Blue Motor Finance Plevin PPI Claim

Blue Motor Finance Plevin PPI Claim

IT'S NOT THE END OF PPI

You can still claim back PPI Commission after the Deadline

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.

YOU CAN STILL CLAIM BACK PPI COMMISSION AFTER THE DEADLINE

Potter v Canada Square - Latest ruling April 2021

The case of Canada Square Operations Limited v Beverley Potter [2020] brought a degree of clarity to the issue of limitation points in Plevin Litigation. This judgment was welcomed by law firms, claims management companies and claimants alike as it strengthened the claimants’ argument that these claims should not have a limitation period applied to them due to the concealment of PPI commission levels. This meant that claims are no longer confined to a six-year limitation period from when your credit card/loan/mortgage or other finance ended.

Potter v Canada Square Ruling - April 2021

Who are Blue Motor Finance?

In a short period of time, Blue Motor Finance have become one of the UK’s leading Fintech companies, lending over £2bn to more than 210,000 customers to date. Remarkable growth has led to them being ranked 1st in the Financial Times’ FT1000 Europe’s Fastest Growing Companies (March 2019). Blue Motor Finance provides loans to consumers for used cars through a network of dealers and broker partners.

Blue Motor Finance was severely hit by PPI claims in the final year before the deadline passed, 2019.

Did you have PPI on your Blue Motor Finance?

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 Blue Motor Finance Plevin PPI compensation. Find out how below.

Blue Motor Finance 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 Blue Motor Finance's UK customer are now checking whether they are still owed any PPI compensation from them.

Find out if you are eligible to make a unfair PPI commission claim against Blue Motor Finance by starting a Free Plevin check.

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:

  1. The commission payment was not disclosed;
  2. The high percentage of the PPI premium that was paid as commission.

This decision then 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. A Plevin PPI claim will focus on whether Blue Motor Finance took a high-level commission from your PPI premium without disclosing 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.

As Plevin claims are based on a completely different area of law, namely the Consumer Credit Act 1974, they are not subject to the FCA's PPI deadline and so claims are still being made by consumers today.

 

Find out if you are eligible to make a unfair PPI commission claim against Blue Motor Finance by starting a Free Plevin check.

How much am I likely to get back?

Plevin claim payouts can range from anywhere between £1,000 to £40,000, with the average amount about £3,000.

How much you may receive for your Plevin PPI claim will depend on the value of your original PPI policy. If the commission charged on the PPI policy was over 50% of the cost and this was not disclosed, means that you are at least entitled to the difference in the commission back in compensation plus interest.

The amount of compensation you could get back for a high commission complaint is a full refund of all PPI premiums paid with contractual interest, however there are other factors that can come in depending on your circumstances.

Below is a simple example of what a commission-based compensation complaint could look like, in reality it will probably be more complicated:

  • Mr Ashton took out a bank loan for £12,000, six years ago.  His monthly repayments were £250 over 5 years, out of which £50 was made up of PPI premiums. The total amount of his PPI premiums was £3,000 for the term of the loan
  • 60% of the PPI premiums went to the lender as commission in a profit share, which Mr Ashton was unaware of. This amount totals £1,800
  • Under the Plevin ruling Mr Ashton is due compensation because his bank did not disclose what the levels of commission were, and the commission element of his premiums was above the 50% threshold or 'tipping point'
  • As Mr Ashton has not previously complained about PPI he is eligible for high commission PPI claim under the Plevin ruling and FCA guidelines
  • Although Mr Ashton's PPI was sold mis-sold, the level of commission charged was deemed as an 'unfair' relationship and is eligible to receive compensation for this to the value of £385 under the FCA guidance. This is calculated by subtracting 50% of the cost of the PPI (£1,500) from the amount paid in commission and profit share (£1,800) to make £300 and adding statutory interest at 8% (£85).This gives us the total compensation of £385
  • Under a Plevin PPI claim brought by MoneyPlus Legal, we would be seeking the full £3,000 PPI premiums paid plus interest and 8% statutory interest for Mr Ashton minus the £385 he will have received from the lender. This means Mr Ashton could be entitled to a further amount of at least £2,615.

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 with Blue Motor Finance;
  • You have had a PPI Claim rejected by Blue Motor Finance;
  • Blue Motor Finance 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?

To find out if you're eligible to make a commission claim start a FREE Plevin PPI check with MoneyPlus Legal. We'll check your Blue Motor Finance agreement and the amount of commission charged by the lender to establish if you have a valid claim under the Plevin ruling.

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 Blue Motor Finance 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.

The Plevin Claims Process

Step 1

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.

Step 2

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.

Step 3

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.

Find out if you are eligible to make a unfair PPI commission claim against Blue Motor Finance by starting a Free Plevin check.

PPIClaims.com is a trading style of MoneyPlus Legal. MoneyPlus Legal is authorised and regulated by the Solicitors Regulation Authority. SRA Number 428794.
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Start FREE Plevin PPI Claim Check
Your lender may have charged unfair commission on your PPI policy, incorrectly rejected your PPI claim previously, or miscalculated your redress payment and you may be due a refund. To find out if you are eligible to reclaim under the Plevin ruling, complete your contact details below & we'll be in touch to start your no obligation Plevin PPI check.

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Latest PPI Commission Claim Ruling

Potter has the potential to impact on all types of credit claims!

A new PPI court ruling in April 2021 revealed how the banks used YOUR MONEY to earn hefty commissions for themselves.

Strangely, they forgot to mention the secret commissions they kept when the original PPI rulings came out.

Now the courts have said that any commission they have earned by selling PPI policies is potentially YOURS.

This ruling saw the complainant awarded £7,953.53 in compensation for the commission alone. This includes fees and interest that accrued over the years.

And it’s estimated that other people who had PPI policies will be owed from £1000s in compensation.

Potter v Canada Square Case

In Potter v Canada Square, the Lender [Canada Square Operations Ltd, formerly Egg Banking plc] accepted that the non-disclosure of commission caused unfairness in the relationship; however, it defended the claim on the basis that it was issued outside the widely accepted six-year limitation period.

Mrs Potter’s legal team invoked Section 32 of the Limitation Act 1980, which extends the limitation period due to the deliberate concealment of commission levels by the lender.

Read the Canada Square Operations Limited v Beverley Potter judgement  [2020] EWHC 672 (QB)

What the press said?

Millions more customers can now make new PPI claims – could you get up to £40,000?

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What is Payment Protection Insurance (PPI)?

You may have been sold PPI if you took out finance during the 1990s up to the 2010.

It was an insurance policy that was attached to products such as loans, mortgages, credit cards. catalogue accounts and even overdrafts. It was sold on to both consumers and businesses.

PPI was meant to payout if the policyholder fell ill, had an accident or lost their job.

It took many different names such as:

Accident, sickness and unemployment insurance (ASU)
Account cover
Credit insurance
Credit protection
Loan care
Loan insurance
Loan protection
Loan repayment insurance
Mortgage payment protection insurance (MPPI)
Payment cover
Protection plan

Although the PPI deadline has now passed, you may still be eligible to make a claim under Plevin.  With around 64 millions policies sold between 1990 and 2010 there is a significantly high chance that you are eligible for a refund.

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Get back the money you’re owed from Banks & Lenders
Start your FREE Plevin PPI check with MoneyPlus Legal.
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