Can You Claim on PPI Policies More than 6 Years Old?

Is there a time limit on PPI Claims? It’s a common concern for people who’ve recently found out they may have been mis sold a PPI policy more than years ago.

Consumers are told they must make their PPI mis-selling complaint within 6 years of the mis-selling taking place. So, for example, if you believe you were mis sold PPI in June 2010, you should complain before June 2016.

However, there are some exceptions to this time limit. The actual “rule” is you must complain within 6 years of the mis-selling taking place or within 3 years of finding out. Because many of the people who were mis-sold policies were mis-sold on the grounds that they didn’t even know they had the policy, it’s perfectly feasible for consumers to potentially not have even found out they had the policy until after 6 years. In these instances, you should complain within 3 years of finding out. Of course, it makes sense just to proceed with your complaint as soon as you have found out.

It is worth us adding that PPI claims older than 6 years may be more complicated and difficult to resolve than those within 6 years. The reason for this is that banks are only obliged to keep records for 6 years and therefore may not have the paperwork relating to your policy if it was sold more than 6 years ago. This is not a problem if you still have all the paperwork yourself, of course.

Is there a PPI Claims Deadline?

The banks have attempted to get the agreement of the FCA to put in place a deadline or cut off time for consumers to make their PPI claims. However, historic attempts to do so have failed, most notably an attempt in 2013 to impose a deadline of May 2014. The FCA is highly unlikely to agree to impose a PPI claims deadline unless there is a scheme put forward by the banks that means consumers do not lose out but that the process is sped up. So at the time of writing, there is no deadline in place to make a PPI claims against banks.