YOU MAY HAVE A CLAIM FOR COMPENSATION

If you meet any of the following criteria, you could be eligible to claim:

• You have never claimed PPI
• Your PPI claim was rejected
• You had a PPI refund but it was only for the ‘Plevin’ part (also known as the ‘tipping point’ offer)
• You bought PPI before 6th April 2007 and it is still ‘open’ after 6th April 2008
• You bought PPI after 6th April 2007
• You ever had an MBNA or Capital One credit card

1.2 million people in the UK could be affected by Plevin as it even applies to anyone who had a PPI claim rejected in the past.

Some of the biggest names in the business are involved in Plevin. The total number of PPI policies is estimated to be 64 million and over £35bn has been paid out in compensation so far for PPI. If you’ve had a loan, credit card or mortgage or any type of finance agreement with any of the following, it’s possible you have a claim for Plevin PPI.

The Supreme Court Judge, Lord Sumption, who made the Plevin ruling, summarised the ruling by saying

“Any reasonable person in her [Plevin’s] position who was told that more than two-thirds of the premium was going to intermediaries, would be bound to question whether the insurance represented value for money and whether or not it was a sensible transaction to enter into. The fact that she was left in ignorance made the relationship, in my opinion, unfair.”

Competition and Markets Authority

An investigative report in 2009 revealed that commission rates were around 40% to 80% of the total premium with the average being 67% around the period that the PPI schemes were mis-sold.

FCA Ruling

The FCA published rules and guidance in 2017 following the Supreme Court ruling stating that any commission from PPI over 50% was mis-selling and compensation should be given for charges above this amount.

I was rejected for PPI, can I claim for Plevin?

Yes you can. You can still claim if you had your PPI claim rejected before the deadline of August 29th 2019 (even if the Financial Ombudsman upheld the rejection) or, you won your case but didn’t receive a payout. At the time of the PPI deadline there were 1.2 million claims who had been rejected but were eligible for Plevin. In 2019 the FCA ordered financial lenders to contact 150,000 clients who had been rejected, to inform them they could make a new complaint for Plevin.

How much are Plevin payouts?

If you had a £10,000 loan over 5 years the typical refund would be about £500.

How much are fees in a Plevin case?

Please check back soon, we are currently calculating the average amount per case.