Have you been advised to take out payment protection insurance on a loan or mortgage? Just having it now means you were almost certainly mis-sold, and are due compensation. That’s because a court ruling called Plevin means most who bought PPI even knowingly were likely to have been mis-sold thanks to commission paid t the agents.
When I took at my first loan for a car I was told that I couldn’t have it unless I took out PPI! I am sure that I was not the only person to be told this and the sale was invariably driven by commission.
The Plevin rules mean if over 50% of your PPI’s cost went as commission to the lender, and that wasn’t explained to you, you are due back the extra above that. For this to count your PPI had to still be active at some point since 2008.
Staggeringly, with loan PPI, on average 67% of what you paid was pocketed by banks as commission from insurers, and banks almost never mentioned it.
Since October 2017, banks have been told to adopt FCA guidance that followed a court ruling known as “Plevin” when dealing with PPI claims. Under the Plevin rule, if more than 50% of a consumer’s PPI’s payments went as commission and this was not explained to them at the time, they could claim back payments above that threshold, plus interest.
Following the Plevin ruling, claimants who had their original mis-selling claims turned down were able to go back to their loan provider and demand they be re-examined.
Have you claimed yet? if you are not sure if you have had PPI give us a call on 01942 619911 and we can check for you. it costs nothing to find out and you could be entitled to compensation!