There is no definite timeframe within which you need to reclaim PPI, but certainly, the sooner you can do it the better.
It is easier if you have taken out a payment protection insurance policy at some time in the past six years, but don’t let this put you off reclaiming PPI; many people have made successful claims covering much longer time periods than this.
The most common products upon which PPI was mis-sold were personal loans and credit cards. However, the are numerous other products which it is worth checking whether:
a) you had PPI sold to you on them and
b) whether that PPI was mis-sold.
These products included:
Car finance via car dealerships
Some (very few) overdrafts
If you have had reason to take out any of these products in the past, then it is definitely worth checking whether you were also mis-sold a payment protection policy.
The simple answer to that question is no, not all PPI policies are ‘bad’ per se, but given the huge quantity of PPI policies that have new mis-sold, it is important to check whether you really need yours.
For example, if you are self-employed or have a pre-existing medical condition or have payment protection policies already in place via your work, then chances are that any PPI policies are completely useless to you, so have effectively been ‘mis-sold’.
PPI or Payment Protection Insurance is an insurance policy which was designed to cover your credit card or loan payments in the event of redundancy or sickness. However, a number of these payment protection policies were ‘mis-sold’, hence why you will have heard about numerous people ‘reclaiming PPI’.
If you have ever taken out payment protection insurance on a credit card or loan, then it is important to check if you might be able to reclaim your PPI, because this sum could potentially run into thousands of pounds.