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Does anyone know when banks started to sell PPI
brumyjones
Posts: 10 Forumite
I have come to the end of my payment protection claims and I have had a quite good success, but have I had back all that I am entitled to?
My bank has settled almost all of my payment protection claims that they have found on their database but is that the total of all of the payment protection I have had. I believe they have paid me back to mid 90's but I have banked with the same bank all of my adult life which could be possibly be another 20 years when I know I have always had loans from them.
Has anyone done any research to find out when payment protection was started and which banks were the first to sell these policies.
Thanks
My bank has settled almost all of my payment protection claims that they have found on their database but is that the total of all of the payment protection I have had. I believe they have paid me back to mid 90's but I have banked with the same bank all of my adult life which could be possibly be another 20 years when I know I have always had loans from them.
Has anyone done any research to find out when payment protection was started and which banks were the first to sell these policies.
Thanks
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Comments
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Has anyone done any research to find out when payment protection was started and which banks were the first to sell these policies.
Late 80s although it wasnt until early 90s that the banks went into sales mode.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I used to adudicate at FOS and the earliest I saw was a Halifax one which was about 19860
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Thanks Roonaldo.0
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Even if you had PPI from further back than this, it's extremely unlikely to be considered. It would simply be time-barred, especially if you are relying on the Bank's database rather than your own records.brumyjones wrote: »My bank has settled almost all of my payment protection claims that they have found on their database but is that the total of all of the payment protection I have had.0 -
And I wonder what the balance of probability would be about all the earlier single premiums being missold were? How much was made in the earlier years through blatent misselling of PPI? Imagine all the interest on those amounts that was made!!!0
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marshallka wrote: »And I wonder what the balance of probability would be about all the earlier single premiums being missold were? How much was made in the earlier years through blatent misselling of PPI? Imagine all the interest on those amounts that was made!!!
Early PPI tended to be monthly premium and was primarily used to cover mortgages. As has been noted elsewhere, MPPI is normally not missold.0
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