Post-deadline PPI Claims

Post-deadline PPI Claims

What is “Plevin” PPI?

So-called “Plevin” PPI claims are named after a Supreme Court case decided in
2014. The court found held that Mrs Plevin’s lender (Paragon Personal Finance)
had acted unfairly in failing to tell her that over 71% of the total cost of her PPI
premium was made up of commission payments between Paragon, the broker
and the insurer. Paragon was the one of the three parties involved which knew
the total value of the commissions.

The result of the case was a refund to Mrs Plevin of the total commission
payments plus interest. The Financial Conduct Authority (FCA) published
guidance in 2017 which stated that, in the view of the FCA, any commission
above 50% of the cost of the PPI was unfair. It required financial institutions to
pay policyholders who had a “Plevin”-type claim any amount of commission
which exceeded 50%.

Whilst this resulted in many consumers receiving redress which they might not otherwise have obtained it also meant that had Mrs Plevin’s claim been dealt with under the FCA’s guidance she would have received far less than she did as a result of her successful court case. Redress for Mrs Plevin would have been equal to 21% of the total cost of the PPI plus interest, being the amount exceeding the 50% threshold. It is highly likely that a consumer who did not receive disclosure of the commission element of their PPI would only receive a refund of any commission over 50% of the total cost of the PPI. However it may still be possible to pursue a claim via the County Court which could result in a significantly greater level of redress. If you were sold a PPI policy – or think that one may have been sold to you – and you have not already received a refund then we may be able to help you obtain the maximum level of compensation to which you could be entitled. Contact us for a chat and to see if you could have a Plevin claim.

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Phillipson Hardwick Limited is a limited company, registered in England and Wales, under registration number 11626146, registered office Magnetic House, Waterfront Quay, Salford, England M50 3XW, with ICO Registration Number ZA527169 and is authorised and regulated by the Solicitors Regulation Authority under SRA 656089

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Magnetic House, Waterfront Quay
M50 3XW

Phone: 0161 518 5511

Email: [email protected]