it as I have every bill going back to the very first, and as I still have all the cards I suspect the paperwork might still be available from the companies concerned.

[MarillionFan]

Something interesting about reclaiming PPI is that due to the court ruling earlier this year to stop the courts being flooded with PPI reclaims, the standard compensation includes 8% interest on the PPI amount refunded.

So those paying PPI and reclaiming turn out to be quite astute investors. Especially if you really can reclaim the PPI after having claimed on it.

BBC News - Taxman to make money from Payment Protection Insurance

Yeah, but you got to pay tax on the interest.