Claim Egg Bank Plevin PPI compensation

What is Egg Plevin payment protection insurance?

Payment protection insurance, commonly referred to as PPI, was widely mis-sold to customers in the 1990s and early 2000s. If PPI has been mis-sold, it means companies provided policies to people that either did not need them or were unsuitable for them.

A prime example of this is the PPI that was provided by the online banking firm, Egg. If you have ever had a loan, mortgage or credit card from Egg, you may be able to claim Plevin PPI compensation.

Egg was a UK-based online banking company that offered payment protection insurance (PPI) alongside its credit cards and loans. PPI was meant to cover borrowers’ repayments in the event that they became unable to work due to illness, redundancy or other reasons. However, many people were sold PPI policies that were unsuitable for them or that they did not need.

The Financial Conduct Authority (FCA) introduced new regulations in 2014 that required lenders to review all PPI policies sold to ensure they were fair and appropriate. The regulations also introduced the concept of “Plevin” compensation, which refers to situations where the commission paid to the lender for selling the PPI policy was more than 50% of the total premium paid by the borrower. This is named after the court case Plevin v Paragon Personal Finance Ltd.

What is an Egg Plevin PPI claim?

An Egg Plevin PPI claim is a claim for the mis-selling of PPI, specifically in relation to the amount of commission paid to the lender. If the commission was more than 50% of the total premium paid, the borrower could be entitled to compensation under the Plevin ruling.

To make a claim, the borrower must provide evidence that they were mis-sold the PPI policy and that the commission paid was excessive. This can be done by reviewing the original policy documents, bank statements and other relevant records. The borrower may also need to provide evidence of any financial hardship or another negative impact that resulted from the mis-selling of the PPI policy.

Rejected Egg PPI claims

Not all Egg PPI claims will be successful, even if the PPI policy was mis-sold. Some common reasons why a claim may be rejected include:

Lack of evidence

If the borrower cannot provide sufficient evidence to support their claim, it may be rejected. Of course, with many cases dating back to the 1990s and early 2000s, it’s possible that not everyone will have the relevant records and documents to hand.

Plevin threshold not met

If the commission paid was less than 50% of the total premium paid, the borrower may not be entitled to Plevin compensation.

How to claim Plevin PPI from Egg

To claim Plevin PPI compensation from Egg, you need to follow these steps:

1. Gather all relevant documents, including the original policy documents, bank statements and any correspondence with Egg regarding the PPI policy.
2. Check the policy documents for any evidence of mis-selling, such as exclusions that were not explained or terms that were unclear.
3. Contact Barclays Bank (which has acquired credit card accounts from Egg) to make a complaint about the mis-selling of the PPI policy. This can be done by phone, email or letter. Explain why you believe the policy was mis-sold and provide any evidence you have.
4. Wait for a response from Barclays. The lender has up to eight weeks to respond to a complaint.
5. If the complaint is rejected or you are not satisfied with the response, you can escalate the complaint to the Financial Ombudsman Service (FOS). The FOS is an independent body that can investigate complaints and make a final decision on compensation.

Egg partially-refunded PPI compensation

Egg was one of the many lenders that were found to have mis-sold PPI policies to their customers. In 2011, Egg’s credit card accounts were acquired by Barclays Bank, which took responsibility for any PPI claims made against Egg. Barclays Bank has ensured that any successful claims for compensation have been paid out.

To learn more about claiming Egg Plevin PPI compensation, contact our team at Claims Bible today. We’re more than happy to advise you on whether or not you have a case against the lender.

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