Which financial records do I need to dig up when making a PPI claim?

Which financial records do I need to dig up when making a PPI claim?

Unearthing specific financial documents is never a fun task, especially when, despite your best efforts, your papers never seem to be in date-order.

Even if you envisage ending up knee-deep in receipts, it is crucial to dig up the relevant financial documents before setting sail on HMS PPI.

That’s all very well, but what exactly are the necessary financial records, I hear you cry? Cast an eye over our brief guide to get clued-up.

Checking your loans

Payment Protection Insurance was mis-sold on a number of financial agreements so any loan, credit card or mortgage applications could provide the basis for a claim. You will need to check your own financial records by reviewing copies of your loan agreements. These should have been issued at the time you made the agreement and will include details of whether PPI was added or not.

Account numbers

Account or policy numbers are unique references assigned to financial agreements. These numbers must be submitted when processing you claim and will be printed on the copies of your loan agreements. They may also be found on online banking records (where applicable), notices of late payment or on financial statements from the time when you took the loan out.

If you no longer have access to these details then you can request them from your lender – providing they fall within the necessary time period.
Time restrictions

The PPI mis-selling scandal was first publicised in 2005 with investigations by the Citizens Advice Bureau (CAB), Office of Fair Trading (OFT) and Financial Services Authority (FSA) commencing in the following year. As banks are obligated to retain details of their agreements for a number of years (under the Data Protection Act 1986), this means there are some time restrictions in place regarding how far back you can claim.

If you do not have the paperwork yourself then banks and lenders should have retained all details on loans and financial agreements since 2001. This is usually the furthest back you can go when processing a claim.

Document checklist

As a general guide, you should submit the following information when determining your eligibility for a PPI claim:

Copy of loan agreementsCopy of loan agreements
• Bank statements from the affected period
• Any correspondence with your bank/lender regarding the agreements – this includes interest statements and notices of late payment

Rummaging through overflowing files and folders may not seem like an attractive prospect right now, but if it leads to settlement, any associated frustration is guaranteed to fade away, pronto!