The following FAQs provide more information about Plevin, The Claims Guys and our Legal Partners.
We have answered the most frequently asked questions about Plevin below:
Plevin PPI FAQs
What is Plevin?
In 2006, Mrs Plevin was sold a PPI policy to cover her secured Loan from Paragon Personal Finance Ltd. She took a Claim to the Supreme Court in November 2014, alleging that the contract and her relationship with Paragon was unfair due to:
- Non-disclosure of the commission
- The percentage of the PPI premium that was commission
The Supreme Court ruled that failure by the Lender to disclose to Mrs Plevin the large commissions payable out of her PPI premiums created an unfair relationship between her and the Lender and redress was awarded to Mrs Plevin.
What does a 'large commission payment' mean?
Lenders were usually paid a commission by the insurance provider, following the sale of PPI. The commission would have come out of the PPI premiums paid by consumers. So whilst consumers may have thought the premiums were for their cover, some of it was actually commission(s) paid to the Lenders for the sale of the PPI policy(ies).
Often, the Lender was paid a high level of commission, typically more than half of what you have paid for your PPI policy. A commission of over 50% of the PPI premiums paid by a consumer is considered a large commission payment.
I have already received my PPI refund, can I claim based on Plevin?
If you have previously claimed on your PPI and your Lender offered you full redress, they were required to put you in the position you would have been in if the PPI had not been sold to you. This means the commission has already been refunded and you cannot claim again based on Plevin.
If you have received an offer of Compensation from your Lender that does not amount to a full refund of the PPI premiums you have paid, you may be able to make a Plevin PPI Claim.
My Lender has already said my PPI policy was not mis-sold, can I claim based on Plevin?
If your PPI Claim was initially rejected, we can check with your Lender to find out if you are eligible to make a Plevin PPI Claim.
What is the difference between a Plevin PPI Claim and a mis-sold PPI Claim?
Whilst a Plevin PPI Claim is made in respect of the sale of a PPI policy, the basis of the Claim and claims process are different to a mis-sold PPI Claim.
Even if your PPI policy(ies) was not mis-sold, your Plevin PPI Claim(s) could be successful!
Historically, when Lenders sold PPI they failed to disclose the commission they received, which was taken out of the PPI premiums paid by consumers. So whilst consumers may have thought the premiums were for their cover, some of it was actually commission paid to the Lenders for the sale of the PPI policies.
A Lender’s failure to disclose commission may have created an unfair relationship with the consumer. Following a Court ruling, commonly known as the Plevin ruling, if this applies to you, this money can be claimed back and that is where we and one of our Legal Partners can help.
Can I make a Plevin PPI Claim(s) directly to my Lender?
As a Plevin PPI Claim is made in respect of the sale of a PPI policy, it is affected by the PPI Deadline.
The Financial Conduct Authority set a deadline of 29 August 2019 for PPI Complaints. This means that generally, if you did not make a Complaint to your Lender on or before 29 August 2019, you can no longer raise a Claim(s) about the sale of your PPI policy(ies) by complaining directly to your Lender or the Financial Ombudsman Service for free*.
Currently, the only way to make a Plevin PPI Claim(s) is through a litigated claims process, which may involve the commencement of legal proceedings against your Lender(s).
You do not need to use a claims management company to complete a PPI Check(s) and assess your eligibility for a Plevin PPI Claim(s). You are free to seek advice elsewhere and are able to proceed with your Claim(s) through an alternate solicitor.
*There are some exceptions to this, more information about this can be found on the Financial Ombudsman Service website.
Who are The Claims Guys?
Based in Altrincham, Cheshire, The Claims Guys are one of the leading financial claims management companies in the country.
Established in 2009, we have spent over a decade helping our customers to claim Compensation that is rightfully theirs. So your Claim(s) will be in experienced hands.
We are proud to be a leader in our industry and to have helped over 470,000i customers take back over £1bnii in compensation for mis-sold financial products.
- Calculated up to December 2019.
- Figure shown before any applicable Income Tax is deducted – calculated up to December 2019.
What work will The Claims Guys carry out on my behalf?
We will complete a PPI Check(s) to identify if you have had a PPI policy(ies) with the Lender(s) you request by submitting a Subject Access Request. Once we receive a response from your Lender(s) we will review all relevant information to assess whether you are eligible for a Plevin PPI Claim(s). If we identify a potential Plevin PPI Claim(s), we will send you a Legal Pack to complete in order to refer your Claim(s) to one of our Legal Partners. Once your Claim(s) is referred to a Legal Partner, they will contact you in respect of their services.
Where required, TCG will provide ongoing administrative support to the Legal Partner to help with your Plevin PPI Claim(s).
What Fee(s) will The Claims Guys charge me for the PPI Check(s)?
We do not charge any Fees for the PPI Check and Plevin PPI Claim eligibility assessment.
If your Claim(s) with a Legal Partner is successful, then you will be required to pay their Fee(s). More information about a Legal Partner’s Fee(s) can be found in the Legal Partner FAQ below.
We receive payments from the Legal Partner for the work we have undertaken on every successful Claim. This is not a cost that you pay and will be paid directly to us by the Legal Partner.
What is a Legal Partner?
A Legal Partner is a firm of solicitors who are experienced in dealing with litigated Claims, including Plevin. The Legal Partner will support you through the Plevin PPI claims process, endeavouring to ensure that you are not only remedied for your Plevin PPI Claim(s), but are kept informed throughout the process and given clear, jargon-free advice on your options.
What work will a Legal Partner carry out on my behalf?
Upon receipt of your Claim(s) information, a Legal Partner will review your Claim(s) details, and documentation from your Lender(s) to undertake a further assessment of the merits of your Claim(s).
They will then prepare and submit a Letter(s) of Claim to your Lender(s), who will have a fixed time to respond, usually 28 days.
It is not uncommon for your Lender(s) to initially defend your Claim(s). If this happens, the Legal Partner may submit your Claim(s) to Court. The Legal Partner will keep you updated throughout this process.
The Legal Partner will negotiate with your Lender(s) on your behalf throughout your Claim(s) in an attempt to obtain Compensation. They will let you know if your Lender(s) makes an offer(s) of Compensation and provide advice on whether any offer is fair.
Your Claim(s) may be settled without you having to appear in Court. But, if your case does go to Court, the Legal Partner will support you through the process and will arrange for you to be represented at any hearing.
What Fee(s) will a Legal Partner charge me for my Plevin PPI Claim(s)?
Once Your Plevin PPI Claim(s) has been passed to a Legal Partner, they will charge a Fee(s) for any successful Plevin PPI Claim(s) of up to 40% plus VAT of any settlement refund(s) offered by your Lender(s). An additional Fee(s) may also apply, dependent on the Legal Partner. All Fees will be outlined in the Legal Pack.
How long will my Plevin PPI Claim(s) take?
Though all Claims follow the same process, a Legal Partner cannot guarantee a timescale for completion as there are variables involved, such as the complexity of the Claim(s) or time taken for a Lender or the Court to progress a Claim(s). A Legal Partner will always aim to resolve all Claims as quickly as possible, on average this takes 6 to 12 months, however, at times cases can take longer than this.
How likely is my Plevin PPI Claim(s) to be successful?
Whilst there have been many successful litigated Plevin PPI Claims, a Legal Partner is unable to guarantee the success of your Claim(s).
A Legal Partner will make every effort to ensure that you receive any Compensation due for your Plevin PPI Claim(s) however there is the chance that your Claim(s) could proceed to a Court Hearing, and not achieve the outcome you, or they, hope for.
Will I have to go to Court?
Our Legal Partners have experienced success in settling Plevin PPI Claim(s) without any requirement to go to Court. However, there is the chance that your Claim(s) will require a Court hearing.
If your case does go to Court, a Legal Partner will be on hand to support and guide you through the process and will make sure you always know what to expect.
What document will I sign with a Legal Partner?
You will be requested to read and sign an Instruction Document prior to a Legal Partner commencing work on your Plevin PPI Claim(s).
The Claims Guys FAQs
FAQs about Legal Partners