Many people have often wondered exactly what the time limit is when filing a PPI claim and exactly how far back can they go when filing a claim? So when is the PPI deadline? Most banks and financial institutions give the impression that the time limit is six years with some case even in some cases up to 30 years. The banks and other financial institutions will insist that it is six years because they try to limit the number of claims.
All banks and other financial institutions are required by law to keep all financial records for six years after the completion date of the loan. This is the minimum number of years that all financial institutions and even businesses are required to keep all client details. In some cases, lenders will even have records that go back into the early 1990s. The biggest problem is that most lenders have different methods and lengths of time that they keep financial records of their clients. This means that is you have a claim from 10 years ago you may be able to file with one financial institution but not with another.
Another big factor to consider is that some companies are regulated by different financial organizations. However, this became more standardized in 2005. this means that some companies can be required to review claims and others would not have to because of the regulations that were in place back then.
Currently, the time limits to file claims are being considered to bring about a timely conclusion. In order to protect the consumer, the FCA or Financial Conduct Authority are considering setting deadlines in 2018.
remember that it is crucial that you check your financial documents to see if PPI was applied to your loan or any loans that you have had in the last 30 years regardless of what type of loan it was such as mortgages, loans or credit cards. Also always read all paperwork to see if PPI is part of your monthly payment. If you do not want PPI and have been paying for it you may be entitled to a refund. On the other hand, if you are paying for PPI as part of your monthly payment and want the protection you will have peace of mind knowing that you have protection in the event of accident, sickness, disability or death.