PPI Reclaims – What if you don’t have the paperwork?
We’re not all as organised as we should be when it comes to keeping our papers organised. I’m guilty of leaving bank statements stuffed in drawers and receipts lying around the house. I know, I know… bad habits!
But disorganisation doesn’t make you any less entitled to make a PPI reclaim if you believe you were missold your policy. PPI claims came about as a result of the policies being missold by lending institutions and as this is a fault of the lenders (not yours) you are perfectly entitled to find out whether or not you could make a claim, irrespective of whether you still have the paperwork associated.
If you are considering a PPI reclaim and don’t have the papers, write to your lender specifically requesting a breakdown of the associated account. Make specific mention to the fact that you are particularly interested in the PPI element of the account. It’s worth noting, however, that your lender is only obliged to keep paperwork on file for 6 years after the end of the agreement. So if you finished paying back on that account more than 6 years ago, your lender may not have the records and pursuiing a PPI reclaim is unlikely to yield results for you.
If, however, it has been less than 6 years since you completed your repayments, your lender is obliged to still have the paper work andunder data protection laws has 40 days from the date of receiving your letter to respond to your request with the appropriate information you require.
Getting hold of your paperwork should be a priority matter if you are considering a PPI reclaim.