Are you aware of what the “Plevin rule” is? This rule could mean you’re due a PPI refund — even if you knowingly bought the policy.
With just four months remaining until the PPI deadline, Canary Claims is spreading the word about payment protection insurance (PPI) and how to submit a claim before the August deadline.
We conducted a Google survey asking over 800 members of the UK public, “do you know what the ‘Plevin rule’ is in regards to PPI (payment protection insurance)?”
The results revealed how few people know about the Plevin rule. Only 16.1% responded “yes”, with a staggering 83.9% choosing “no”.
Let’s Talk about Plevin and PPI
Our survey results indicate that a lot of people are unaware of what the Plevin rule means for PPI. Here, we break down why it could mean you are due a PPI refund — even if you wanted the policy.
The Plevin rule refers to a PPI case involving Mrs Susan Plevin. Mrs Plevin made a PPI claim against Paragon Personal Finance. During the claim, it came to light that 71% of Mrs Plevin’s policy was a commission. She argued that if she had known this, she would not have bought the policy. The case went to the Supreme Court, which ruled in her favour, meaning she was due a refund of the excessive commission from her lender.
This unique case caused the Financial Conduct Authority (FCA) to review the existing rules in regards to mis-sold policies. It ruled that for all future cases, any bank that charged over 50% commission — and did not disclose this to customers — mis-sold the policy.
The Plevin rule means that if you were sold a PPI policy that had over 50% commission, you are due a refund from the bank. At the time the policies were sold, the majority of banks made 67% in commission. It’s likely that thousands of people can make Plevin PPI claims if they were unaware of how much commission was made.
It’s important to note that if you’ve already had a successful PPI claim, you cannot claim again under the Plevin rule. However, if your claim was rejected the first time around, you could claim again, citing Plevin or commission as the reason.
Please be aware that to make a Plevin PPI claim, your PPI policy and the connected loan or credit card must have been sold on or after 7th April 2007, or still active in April 2008.
Submit a PPI Plevin Claim before the August Deadline
To find out if you’re due a PPI Plevin refund, you must submit your claim to the bank before 29th August 2019. This deadline was set by the FCA to encourage people to submit claims and not put it off.
With just four months remaining until the cut-off date, you must act soon to ensure you can submit your claims in time before the deadline. You can submit a PPI claim yourself or use a PPI claims company. If you can’t locate the old financial paperwork, a PPI claims company will be able to investigate for you.
Canary Claims is the best PPI claims company to claim PPI on your behalf. We charge only 15% + VAT (18% total) on successful claims. Act now before the 29th August deadline.