Claim Capital One Plevin PPI compensation

What is Capital One Plevin Payment Protection Insurance?

Capital One is an American financial services company that offers a range of products to customers, including credit cards, savings accounts and loans.

One of the products it has offered in the past is Payment Protection Insurance (PPI). However, the company has been accused of mis-selling this insurance product to its customers, leading to a large number of claims and compensation payments.

In fact, the European side of the company was massively impacted by PPI claims in 2019, reporting nearly a £100 million loss in revenue due to compensation payouts.

Payment Protection Insurance (PPI) is an insurance policy designed to cover loan and credit card payments in case of certain events such as job loss, illness or death. It was commonly sold in the late 1990s and early 2000s alongside loans and credit cards as an add-on product, with customers paying a monthly premium for the cover.

Unfortunately, the deadline for claiming Capital One PPI compensation passed in August 2019, but UK residents can still receive compensation via Capital One Plevin PPI claims. It’s important to note that a Plevin PPI claim doesn’t take into account whether or not the policy was suitable. Instead, it focuses on whether Capital One failed to inform you about any high commission payments that they earned from your PPI premium.

What is a Capital One Plevin PPI claim?

A Capital One Plevin PPI claim can be made by a customer who believes the sale of their PPI policy by Capital One was unfair. To make a claim, the customer needs to provide evidence that, when they were sold PPI by Capital One, they weren’t told about the commission payment and that the percentage of the PPI premium that was paid as commission was over 50%.

Rejected Capital One PPI claims

Capital One has rejected some PPI claims from customers who believed they were mis-sold PPI policies. The company can reject a claim if it believes that the customer was fully aware of the terms and conditions of the PPI policy when they purchased it, or if the customer does not provide sufficient evidence to support their claim.

If a customer’s claim is rejected by Capital One, they can take their case to the Financial Ombudsman Service (FOS) for further review. The FOS is an independent service that is available to customers who are unhappy with the way their financial services provider has handled their complaints.

How to claim Plevin PPI from Capital One

To make a Plevin PPI claim against Capital One, customers need to follow a few simple steps:

Check eligibility

Before making a claim, customers need to make sure they are eligible for compensation. Customers simply have to meet one of the following criteria:

• They have never claimed PPI or their previous PPI claim was rejected
• They’ve had a PPI refund but it was only for the ‘Plevin’ part
• They bought PPI after 6th April 2007
• They bought PPI before 6th April 2007 and it’s still ‘open’ after 6th April 2008
• They’ve had a Capital One credit card

Gather evidence

Customers need to gather evidence that they were sold PPI by Capital One and that the commission paid to the lender for selling the policy was over 50% of the premium paid by the customer.

Make a complaint

Customers should contact Capital One and make a complaint about the mis-selling of their PPI. They need to provide all the evidence they have collected to support their claim.

Wait for a response

Capital One will investigate the customer’s claim and provide a response. If the claim is successful, the customer will be offered compensation.

Appeal

If the customer is unhappy with the response from Capital One, they can appeal the decision and take their case to the Financial Ombudsman Service (FOS).

Capital One partially refunded PPI compensation

Capital One was one of the biggest financial firms involved with PPI mis-selling in the UK, so it’s no surprise that the company has already paid out millions of pounds in compensation to customers.

In some situations, however, Capital One has only partially refunded PPI compensation to customers. But don’t let this put you off from making a claim. This usually occurs if the company is able to prove the customer was partially at fault for the mis-selling of the PPI policy, which can be difficult.

To learn more about how to make a Capital One claim, contact our team at Claims Bible today.

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