British media has been providing coverage for years in relation to the PPI scandal, with billions in compensation being paid out to the many residents of the United Kingdom whom have been miss sold payment protection insurance.
One of the issues plaguing individuals wishing to claim compensation for miss sold PPI at the moment is the issue of “Can I Claim PPI Without Paperwork? Or more specifically: “Can I claim compensation for miss sold PPI if I don't have the original paperwork to go with the policy?”
The short answer to this question is: Yes it is still possible to claim compensation for miss sold PPI if you don't have the original paperwork.
However there is more to consider.
Firstly the question of: have you been miss sold PPI in the first place? It is only possible to claim PPI compensation if you have in fact had a form of PPI attached to a policy, whether it be “payment protection” or “payment cover” or “accident, sickness payment insurance” or another form of PPI cover.
Quick Fact: You must have had PPI in the first place to be able to make a claim.
Next, Was the PPI Miss-sold? This is probably a matter for the experts to investigate (another reason why you should consider using a PPI claims company to help you with your case) due to the fact they will have experience in ascertaining if your payment protection insurance was miss sold (otherwise it can be a complex issue in finding out whether or not you have had PPI attached to a loan, mortgage or credit card where it was either miss sold or unnecessary).
Next, Do you have the paperwork (evidence of miss-selling) Now this is not as important an aspect as people first imagine, the proof of mis-selling can be handled by the PPI solicitors handling the case on your behalf, even without the original paperwork, however it is recommended you make contact with a PPI claims firm for more information on how they can help with your case.
Another common question on the minds' of many individuals claiming PPI is: “How far back can I make a PPI Claim?
The short answer is: there is no formal time limit, successful PPI refunds have been provided in relation to miss sold policies that date back more than 15 years.
However there are other things to consider if you don't have the original paperwork:
Six year time limit: banks have a statutory obligation to keep a complete record of all PPI policies that have been sold to the public for a minimum of six years, so if your claim dates back further than this then there is no guarantee that the banks will still have a record of your policy.
This doesn't necessarily mean the banks' will have no record of your PPI policy.
This is not a cause for concern: claims can be made anyway, irrespective of if that banks have this on record, the best course of action is contact a claims management company with expertise in handling claims of this nature, a quick search online can bring up a selection of companies' that can help you with such a claim.
Quick consumer Tip: Look for companies' that operate on a “no win no fee basis” this means a fee will only be payable if you have a successful claim.
Another thing to be mindful of when considering claiming for a miss sold policy is the new deadline that has been introduced by the FCA (Financial Conduct Authority), August 29th 2019 is considered to be the final opportunity for new claimants wishing to make a new PPI claim, so if you suspect you have a valid claim, make sure to submit your claim before that date, otherwise you risk missing the deadline and the opportunity to claim your refund.