Plevin PPI claims are slightly different from regular PPI claims. But, how much could you receive from the bank for this type of claim?
To date, over £34 billion has been refunded to customers for mis-sold PPI policies. Over the past nine years, thousands of UK consumers have contacted their banks to ask for compensation. But, there is now a cut-off date for submitting PPI claims. The Financial Conduct Authority (FCA) chose 29th August 2019 as the deadline for people to contact their bank or a claims company — so, you must act before this date to ensure that you receive a refund.
In 2014, a landmark PPI case changed PPI claims. The case involved Mrs. Susan Plevin and Paragon Personal Finance. It resulted in a new type of PPI claim and a new rule called “Plevin.”
Unlike most PPI claims, where the individual was mis-sold a policy due to lack of information, pressure or automatically adding it, Mrs. Plevin received a PPI refund due to the high levels of commission on the policy. When she bought her PPI policy, she was unaware that 71% of the policy was commission. She argued that had she known this at the time of the sale, she wouldn’t have bought the policy.
The case went to the Supreme Court, and it ruled in her favour — setting a precedent for many future PPI claims. The Financial Times reports that an estimated 10 million people could be due a refund due to the Plevin rule, meaning it’s worthwhile taking the time to check if you were one of the many people sold a policy with a high level of commission.
The Plevin payouts from the bank are slightly different from other types of PPI claims. Typically, a Plevin claimant receives the percentage of commission the bank paid above 50%. This means, if the bank had 67% commission on your policy, you could earn a 17% refund on the policy amount from the bank.
The refund may be lower than regular PPI claims, where the average is £1,700. However, reports from some of those who have made successful Plevin claims reveal that they have received anything between £320 to just over £1,000.
Plevin PPI claims are possible for anyone that had a PPI policy that was active in April 2008. But, you must submit your PPI claim before the impending deadline.
Make a Plevin Claim before 29th August
All types of PPI claims must be submitted before the looming deadline on 29th August. This leaves just four months left to process your claims. The banks are likely to be busier as it gets closer to the deadline, so beating the rush now is essential. The process of identifying old PPI policies and submitting a claim can take several months.
If you have previously claimed PPI, but it was unsuccessful, you can submit the claim again under the Plevin rule. However, if you have made previous successful claims, you can’t claim again due to Plevin — you will only receive one payout per policy.
You can choose to submit a claim yourself or use the services of a PPI claims company. A company can investigate old policies if you no longer have the paperwork and will contact the bank or lender on your behalf. For many individuals, this is a much easier option.
If your claim is successful, you will receive a refund shortly afterward. If the bank rejects your application, you have the choice of sending it to the Financial Ombudsman Service.
Canary Claims can identify old PPI policies on your behalf and help you claim PPI today. We charge a low fee of just 15% + VAT (18% total) on successful claims.