Can i claim ppi from 1993

Credit cards generated huge amounts of income for the banks when the UK interest rate was around 15 per cent in But when it dwindled to 5 per cent in , salespeople started looking for another, complementary, source of revenue. So-called PPI policies, designed to protect credit card and loan holders from missing repayments if they became ill or lost their job, grew rapidly to fill the void.

Insurance policies quickly became an essential source of revenue for banks, according to testimony given by bank executives. At Halifax Bank of Scotland HBOS alone, PPI was responsible for 12 per cent of group wide profits by the time Paul Moore, the former head of group regulatory risk, joined the bank in , he recalled in a parliamentary deposition.

Some insurers only covered payments for a year, and some only the minimum payment. People were aggressively sold PPI policies when they took out the loan, giving them no opportunity to shop around for a better deal.

In the worst cases, the insurance was simply added to their monthly repayments without them knowing. Slowly, the regulators began to catch up. From , the Financial Services Authority which became the Financial Conduct Authority in started issuing fines to lenders for mis-selling payment protection insurance.

In , it issued strict guidance on the selling of such products, including a ban on selling insurance at the same time as selling a credit card or a loan, to give people time to shop around for the best deal.

This time the banks fought back, arguing in the High Court that the guidance amounted to imposing standards on the industry retrospectively. When, in April , the High Court ruled against the banks, the floodgates opened for compensation.

But this was just the tip of the iceberg. The banks appealed for customers to contact them directly about claims. But claims management companies could smell the cash and began marketing aggressively. From to , the number of complaints to Ofcom, the broadcasting regulator, about nuisance calls more than tripled. Consumer bodies have always stressed that customers who had been mis-sold PPI do not need to claim through a third party.

But claims management companies were one step ahead. They had low overheads, most employing a handful of people, and used software to contact people in high volumes, levying commission of anything up to 40 per cent on successful claims. This was an agile, new industry, invented when the Access to Justice Act of abolished legal aid for personal injury claims. Between and almost 7, claims management companies were granted a license from the Claims Management Regulator at the Ministry of Justice.

These companies quickly dominated the market. If you were mis-sold PPI, working out how much you could be owed in compensation can be calculated. First, find out the actual cost of the premium this could have been added as a regular monthly charge on your loan or credit card repayments.

Second, how much interest did you pay on the premium? If it was added to your monthly credit card statement, and you were not a stalwart at paying your balance off in full, chances are you could have been charged 20 per cent interest. And as the credit card or loan company would have compounded those interest charges in the first place, they will have to compensate you accordingly.

The third and final sum is simple interest of 8 per cent a year on the combined premium and interest from the time of the policy. Again, if you were mis-sold PPI ten or 15 years ago, that will really add up. For those who think they could have been mis-sold PPI on a loan, credit or store card, time could be running out to make a claim.

This included mortgages, credit cards, personal loans, car finance and store cards and many of those who had it were unaware they were paying for it. As it was mis-sold in many cases, billions of pounds has now been paid back by the banks to those affected. But the Financial Conduct Authority has now said that after 29 August no further claims will be allowed to be made for mis-sold PPI.

In your case you think you may have been paying for PPI on your first mortgage but as it was almost 30 years ago, you can't remember who the lender is. Usually you could check your credit file to see all of your borrowing over the last six years — even if the account was closed — to get the name of the lender.

You could then approach the lender you had accounts with and ask for a copy of the agreement and the terms and conditions and if you found you had been paying for PPI you could make a claim to get it paid back. Financial records are usually kept for six years but the land registry's list dates back further. But in your case as it was such a long time ago you no longer have the documents or name of the lender. Citizens Advice consumer expert, Kate Hobson, said: 'Most people will be able to find out who their mortgage lender was through the land registry, but it's not guaranteed.

Given the length of time that has passed, there is no guarantee the lender will have kept these records. Rebecca Rutt adds: There is no official cut-off time for how far back you can claim for PPI but banks are only required to keep this information on file for six years.

This means it may be harder to claim if, such as in your case, you paid for the policy more than six years ago and don't have the paperwork anymore.

However, if you can get your hands on it, you can still make a claim and some firms may keep these records for longer than six years. If you are successful in tracking down the lender, and you can see from the documents that you were paying PPI, you will need to make a claim before August It's easy to do and you don't need to pay a third party to do it for you.

Our guide lists step-by-step instructions on how to reclaim your PPI and has free template letters you can use. We can do all the legwork for you, finding out if you ever had PPI, contacting the bank or lender and, if necessary, referring your case to the Financial Ombudsman.

As a reputable PPI claims company, you will only pay us if your claim is successful. You might be due more than the average PPI claim amount! Why wait to find out?

We have a no win, no fee policy [Cancellation charges may apply only if the claim is cancelled after the 14 days cooling off period.