If you did not make a PPI claim or you did and it was unsuccessful you could be due compensation.
Plevin claims are claims for the commission charged on the PPI premiums that many people took out in the 1990s and early 2000s. Plevin Claims are so-called after a woman called Susan Plevin successfully claimed that the high level of commission she was charged was utterly unfair.
Plevin argued to the Supreme Court that the commission charged on the PPI that had she known about it, she would never have purchased the insurance and would have looked for an alternative that would have offered her more value for money.
The Secret Commission is simply the Commission’s charge by the lenders and/or brokers on top of the actual PPI premium. Hence, in Susan Plevin’s case, the premium was just over £1600, yet she was charged just under £4,000, and the cost of that premium was paid for through credit that she was paying the lender.
Plevin claims criteria
In terms of the criteria to be met to bring a claim, firstly the claim needs to be within specific dates to be brought validly under the Consumer Credit Act. As long as your claim is brought relatively soon, you will also be OK with regards to its limitation.
A Plevin Claim differs to a standard payment protection insurance claim that has been brought as there’s no allegation that the premium was necessarily mis-sold. These types of claims are relevant for people who didn’t believe that they were mis-sold, and for people who have brought a claim but were previously rejected by lenders on the basis that they weren’t mis-sold because of the answers they gave during their interview or questionnaires that were provided etc.
The Plevin rule set out by the FCS mean that if over half of the cost of your payment protection insurance was used as commission to the lender, and you were unaware of that, you are owed the additional amount, as long as your PPI was active after 2008.
Plevin claims process
Plevin PPI claims are complicated and do require some assistance from solicitors to check that the calculations are correct and that you present your claim in the best possible way to ensure that you are compensated for the full amount that you are due.
The process in assessing a Plevin Claim involves us initially applying to the banks for all of the information they hold. Once we have all of that information, we can make a full assessment of your case and advise firstly, whether you have prospects of success and secondly if your case is likely to be successful, the amount of the expected claim value. After that, we start the process of bringing the court proceedings.
The amount a client might be entitled is determined by the premium paid, by the amount of commission paid and by the credit that was used to pay for the premium. It is also determined by the interest that you will have spent on credit used to pay for the premium. We will seek to recover that for you.
Are you one of the thousands entitled to Plevin compensation?
The FCA believes that approximately 60,000 and 140,000 clients need to be informed that they were eligible to make a claim under Plevin rules. They may have had complaints rejected previously, but were not adequately assessed for undisclosed commission and didn’t receive any written information about being able to claim for the previously undisclosed commission when others did. The companies involved have been instructed to write to the people affected to tell them that they are entitled to make a new complaint now regarding undisclosed commission, either at the point of sale or about it recurring throughout the lifespan of their policy.
The final deadline to make a Plevin claim is 14th November 2020, which is fast approaching. However, if you have a PPI complaint or believe that PPI was sold to you unfairly, and you have exceptional circumstances that mean you couldn’t meet the deadline of August 2019, it is still worth contacting our team to see how we can help.
If you need legal advice about any other type of financial misselling, get in touch with us today because we are highly experienced legal experts. We are also approachable and friendly and will do everything possible to ensure that we get the best outcome for you.