Mis sold PPI
What Is the Plevin Ruling and How Does It Affect You?
The Plevin ruling is relevant for all those who had PPI regardless of the deadline. We explain what this rule is and how it’s leading to even more PPI claims.
Now that the deadline for PPI claims by the Financial Conduct Authority (FCA) PPI deadline, consumers need to act soon if they want to contact their bank in regards to a refund for a mis-sold PPI policy. The Plevin ruling is relevant for all those wishing to make a PPI claim.
What is the Plevin rule and how is it connected to PPI claims? In this article, we explain what it is and why it could help you claim PPI.
Plevin vs Paragon Personal Finance
Plevin refers to Mrs Susan Plevin. In 2014, she brought a PPI case to Paragon Personal Finance. She argued that she was mis-sold a PPI policy on a loan because of high levels of commission that was not disclosed to her at the time of purchase.
Her PPI policy was 71% commission. She argued that if she had known the commission was so high, she might not have bought the policy in the first instance. The case went to the Supreme Court, and it ruled in Mrs Plevin’s favour, resulting in a refund.
What Is the Plevin Ruling?
Mrs Plevin’s case set a precedent for future cases. After due consideration, the FCA ruled that if others want to make a PPI claim about high levels of commission, they can do so. Any amount of commission over 50% is classified as being mis-sold. The individual can receive a refund on the percentage amount over fifty percent.
This means that even those who knowingly bought PPI could make a case if they were unaware of high commission. At the time that many policies were mis-sold, it was common for banks and lenders to have 67% commission. Thousands of people have already made successful cases thanks to the Plevin ruling.
How Does Plevin Affect PPI Claims?
If you’ve already made a successful claim, you can’t make another claim due to the Plevin ruling. But, if you think you could have been in a similar position to Mrs Plevin, you must submit your claim to the bank as soon as possible.
If your claim has been rejected, you can submit another claim and cite high levels of commission as the reason for your claim. If successful, you will receive a refund back for anything over the 50% threshold.
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