Marks and Spencer Financial Services Plc trading as M&S Bank has set aside a large sum to repay mis-sold PPI, with claims expected to total 231,000. This represents 43 per cent of the policies sold, a worryingly high percentage.
How was PPI mis-sold?
To determine whether you may have been mis-sold PPI there are a number of questions that you will need to answer:
- Was the PPI advice given by M&S Bank correct and helpful to you?
- Were you made aware that the policy was optional?
- Did M&S Bank check how much sickness pay you received from your employer?
- Did they ask questions about your employment status?
- Did you feel you were treated fairly?
If the answer to any of these questions is no then you were possibly mis-sold your policy and could make a claim to get back any money that is rightfully yours.
Was I Sold PPI by M&S Bank?
If you ever had any of the following financial products with M&S Bank, there is a risk that you may have been sold PPI and it may have been mis-sold:
The easiest thing to do is ask the bank or lender concerned if they sold you PPI or use PPIClaims.com to get a free check done.
How Can I Make a Claim Against M&S Bank?
If you think you have a claim against any of the companies that come under the M&S Bank Group for the mis-selling of PPI, you will need to provide as much information about the policy you had. The following information will help the M&S Bank Group to process your claim:
- PPI account policy numbers;
- The dates of when you took the policy out and how long you had it;
- How the policy was sold to you;
- Your employment status when the policy was sold;
- If you had any savings or other insurances in place at the time of taking out the policy;
- The reason for taking out the finance and how much you paid off.
What are the Benefits of Using PPICheck.com?
There are benefits in using a company such as ours to make your PPI claim as the entire process is taken care by our case workers through our main brand Money Management Team Ltd.
We offer a free PPI check service to establish if you were sold PPI any financial products. The purpose of the check is to find out how many of your accounts have/had PPI. By going through this process other cases may come to light that you may have forgotten about.
If the checks reveal any PPI present on any of your accounts, you will be advised of your options on how to recover any PPI charges. Should you decide to proceed with PPIClaims.com we will require you to sign and return the relevant paperwork as soon as possible to begin your claims.
If your claim is rejected by the M&S Bank Group, we will refer your claim to the FOS at no extra cost. The no-win, no-fee promise still stands.
How Do I Start my M&S Bank PPI Claim With PPIClaims.com?
We’d like to discuss the details of your case with you, so your complaint can be lodged with M&S Bank on your behalf as quickly as possible.
- Start your Free PPI check process by using our online form. Completing the required information will help to establish if you have held a policy with M&S Bank; or
- Complete our online claim form to start your claim.
What are High Commission Levels?
Insurance providers paid banks and other lenders a commission for every PPI policy sold. The greater the number of policies sold, the more commission that is earned by the seller.
High-levels of commission is when you, the customer, has paid more than half of what you’ve paid for the PPI policy.
The FCA introduced new rules in March 2017 after a Supreme Court ruling in the case of Plevin v Paragon Personal Finance March 2017, which outlines how PPI commission complaints are to be dealt with.
The rule states that if the commission is over 50% of the price of the PPI, the claimant is entitled to the difference back plus interest.
Since the Plevin case, customers could complain about the level of commission paid for, that was not previously disclosed when the policy was sold to them. If the commission was high you may be entitled to compensation regardless of if you were mis-sold the PPI or not.
However, another case, Doran v Paragon Personal Finance June 2018, was decided by a District Judge in a County Court. He awarded the claimants all their high commission payments back plus interest.
The case of Doran does not set a precedent, like Plevin case does, as it was decided in a lower court and may yet be appealed by Paragon Personal Finance.
Customers who have already been successful in their claims for mis-selling cannot claim under the Plevin rules. This will still apply after the recent Doran case. Lenders will only consider claims for undisclosed commission if the customer has been rejected for a mis-sale.
If you feel that you have paid high commission for a PPI policy, you may be entitled to compensation, please complete our online PPI High Commission Check Form.
How Can the Plevin Ruling Affect my Case?
If you’ve already claimed and received a pay out, you cannot claim again.
However, if you had PPI in the past you may not have been mis-sold the policy, but you may still be due a pay-out. Banks now need to take into consideration the Plevin rules which means a previously rejected claim could be successful.
If your mis-sold PPI claim was previously rejected, you may be able to complain about the commission if:
- The PPI policy was sold with the credit arrangement on or after 6 April 2007;
- The PPI policy was sold with the credit arrangement before 6 April 2007 and was still running on or after 6 April 2008;
- 50% or more of your PPI premium was pure commission for the lender which was unknown to you. The extra paid may be refunded to you.
Next of Kin Mis-sold PPI Claims
An area of mis-sold PPI that is often overlooked because many people do not know about it is claiming on behalf of a deceased spouse or other family member who has passed away. For example, if you knew your spouse was paying for PPI before they passed away and you have concerns if it was mis-sold, you should find out as you may be entitled to claim it back.
Each month a sum of money was paid for a PPI policy that covered the policyholder should they repayments become unaffordable because of illness, accident, redundancy or death.
The PPI policy would have been sold by a bank, building society or other financial provider such as an insurance company or broker.
There have been many cases of banks, lenders and other providers selling PPI to customers who would never be able to claim on it.
The are several situations that could apply to your spouse or family member that would make them ineligible for PPI. These include:
- Having a pre-existing medical condition or if someone was;
- Being self-employed or retired at the time of taking out the cover;
- Public sector workers, civil service workers and those in other similar employment may have protection through their employment contracts, so did not require PPI;
- Some customers were not aware that they had PPI as it was added on with their consent or knowledge;
- Customers being led to believe the PPI cover was compulsory when it was optional, indicating that they didn’t understand what the cover was for.
If you, as an executor, personal representative, or next of kin know or suspect that any of the above situations applied to your late spouse or family member, look further into it as there is a strong possibility that the PPI was mis-sold.
Here’s what you need to do:
- Establish if your spouse or family member was paying for PPI on a credit card, loan or mortgage.
- Try and work out if the PPI was mis-sold based on the situations described above.
- Decide how you want to pursue the claim: yourself or by using PPIClaims.co.uk. By using PPIClaims.co.uk we do all the hard work, so you don’t have to.
If you think there may be PPI on any loans or credit agreements that were take out by a deceased spouse or family member it is worth getting a FREE PPI check done to know for sure.
How Much Could I Claim Back From M&S Bank?
There are several factors that will determine how much compensation you can claim.
It can depend on the number of accounts you have. If you have more than one account which has had PPI added to it, you will have made more than one payment for PPI each month. Together these amounts will be the basis for what you may be entitled to receive.
If you have had several different credit card accounts, these may have had PPI policies attached to them with the monthly premiums being calculated as a percentage of the amount outstanding.
You may be able to claim a substantial amount in PPI compensation, especially if your credit card balance was close to the limit.
How Long Do I Have to Lodge my Mis-selling Claim With M&S Bank?
The FCA has set a deadline of 29 August 2019 for all mis-sold PPI claims to be submitted by.
If you do not put your claim in before this time you will not be able to claim.