If you’re wondering about the number of repayments you could claim refunds on for your payment protection insurance, you could look beyond the six-year information limit banks claim as a dull excuse to avoid paying refunds to their consumers.
Banks would say that based on bank policy, they have already rid of any consumer’s information with the bank six years beyond.
But this is not true. Using a Data Access Request, consumers can get information from beyond six years of their financing, allowing them to know more about their repayments.
This is especially helpful for mortgages with mis-sold PPI policies. The refunds awarded on just six years’ worth of information is unfair.
About the six year time limit of the FOS, if your PPI policy is still something you pay for to this day and you have found recently to be mis-sold, you could still make a claim for your refunds in six years. Lenders will still hold your information right from the date you purchased your mis-sold PPI policy.
The only complication would be that banks have different ways to tackle and divulge information from beyond six years for consumers. Some of them would unfairly use the six year time limit after the policy has concluded or terminated early.