Check to see if you were mis-sold originally on other grounds as your claim may be worth much more.
If you were not mis-sold, but had PPI in the past, you could still be due a pay-out. Banks now must consider the Plevin rule so if you had a claim rejected in the past, you may get a pay-out under Plevin.
The rule means that banks must now consider a Plevin pay-out in all mis-selling cases as well as writing to 1.2 million people who have had their claims rejected in the past.
You’re eligible to claim for undisclosed high commission on PPI if:
- More than 50% of your PPI premium was commission for the lender, and you didn’t know; you may be due the extra commission above that;
- Your PPI has been active at some point since April 2008;
- You haven’t already made a successful PPI claim.
The average amount of commission charged for PPI on loans was 67%. This is what banks kept as commission from insurers, which was never mentioned to the customer. No wonder millions of people possibly are owed billions more pounds.
Standalone PPI policies from a broker possibly didn’t have as much commission so won’t meet the Plevin criteria, but it’s worth checking.