What Is Plevin?
What is it and how does it affect me?
In 2006, Mrs Plevin was sold a PPI policy to cover her secured loan from Paragon Personal Finance Ltd. She was not told that over 71% of her PPI premium payment was commission, paid to the Lender. After finding this out, she took her Claim to Court alleging that her relationship with Paragon was unfair due to the non-disclosure of commission and the percentage of the PPI premium that was commission.
The Supreme Court ruled that failure by the Lender to disclose to Mrs Plevin the large commissions payable out of her PPI premiums created an unfair relationship, between her and the Lender. Mrs Plevin was awarded compensation for this.
You may be interested to learn that according to the Regulator, the average commission banks were paid for PPI policies was 67%.
Why Can I Claim?
If your Lender(s) failed to disclose commission which you paid for your PPI policy(ies) they may have created an unfair relationship. Joseph James (LS) Limited trading as Fast Track Solicitors (FTS), can claim back your PPI in full. This claim is not affected by the PPI deadline which is NOT recognised by the courts.
As recognised industry experts specialising in Concealed Commission Claims (Plevin) with years of achieving successful outcomes for our clients you can be confident your claim is in safe hands. We have a high success rate for every claim we have submitted and have won a number of landmark cases, paving the way for consumers to get back full PPI payments after the PPI deadline.
Mrs Plevin was sold a PPI policy to cover her secured Loan from Paragon Personal Finance Ltd. She took a Claim to the Supreme Court in November 2014, alleging that the contract and her relationship with Paragon was unfair due to:
- Non-disclosure of the commission
- The percentage of the PPI premium that was commission
The result of the case was that a full PPI refund was issued to Mrs Plevin due to the unfair relationship between borrower and lender.
Am I eligible to claim on Plevin?
You may be eligible to make a Claim if your PPI policy covered repayments on a credit agreement (such as Credit Cards, Loans, Mortgages, Home Shopping Accounts, Catalogues and Finance Agreements) and a commission was earned by the Lender when the policy was sold to you.
In addition, your agreement had to be active after 6th April 2008.
Rejected Claims (Your bank/lender said your PPI was not mis sold)
In July 2017 the Financial Conduct Authority (FCA) announced changes to their complaints handling rules which means you can now also:
- Complain even if PPI was not mis-sold or you do not think it was mis-sold
- Complain even if you had a previous Complaint about mis-selling of PPI rejected
If your PPI was rejected prior to 1st of July 2017 then you could now have a claim for the full PPI redress plus interest if you were not made aware of the commission paid to your bank/lender for the sale of PPI.
I have already received my PPI refund, can I claim based on Plevin?
If you have previously claimed on your PPI and your Lender offered you full redress, they were required to put you in the position you would have been in if the PPI had not been sold to you. This means the commission has already been refunded and you cannot claim again based on Plevin.
However, if you received a PPI offer which was deemed a 'Plevin' offer based on the FCA's Plevin ruling resulting in a 'partial offer' and NOT a full PPI payout then you could have a claim for the full amount. In many cases you could receive up to 3 to 5 times the amount already received.
Five Star Customer Reviews
"I received an offer and after acceptance, my cheque was issued without delay. Very impressed with the service received and efficient staff. Thank you!!!"
"Great service, got my PPI claim sorted out for me. I was very happy with the way this case was handled and very pleased with my PPI payment thank you very much."
"A very professional experience from start to finish with a more than satisfactory outcome. Would not hesitate to use them again if the need arose."