IT'S NOT THE END OF THE PPI

Find out how you could still be owed £1,000s in PPI Commission compensation.

What is Plevin PPI?

A Plevin PPI claim is a claim for the commissions charged on the PPI premiums that many people took out. It’s called a Plevin PPI claim as a result of a landmark case that was brought about by Mrs. Susan Plevin and was based on the high level of commission charged by her lender with her PPI without being disclosed to her. The Supreme Court ruled that a lender's failure to disclose this large commission when PPI was sold can be defined as unfair under the Consumer Credit Act and became known as the Plevin ruling.

Even though the FCA's PPI deadline has expired, you are still be able to submit a new PPI commission claim under and reclaim any overpayment of PPI commission on your PPI premium the Plevin ruling.

So, don't let your bank or lender refuse to pay you back what you are owed. Start a Free Plevin PPI Claim Check on a 'No Win No Fee basis and get your money back!

 Plevin v Paragon Case

Mrs Susan Plevin had borrowed £34,000 from Paragon Personal Finance through a broker. She paid an additional £5,780 premium for a PPI policy and was not told that commission had been paid on the deal. It was only later she found that just over £1,600 of her premium had been spent on the policy and the rest had gone in commission.

Mrs Plevin's claim went all the way to the Supreme Court which eventually ruled she was owed compensation because the failure to disclose the size of the commission package meant the relationship between her and Paragon Personal Finance was unfair.

Following the Supreme Court decision in Plevin v Paragon Personal Finance Limited in 2014 (usually called just ‘Plevin’). The FCA (Financial Conduct Authority) introduced new rules for PPI claims where banks and other providers now have to consider complaints about commission they earned from the sale of PPI.

Banks have started to pay out £1,000s to people reclaiming PPI under a new rule which means you may be able to claim where the lender received high levels of commission from your PPI premiums.

 FCA Guidelines For Making PPI Claims Under the 'Plevin' Ruling

Before & After Effects of The Plevin Ruling

Final FCA Guidance Following Plevin Ruling

The FCA's final guidance dealt with an uncertainty that emerged since its Plevin framework was put in place. The guidance clarified that firms should assess commission disclosures not only at the point of sale but on an on-going basis, and that this should be assessed under the FCA's general complaint handling rule

Level Of Redress

The FCA guidelines also introduced a “50 percent presumptive tipping point”, which meant that a failure to disclose commission greater that or equal to 50 per cent or higher would represent an unfair relationship under s.140.

In cases where this is found to be true, the relevant level of redress would be the difference between the rate of commission and the 50 percent threshold. Taking the Plevin case as an example, since the threshold is 50 percent and Mrs Plevin’s commission was 71.8 percent, the level of redress would be 21.8 per cent. On top on this any historic interest and annual simple interest at 8 percent is also payable as part of the claim.

The FCA also created a rule regarding profit share. Under this rule, consumers would not only entitled to demand compensation for the ‘tipping point’ part of the PPI premium but could also seek any profit share applied to the PPI premium.

However, this has proven to be more difficult to establish than first planned because the majority of lenders didn't record profit share on individual PPI policies. So, In order to apply profit share for the purpose of redress, a ‘broad-brush’ approach is required which means the profit share element of redress can only be estimated rather than a specific amount that would have been contributed as part of a PPI premium.

How we can help with your Plevin PPI 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.

Plevin Claims Process