Before initially making your claim, it is essential that you check if it is valid within the time limit accepted by the Financial Ombudsman Service. Although the lender cannot put a limit on your claim, the FOS does have the authority to do so.
Primarily the most successful claims are those made within six years of the date the policy was taken out, however if your claim is older than six years and you are either still using it or it ended in the last six years your claim is still valid.
However it is important to consider that when claims are slightly older the chances of success can decrease, this can be due to the lender or FOS questioning whether you had any knowledge of misselling for a period of time prior to you making the claim, for example a previous complaint.
It is possible to claim if the policy is older than six years old and the claimant does still have the paper work; however there can still be a risk of a lower success rate due to how much they can remember about how they were mis sold their policy.
If claimant does not still have the paperwork regarding policies exceeding six years old, it is highly unlikely that their claim will be successful, as lenders are unlikely to still have the records and paperwork.
Prior to January 2010 it was assumed that the claimant could not make a complaint about misselling if they had already made a successful insurance claim, as this assumes that the policy was therefore suitable. However now claimants who have already claimed on their PPI policy can still make a misselling complaint, the success rate of this is unclear, however in the event of unsuccessfulness you are still able to cancel your insurance policy.
Here at Q and A Law we are a group of qualified legal solicitors who represent clients who may have a valid claim against the lender of their loan for refunding of PPI.
You can phone in or email at our web address, or book a free consultation with a qualified solicitor, with no expense unless the claim is valid!
