YOU MAY HAVE A CLAIM FOR COMPENSATION
Claim Plevin PPI compensation
If you’ve had any type of loan, finance, mortgage or credit card with PPI you could be entitled to claim for Plevin as well, even if your PPI claim was rejected. Claims can be as much as £1,000, so it’s best to check now.
What is Plevin PPI?
If you previously had any type of loan or credit card with Payment Protection Insurance (PPI), it’s likely it was mis-sold and you could have a claim.
The unusual ‘Plevin’ name comes from Susan Plevin who took Paragon Personal Finance to court in 2014. After reading the small print in her PPI contract, she realised that over 71% of the PPI fee was actually hidden commission paid to the finance provider. The Supreme Court agreed this was unfair and ordered compensation to be paid.
This case set a precedent for all PPI customers to potentially claim if they too had high levels of hidden commission in their PPI premiums. This means if more than 50% of your PPI fee went to the lender as hidden commission, you are due compensation.
Am I eligible to make a Plevin PPI claim?
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 still ‘open’ after 6th April 2008
- You bought PPI after 6th April 2007
- You ever had an MBNA or Capitol 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.
Did you know?
Even if you previously had a PPI claim rejected before the 2019 deadline you may have been mis-sold via hidden commission and could have a claim for Plevin.
If any of these types of cases sounds familiar, you may have a claim for compensation.
How much are Plevin PPI payouts?
The compensation payout is dependent on how big the commission was over 50%. So, for example, if the lender had a 65% commission on the PPI policy, you could receive a 15% refund on the policy. Claims range from £300 to over £1,000 for typical cases.
What is the Plevin PPI deadline?
What is the Plevin PPI deadline?
There is no deadline for Plevin PPI cases. Unlike PPI claims, Plevin falls under a different area of law, The Consumer Credit Act 1974 .
Start your Plevin claim today
Complete the Plevin PPI claim form today. Safe, secure and confidential. Apply online in minutes
Who can I claim Plevin PPI against?
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.
Don’t worry if claiming against a well-known high-street name sounds daunting, that’s what we’re here for.
- Black Horse
- Capital One
- Co-operative Bank
- M&S Bank
- Royal Bank of Scotland (RBS)
The legal bit
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.
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.
The specific ruling stated that the PPI policy was unfair due to the following:
‘The non-disclosure of the PPI commission payment’, ruled as unfair by Judge Lord Sumption who stated it was “sufficiently extreme inequality of knowledge and understanding”.
‘The high percentage of the PPI premium that was paid as commission’ ruled by Judge Lord Sumption who stated
“there is a tipping point where commission becomes so excessive that it renders the relationship between the borrower and lender unfair under the Consumer Credit Act.”
In order to successfully win a Plevin case you need to commence court proceedings against your Lender which is where Claims Bible can help you submit a Plevin claim .
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?
How is the compensation amount calculated?
Any PPI policy that included commission above 50% can be compensated. The amount you get back is dependent on how much commission your policy had over the 50% threshold. For example, if your policy had a 65% commission fee, you would be liable for a 15% refund. The FCA has also advised that the historic interest rate plus 8% should also be considered when calculating Plevin PPI compensation amounts.
What is the difference between PPI and Plevin?
Plevin cases are concerned with the commission that was included in the PPI premium and which was not disclosed to the customer. PPI cases on the other hand are concerned with the mis-selling of the insurance policy to the customer and whether the customer actually needed the product to start with. This means even if you were not mis-sold PPI you could still have a Plevin claim.
What’s the Plevin PPI deadline?
Yes you can. Plevin cases come under the Consumer Credit Act 1974 and do not have a deadline.
Is PPI Plevin legit?
Absolutely. If you want to read up on the Supreme Court ruling see the article here
Don’t Delay. Check Now.
Don’t miss out on £100’s or even £1,000’s in compensation you could be entitled to. Starting a claim only takes 5 minutes, so why not do it now?