Payment Protection Insurance (PPI) was a financial product commonly sold alongside loans, credit cards, and other financial arrangements. Its purpose was to provide repayment coverage in case borrowers encountered difficulties such as illness, job loss, or financial constraints. However, numerous individuals found themselves victims of mis-sold PPI, unaware of its existence or the unfavourable terms associated with it. Fortunately, even though the deadline for general PPI claims has passed, the introduction of the Plevin ruling offers an opportunity for those affected to seek compensation. In this article, we will explore the concept of Plevin PPI, eligibility for claims, and provide further information and support to help you navigate the process.
Understanding PPI and Mis-selling
Payment Protection Insurance (PPI) was a type of insurance product that accompanied various financial products. It aimed to safeguard borrowers by covering their repayments if unforeseen circumstances prevented them from making payments. However, many people were mis-sold PPI for various reasons, including not needing it, inadequate coverage, or a lack of awareness of its inclusion in their financial agreements.
The Significance of the Plevin Ruling
The Plevin ruling emerged from the 2014 court case, Plevin v Paragon Personal Finance Ltd. Susan Plevin had taken out a personal loan with PPI from Paragon Personal Finance, unaware that 71.8% of the PPI premium constituted a commission to the lender. Mrs. Plevin and her legal team argued that this non-disclosure was unfair. The Supreme Court ruled in her favour, highlighting the unfair treatment resulting from the undisclosed high commission percentage.
Given that the average commission was around 67% during the period of PPI mis-selling, there is a high chance that you may be entitled to compensation if you had a PPI policy.
Eligibility for a Plevin PPI Claim
If you have previously succeeded in a PPI complaint and received a full repayment, you cannot make a Plevin PPI claim. However, if your earlier claim was rejected as not mis-sold or if you received only a partial refund, you may be eligible to submit a Plevin PPI claim.
Generally, you may be eligible to make a Plevin PPI claim if: The credit (loan or credit card) for which you had PPI was taken out on or after April 6th, 2007.
The credit for which you had PPI was taken out before April 6th, 2007, and was still active on or after April 6th, 2008.
Starting a Plevin PPI Claim
To explore the possibility of making a Plevin PPI claim and to ensure a smooth process, it is advisable to seek guidance from experienced professionals who specialise in handling PPI claims. This is where we can help, our friendly team at Your Claim Matters can assist you in assessing your eligibility, collecting necessary documentation, and submitting a claim on your behalf.
Plevin PPI offers an opportunity for individuals who have been affected by mis-sold PPI to seek compensation even after the general PPI claims deadline. Understanding the basics of PPI and the implications of the Plevin ruling is crucial in determining whether you are eligible to make a claim. Remember, even if you have previously made a claim or were unaware of the high commission charges, you may still be entitled to compensation.
Our expertise and experience can significantly increase your chances of a successful claim. We will guide you through the necessary steps, from assessing your eligibility to gathering the relevant documentation and submitting your claim
For more information on Plevin PPI and how to claim, our friendly and experienced team are here to help you find out if you’re eligible and claim back the money you are owed. Contact us and one of our specialists will be there to guide you through each step of the process.
Exploring the Plevin ruling and its implications can be a game-changer for individuals who may have felt helpless in the face of mis-sold PPI. It’s not just about seeking compensation; it’s about justice and holding financial institutions accountable for their unfair practices. If you suspect you were affected by mis-sold PPI, don’t hesitate to take action. The Plevin ruling has opened a window of opportunity, and with the right guidance, you can navigate the claims process effectively. Your Claim Matters is dedicated to helping you throughout this journey, ensuring that you receive the compensation you rightfully deserve. Remember, it’s never too late to explore your options and reclaim the money that may have been wrongfully taken from you.