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Can You Still Claim Back Bank Charges

We are hearing so much about PPI time limits and whether or not you can still claim back bank charges. Actually, the controversy got out of control because of the British Bankers Association and their most recent appeal to the High Court regarding the FSA's (Financial Services Authority) jurisdiction over PPI that began in 2005. The bankers are questioning whether or not the FSA has any right to exert authority over PPI policies that went into effect prior to their tenure, but somehow people seemed to have misconstrued this into a heated debate as to whether or not they could claim back bank charges for mis sold PPI dating back farther than six years.

Can You Still Claim Bank Charges on Pre 2005 Mis Sold PPI?

Here is the real question, can you still claim back bank charges if the policy went into effect before the FSA gained authority over PPI? According to government and the High Court, absolutely you can! According to legislation which the High Court upheld in the recent appeals hearing, there is no time limit on PPI. That is to say, the laws pertaining to the misselling of payment protection insurance carry no statute of limitations. Some PPI claims management companies may not like to handle PPI claims that old because of the paperwork involved, but that is another matter altogether.

Can You Still Claim Bank Charges after Six Years?

This is another question which bears some consideration. Unfortunately, there is also a good bit of misunderstanding in regards to the 'Six Year Rule' which lenders have to comply with. Lenders are only required by law to keep hard copies of loan/financial documents for six years. After that they can dispose of them in an acceptable way to safeguard consumers' personal data. This doesn't mean that you cannot undergo a PPI reclaim after six years, but be forewarned. If you did not keep your original loan documents chances are slim to nil that you can win. The reason for this is simple. Lenders are denying more PPI claims than they are awarding and if your claim which is older than six years needs to go to the Financial Ombudsman Service for appeal it will not be heard lacking the original documents as evidence. Can you still claim bank charges after six years? You certainly can if you have your original documents and prove the cover was mis sold.

Just keep in mind that the question "Can you still claim back bank charges?" technically refers more to paperwork and the amount of problems you may have with a claim that aged. According to government and as upheld by the High Court, yes, you can still file PPI claims dating back even as far as the late 1990's when PPI first surfaced as a cover on loans. Whether or not you can find a claims management company to handle a claim that old is another matter altogether and filing without professional assistance may be a bit tricky. However, in the end, if you have all your original documents then there is nothing legally stopping you from claiming back bank charges prior to 2005.


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