Many people have still not looked into recovering Payment Protection Insurance (otherwise known as PPI) because they have not got any information, such as policy documents or paperwork from the loans and the credit cards that they took out.
Payment Protection Insurance (or PPI) came about in the 1980s and the 1990s as a fantastic way for large high-street banks such as Lloyds, Barclays, HSBC and Abbey (now known as Santander) to generate vast profit by adding Payment Protection Insurance onto the facilities that they sold onto customers.
Facilities that could include Payment Protection Insurance are; Loans, Credit Cards, Mortgages, Car Finance, other forms of Hire Purchase (HP) and Store Card facilities. The policies themselves would cover an individual, or couple, from various medical problems and death. Unfortunately, due to the way in which the policies were structured, they were invariably overpriced and due to the way that exclusions were worded in the policies, they did not apply to the vast majority of people concerned. At one point in the 1990s, of all persons claiming against Payment Protection policies, less than 10% of those claims were accepted with money being paid out.
Due to the length of time that has passed, the majority of people do not have paperwork on the facilities with the lenders, if indeed they were ever given paperwork at the point of sale. Therefore if you have had any form of borrowing from any lender, whether they are a high-street bank, or the many other lending institutions that covered Loans, Credit Cards, Mortgages, HP or store card finance, then you must check whether Payment Protection Insurance was applied or not, regardless of how much time has passed. Sometimes, the lenders unfortunately do not have the details – due to the passage of time. The majority of lenders however (even going back as far back as the 1980s and 1990s) do still have records. Sadly, they do not publicise this and it takes a degree of persistence and time to make sure the lenders thoroughly look through their old records to ascertain whether Payment Protection Insurance was indeed included on any facilities that you may have had.
There is a strong likelihood that a time limit will be based on the recovery of Payment Protection Insurance. Therefore it is essential that if you have had any facilities in the past, you now look into this. I have been dealing with disputes on behalf of people for approximately 18 years. From my experience, it is worth making sure that old historic facilities that you have had (particularly Credit Cards) are worth checking, regardless of whether you have any paperwork or if indeed you are aware or not that Payment Protection Insurance was ever included. Our PPI Claims Company works purely on a “No Win No Fee” basis so if there was no Payment Protection Insurance, the facility was too old, or for some reason, then there is no fee to pay.