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1 Sep 19

The end of PPI, or is it?

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The PPI deadline, as set by the Regulator, has been and gone. But, what you may not realise is… consumers may still be able to make a Plevin PPI Claim.

As well as compensation for PPI mis-selling, consumers may be owed refunds in cases where their Lender earned a high level of commission from the sale of their PPI policy(ies), which was not made clear at the time – resulting in an unfair relationship between the Lender and consumer. This is known as the Plevin rule.

As a result of the Plevin ruling in 2017, if the Lender earned a high level of undisclosed commission from the sale of the PPI policy(ies) and that level of commission was over 50 per cent of the total cost of the PPI policy(ies), consumers may be able to claim back a proportion of the money which was paid for PPI policy(ies).

As reported in the Telegraph: “… banks will typically only refund customers for the amount above the 50 per cent commission level, unless a legal challenge is mounted.”

If an unfair relationship is proven between the consumer and Lender, this can be challenged in court and there is currently no deadline for these Claims.

Missed the PPI deadline?
If you’ve missed the deadline, The Claims Guys can complete a PPI Check(s) to identify any potential Claim(s) for undisclosed commission(s) (Plevin) and refer you to our Legal Partner, The Claims Guys Legal (TCG Legal), to proceed with your Claim(s). We do not charge for this service, instead we receive a payment from TCG Legal, for any successful Claim(s).

Start My PPI Check(s)

 

Sources:
https://www.telegraph.co.uk/money/consumer-affairs/ppi-deadline-29-august/
https://uk.reuters.com/article/uk-britain-banks-ppi/britains-costliest-consumer-banking-scandal-may-have-sting-in-its-tail-idUKKCN1VI0IB
https://www.itv.com/news/2019-08-22/last-minute-rush-to-make-ppi-a-claim-is-on-with-just-a-week-left-until-deadline/