How to Make a PPI Claim with Lost Paperwork

Posted on November 5, 2018 by Canary Claims woman looking through a stack of papers for her lost PPI paperwork

If you’ve lost your PPI paperwork, it’s still possible to make a successful claim. Below, we explain how it can be done.

Have you made your PPI claims yet? Time is running out. There are now just nine months to contact the bank. The deadline for making your claim is 29th August 2019. This deadline has been set by the Financial Conduct Authority (FCA) and aims to put an end to the mis-selling scandal.

If you had a loan, mortgage or credit card before 2010, you could have been mis-sold the insurance. 64 million PPI policies were sold in the UK and, to date, over £32 million has been paid to consumers. Although it is unknown just how many policies were mis-sold, it’s believed that hundreds of thousands of consumers could still be due a refund from the banks.

If you’re concerned about making a claim because you lost your PPI paperwork, fret not. At Canary Claims, we’ve dealt with countless cases where consumers have lost their paperwork. Here’s what to do if you no longer have the paperwork and why you can still make a claim.

Lost PPI Paperwork: Where to Find It

You might remember throwing old financial paperwork away, or you may know that you lost it long ago. Despite not having your paperwork, there are ways you can obtain it. Once you find it, you will be able to check for any indication of mis-sold PPI.

Here are a few ways you can try to obtain old paperwork for financial products:

  • Contact the bank — The bank might still have a record of the account and any PPI policies sold with it. Contact the bank and share any account details that you can remember and it will investigate. It’s important to note that banks and lenders don’t legally need to retain the details of any policies after six years of the account being closed.
  • Use a credit check — A credit check will highlight any active accounts or loans within the past six years. It won’t help with identifying PPI policies, but it will help if you can’t remember the bank or lender you purchased a product from.
  • Consult a PPI claims company — Reputable claims companies, such as Canary Claims, have experience uncovering old financial paperwork. Our employees have experience in law and finance, so we know the process and checks to go through. In order to do this, we’ll need just a few details, such as your name, address and the banks you had loans with.

With any luck, one of these methods will highlight your lost PPI paperwork. Once found, you can see how many policies you had and use a PPI claims calculator to get an estimation of how much you could be owed.

Making Your PPI Claim

The impending deadline means people should start their claims as soon as possible. The banks are likely to be busier in 2019 as consumers rush to make their claims before the cut-off date.

Once you have your paperwork with the evidence of mis-sold PPI, you can contact the bank yourself or use Canary Claims. For a small fee on successful claims only, Canary Claims will handle all communication with the bank.

Before making your claim, it’s important to understand how PPI was mis-sold to you. Common ways banks and lenders mis-sold the insurance include not explaining terms and conditions or telling consumers it was compulsory.

The bank should send you an outcome within eight weeks. If your claim is successful, you will receive your refund shortly afterwards. If your claim is rejected by the bank, it’s not the end of the road and you can take the case to the Financial Ombudsman Service, which will review your case. However, the process will take much longer, due to a large backlog.

Even with lost PPI paperwork, a refund is possible! Don’t delay; start your claim today.

Canary Claims is a leading PPI claims company with a low fee of just 15% + VAT (18% total) on successful claims. Don’t miss out before the deadline; start your no-win, no-fee PPI claim today.