Are Ppi Refunds Are Still Available For Closed Accounts?

You have paid premiums on PPI coverage and now the time has come for you to make a claim on it. Unfortunately, the lender is not willing to make any payments on your Payment Protection Insurance coverage. This disappointing scenario is made worse due to the realisation the denial is rooted in the fact that the policy was mis-sold. In other words, the service had done something improper to pawn coverage onto that it should not have sold.

You are not out in the proverbial cold though. You do have the right to file a legal claim for a refund on what you have paid for coverage.

Here is the problem – you continued to make payments on your loan and did not immediately file a claim. Now, the loan is paid off and the account is closed. Or perhaps, you were so angry you refinanced the loan or consolidated it. Either way, the loan account has been closed. This leads to the very obvious question – can you make a claim on a PPI refund even if the loan or account is closed?

Here is the short answer – yes, you very well can.

Paying off or closing the account does not have anything to do with the fact the provider had mis-sold the policy. Improper mis-selling occurred and the issue that the account has been closed does not address the PPI coverage was misrepresented. So, the coverage fees you paid to the provider was money the provider really was not entitled to. The provider is guilty of mis-selling and may have to make restitution on this. Granted, the provider will only be required to make PPI claim payments if it turns out your request for compensation is approved. As previously mentioned, the closing of the account does not automatically disqualify your claim.

However, there is one thing you do need to be quite mindful of. That would be the number of years that has passed since you have closed out the loan. There is a legal requirement in place that dictates if the loan was closed more than six years ago, you must present the original documentation associated with the loan.

As such, it goes without saying it is always a wise plan to save your loan documents. Putting them away on file in a safe place long before the six year term limit ends would be the proper course of action to take. You never know when you could have a problem with making such claims, taking such preventive steps are best.

Whether the loan was closed recently or many years ago, you will want to acquire the money that is owed to you. This means following the aforementioned claim. Do you know how to deal with the claim? What happens if there are other areas of filing claim that you are not familiar with? How can you navigate such problems?

Many will seek to muddle their way through the process but it would be a better plan to work with a legitimate PPI claims company which can handle the task on your behalf. This will increase the potential that the case is handled correctly. When the case is handled in the appropriate manner, the odds of it reaching a proper conclusion are increased.

By: Vincent A Rogers

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Vincent Rogers is a freelance writer who writes for a number of UK businesses. To Claim PPI Back, he recommends Randall and Vickers Ltd.