Welcome 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.

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 to Welcome Finance;
• You have had a PPI Claim rejected by Welcome Finance;
• Welcome 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.

Had PPI with your Welcome 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 PPI compensation with Welcome Finance. Find out how below.

Welcome Finance were one of the many financial firms involved with the mis-selling of PPI with car finance. With the Plevin ruling and subsequent landmark court cases related to Plevin coming to light, thousands of people who initially thought they were not eligible to claim under the new ruling are now be eligible to make a claim. This is why so many of Welcome Finance's UK customer's are checking whether they are could still be owed any PPI commission compensation from them.

How we can help with your Welcome 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 an 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