Recently we received a letter from a gentleman who believed he might have a claim against a financial institution for selling him Payment Protection insurance without his consent. ‘I applied for a credit card with my bank, and they told me I needed to take Payment Protection insurance to safeguard against loss,’ he wrote, ‘I thought they meant the loss of the card – to insure myself if someone ever used it without my permission. But recently a friend told me about the banking scandal and it’s become clear to me that I was miss sold PPI. Payment Protection Insurance Claim – I’m really concerned because this was in 2005. Is it too late?
It’s terrible realising that you’ve been duped by someone you trusted, and even worse realising that it’s too late to do anything about it. Fortunately, there’s still an opportunity to get you cash back if you’ve been taken for a ride by your bank. It’s true that there is a time limit on making claims; you can only get Payment Protection insurance Claims money within six years of the event happening. However, you can still make a claim within three years of first becoming aware that you might have cause to be concerned.
This means that the gentleman, whose credit card application was in 2005 but who only became aware of the PPI scandal quite recently, still has a chance to make a claim. It is more difficult to make a claim against older policies because often the paperwork has gone missing. But if you have kept a copy of the paperwork yourself, you should be able to begin the process.
You begin by lodging a claim with the financial institution who sold you the policy. They have five days to acknowledge that you have made a complaint; and then they have eight weeks to determine if the claim is valid. If they reject your claim and you are unhappy about the outcome, you can take your claim to the Financial Ombudsman Service where your case will be reviewed. There is quite a backlog of cases at the moment, but 75% of cases have been ruled in favour of the claimant.
If you’re concerned that you’re running out of time, or if you’re time-poor, or if you simply don’t want the hassle of lodging the claim yourself, the best thing you can do is to speak to an expert about expediting the claims process. These professionals are trained and well-versed in lodging PPI claims and fighting the banks for money and the process is likely to be faster. In addition, someone will guide you through what is required.