Madiston LendLoanInvest LOAN Plevin PPI ClAIm
IT'S NOT THE END OF THE 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.
About Madiston LendLoanInvest
Madiston LendLoanInvest, a Peer to Peer Lending platform for unsecured personal loans.
Madiston LendLoanInvest offer unique methods of borrowing. The first option requires the customer to specify exactly how much they wish to borrow and over what period. Investors will then look at these requests, as well as other information relevant to the customer, before bidding on the loan.
With lower overheads and up-to-date marketplace lending technology, we process loans cost-effectively and resultant savings are passed on to lenders and borrowers.
People borrow money directly from other people online via our site. We manage the whole process from loan origination & credit checks to loan payment & repayment distribution.
The idea behind this method of lending is for the borrower to take charge of their own finances again, and they go about this by giving them more flexibility and involvement than mainstream lenders.
PPI were often added with loans 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).
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 Madiston LendLoanInvest 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 Madiston LendLoanInvest;
- Your PPI Claim was previously rejected by Madiston LendLoanInvest;
- Madiston LendLoanInvest 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.
Did you have PPI with your Madiston LendLoanInvest Loan?
A recent ruling means simply being sold payment protection insurance (PPI) means you're potentially a victim of a mis-selling. Although the PPI deadline has now passed you could still claim PPI compensation from Madiston LendLoanInvest. Find out how below.
Madiston LendLoanInvest Loans were one of the many firms involved with the mis-selling of PPI with loans. You may have been offered PPI when you took a loan with them. PPI insurance was designed to cover payments if you were unable to because of an accident, sickness, involuntary unemployment or your death.
With the Plevin ruling and subsequent landmark court cases that have come to light, thousands of people who initially thought they were not eligible to claim may now be eligible to make a claim. This is why so many of Madiston LendLoanInvest customers are checking their accounts to find out if they had PPI and whether they could be eligible to make to commission claim under the Plevin ruling.
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 Madiston LendLoanInvest finance agreement and contact them to find out if you have a valid claim.
How we can help with your Madiston LendLoanInvest 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 Loan Providers who Sold PPI
The following is a list of loan providers who are known to have sold PPI. Please note this is not an exhaustive list.