By this point, most of you are likely to have heard of PPI, but how many have heard of the Plevin case? This relatively new introduction to the world of PPI and their relevant claims is making is easier than ever for more and more people to make a claim and gain back what they’re owed – and often with a few zeros on the end! Whether you’re a claimant yourself looking for more information before opting for PPI claim companies, or you’d like to find out more about whether you could be a claimant under new Plevin categorisation, keep reading for more!
A Quick Reminder On PPI…
Payment Protection Insurance (PPI) was a policy introduced to different types of credit and loans that offered those applying for such services protection in the case that they couldn’t meet a repayment. Should a consumer fall ill, get into an accident or become unemployed by no fault of their own, then they could be entitled to a claim – or could they?
PPI was widely mis-sold by banks and institutions, with one of the most commonly found a criterion is that the PPI policy was sold to those who would not be eligible for a claim from the offset. Those who were already unemployed, retired, self-employed, above a certain age or who had a pre-existing medical condition could have been sold a policy alongside their loan or credit despite not actually being eligible to make any claims.
What Is The Plevin Case, Exactly?
Enter the Plevin Case – this new addition to the game not only brought us a new deadline for making a claim (29th August 2019, for those who aren’t already aware!) but also gave us an entirely new category for a claim. This particular category focused on commission taken by banks and opened up millions of people to make claims back for unfair policies. Susan Plevin is the woman to thank after she bought a case to court regarding the taking of commission from her policy without her knowledge.
This was ruled in her favour, with the new Plevin rule currently stating that if your bank or institution was taking over 50% of your payment as commission, you were mis-sold your policy, and it was unfair. In this case, millions of people were now eligible to claim compensation, especially considering the average was around 67%!
What Should Claimants Do Now?
If you think that you’re eligible for compensation under the new Plevin rule, then it’s time to make a complaint and a claim. First of all, however, you need to make sure that you’re not eligible for other PPI claims. If you’ve been mis-sold in other ways (incorrect information, lack of clarity, lack of eligibility for claims etc) then you could be entitled to far more than you would get simply through a commission claim. If you’ve tried claiming before and haven’t had any luck, you could opt for a Plevin claim now, however. Most banks are already contacting customers, but you can contact them first if you see fit, or haven’t heard from them yet.
Please note, however, that if you’ve made a successful claim in the past for another reason, you aren’t able to claim for Plevin on that policy. If you have others that haven’t been claimed for, however, go nuts!
When it comes to claiming back what you’re entitled to, it’s important to check that you are actually eligible for what you’re owed. If you’re unsure, you can get advice from a number of different sources, including the banks themselves or a Financial Ombudsman Service. Whatever you choose to do, you could be entitled to repayment under the new Plevin Rule – why not give it a try?