Although the deadline for PPI mis-selling claims passed in August 2019, the opportunity for millions to claim back more money owed continues. Following the Plevin v Paragon Finance case of 2014, millions of people are still eligible to claim against their PPI policies.
Although this second wave of PPI claims has enabled people to claim back money from greedy lenders, it can be confusing to understand what that means going forward.
How do I know if I’m eligible for a Plevin claim?
There are many different factors to consider when assessing if you are eligible to make a Plevin claim, as it’s different from the original mis-selling scandal.
Plevin claims consider the unfair relationship created by the lenders for not disclosing to the customer just how much commission they took from their policy payments.
Does it matter when the policy ended?
Did you know you are eligible to make a Plevin claim even if your original mis-selling claim was unsuccessful or rejected.
The limitation for a Plevin claim is that your policy should have been active up to the 6th of April 2008. However, there are some exceptions to this limitation that we consider.
Examples include; if you cancelled your PPI policy before the 2008 deadline, but your account is still running (such as a credit card), then you are still eligible to make a Plevin claim.
Everyone’s case is different, and we consider these exceptions carefully when assessing information, to ensure we do everything we can to get any money back that you are rightfully owed.
How are Plevin claims compensated?
One of the most important outcomes of the Plevin case was the decision that lenders taking commission worth over 50% of the policy payments was too large an amount – this is referred to as the ‘tipping point’ of which the commission becomes unfair.
Following the Plevin case, banks then started to pay a partial refund to policy holders of only above the tipping point amount. This means that, if you have previously received a partial refund from your bank, we work to claim the entire amount back that you are rightfully owed.
Can I claim again?
If your mis-selling claim was successful, and you received a full refund, you cannot make a Plevin claim. This is usually stated as ‘putting you back in the position had you not taken out the policy in the first place’. Therefore, there is no more money to claim back as you have been recompensated.
How is the process worked?
Once we have received the signed letter of authority from the client, we are then able to receive all lender account information and can then begin to assess policy payments made and issue proceedings. Our team of experts work extremely hard to successfully move cases along.
The effects of the Plevin case helps to grant further justice to those who have been wrongfully charged for their PPI policies. Although the legal jargon can often be confusing and ever-changing, we will help you through the Plevin process to claim back what you are owed.