M&S Bank credit card Plevin PPI Claim
IT'S NOT THE END OF PPI CLAIMS
PPI has been the biggest financial mis-selling scandal in the world, in which a staggering £38 billion was given back to consumers for mis-sold PPI in compensation by banks & finance providers before the 2019 PPI deadline. However, even after this the PPI scandal is far from over!
The good news is that you can still make new PPI Claims under a new ruling but this time its for undisclosed high commission. This type of PPI claim is separate to the PPI redress scheme that ended in 2019 and is based on the amount of commission you were charged on your PPI policy.
Who Are M&S Bank?
M&S Bank offers their services as part of a joint venture arrangement with HSBC bank. The bank offers a range of products and services including loans, travel money, insurance products as well as credit cards.
Customers who had a M&S Bank credit card were often also sold a PPI policy with them. If you were one of around 20 million people who took out a credit cards with PPI between 1988 and 2011, you could still be eligible to reclaim PPI commission charged on your policy premium.
Generally, credit card providers like M&S Bank made a profit on shoppers who failed to pay off the balance on the card each month, where any outstanding balances would attract interest charges.
PPI were often added on credit cards and with the average commission charged at 67%, you may also have been charged a high level of commission on your PPI premium(s). If this wasn't disclosed you could be entitled to make a claim for compensation under a ruling known as the 'Plevin' ruling as this constitutes an unfair relationship. However before making any claim for commission, it is important to find out the level of commission you were charged on your PPI policy premium(s).
Did you have PPI with your M&S Bank Credit Card?
A recent ruling means simply being sold PPI means you're potentially a victim of a mis-selling. Although the PPI deadline has now passed you could still claim M&S Bank Credit Card Plevin PPI compensation. Find out how below.
M&S Bank Credit Card were one of the many financial firms involved with the mis-selling of PPI. But with the Plevin ruling and subsequent PPI commission related court cases coming to light, many people who initially thought they were not eligible for a Plevin claim could now be eligible to reclaim. This is why so many of M&S Bank Credit Card UK customers are now checking whether they are still owed any PPI compensation from them.
What is Plevin PPI?
Plevin refers to a Supreme Court case from November 2014 where Mrs Susan Plevin brought a case against Paragon Personal Finance Ltd regarding her PPI policy. The claim was centred around the commission charges on a PPI policy that Mrs Susan Plevin was sold to cover a secured loan from Paragon.
Mrs Plevin later discovered that in small print of the terms and conditions of the PPI policy that a whopping 71.8% of her premium was the amount of commission she was charged by the lender. She alleged that this was unfair and unclear and took Paragon to court and the case went up to the Supreme Court.
The Supreme Court agreed with Mrs Plevin and her lawyers, and determined that the sale of the PPI policy was unfair because of the following reasons:
- The commission payment was not disclosed;
- The high percentage of the PPI premium that was paid as commission.
This decision set precedent for a new category of PPI claims, and opened the floodgates against banks and other finance firms who had sold PPI to their customers.
How is Plevin different to mis-sold PPI?
Originally the PPI scandal was focused on the mis-selling of PPI and whether the policy was suitable or not at the point of sale. however a Plevin PPI claim's focus is on whether M&S Bank took a high-level commission from your PPI premium without telling you about it. If the commission was hidden, or the commission was unfairly high, then this is deemed to be an unfair relationship between the lender and borrower and is eligible for compensation claim.
Plevin claims are based on a completely different area of law, namely the Consumer Credit Act 1974, so they are not subject to the FCA's PPI deadline, hence claims are still being processed today.
Claiming under the Plevin ruling
You could be eligible to make a claim if:
- Your PPI policy was open after 6 April 2007;
- You have not previously complained about Mis-sold PPI to M&S Bank;
- Your PPI Claim was previously rejected by M&S Bank;
- M&S Bank only refunded you for the “Plevin only” part of your PPI (also known as a “tipping point offer”)
The Plevin ruling means that if more than 50% of your PPI’s cost went to hidden commission to the lender, or the lender and the broker combined, and it was not sufficiently explained to you, you are due compensation.
Ready To Get Started?
If you believe you could be eligible to make a commission claim under the Plevin PPI ruling please start a FREE PPI Check with MoneyPlus Legal. They'll check your M&S Bank credit card finance agreement and contact them to find out if you have a valid claim.
MoneyPlus Legal Plevin PPI Service:
- 100% free - No obligation Plevin PPI check
- Operates on a No-Win, No Fee Basis
- Require No Upfront Fees
- Fully Regulated by the SRA
How we can help with your M&S Bank Credit Card Plevin Claim
MoneyPlus Legal is a Plevin PPI Claims specialist, whose core focus is on helping consumers who were sold PPI to use all available and possible options to obtain a legal remedy for compensation of undisclosed & high commission from the finance provider. If you’re unsure whether you are eligible to make a claim under the Plevin ruling please don't worry as MoneyPlus Legal will always conduct a full review of all your PPI credit agreement(s) to establish whether there is a case for unfair relationship.
MoneyPlus legal will use their specialist 'Plevin' PPI claims experience to investigate, negotiate and settle any claim as quickly as possible. Our Plevin PPI Check and claim service is simple and completed on a no win no fee basis* and you will be kept informed throughout the claim process.
Our Plevin Claims Process
Start Your Free
Plevin PPI Check
MoneyPlus Legal will call you to discuss your potential claim, confirm some details & explain the next steps to progress your claim.
Sign & Return Our Pre-Filled Forms
MoneyPlus Legal will send out a claim pack with letter of authority to sign & return back so they can start your Plevin PPI check.
Your Plevin Claim Eligibility Checked
MoneyPlus Legal will contact the lender(s) to ascertain how much commission was charged on your PPI policy & eligibility for a refund.
Other Credit card providers who sold PPI
The following is a list of credit card companies who are known to have sold PPI. Please note this is not an exhaustive list.