Are you looking for a quick way to recover funds that you might have lost in the past? Then, checking if you ever took out Payment Protection Insurance (PPI) might have crossed your mind. PPI, often mis-sold by various financial institutions over the years, can be a pathway to reclaiming a significant sum of money. While the official deadline for making PPI claims has already passed, there are still certain scenarios where you might be eligible for compensation. This guide aims to make PPI claims easier to understand and show what choices are still available after the deadline.
Understanding the PPI Claim Deadline
The official deadline set by the Financial Conduct Authority (FCA) for PPI claims was in 2019. Beyond this point, traditional routes for claiming directly through financial providers or via the Financial Ombudsman Service became unavailable. However, this doesn’t mean that all avenues for PPI compensation are closed. In specific cases, you might still have the opportunity to seek redress, although these routes may differ from the standard procedures available before the deadline.
The end of the FCA’s designated period for PPI claims marked a significant shift in how these claims are handled. However, it did not entirely eliminate the possibility of compensation for those who were mis-sold PPI. The key lies in understanding the alternative paths available and determining whether your particular situation fits into these exceptional categories.
In the following sections, we will look into the options that remain for individuals looking to make a PPI claim after the 2019 deadline, focusing on the implications of the Plevin ruling and the steps you can take if you believe you’re entitled to PPI compensation.
How Can I Still Get Money from PPI?
Plevin PPI
One significant development that has kept the door open for PPI claims is the Plevin ruling. While you can instigate court proceedings to collect mis-sold PPI, there is a simpler alternative. If your PPI policy had a high level of commission and this was never disclosed to you, you can claim PPI compensation through what is known as Plevin PPI. This ruling came about because of a Supreme Court decision in the case of Plevin v Paragon Personal Finance Ltd.
In the Plevin case, it was found that a significant commission (over 50%) was paid to a lender from a PPI sale without the knowledge of the customer. This undisclosed high commission was deemed to create an unfair relationship between the lender and the borrower. As a result, if your PPI policy included a commission of over 50% of the policy’s cost, and this wasn’t disclosed to you, you are entitled to claim back the excess above this 50% threshold.
The Process of Making a Plevin PPI Claim
Check Your PPI Policy: You need to first determine if you have had a PPI policy and whether it qualifies under the Plevin rule.
Gather Evidence: Collect all relevant documents related to your PPI policy, including how much you paid and any details about commissions, if available.
Contact the Lender: You can start by contacting the lender who sold you the PPI. If they are no longer in business, you can approach the Financial Services Compensation Scheme (FSCS).
Seek Advice if Needed: If you’re unsure about the process or your eligibility, consider speaking to our team of experts at Your Claim Matters. We have many years of experience with the miss-selling of financial claims, and we can make the checks with your lender for free to identify if you are if you are eligible to make a claim. If we find you are eligible, then we can refer you to one of our law firm partners, who will pursue a claim on your behalf on a no-win, no-fee* basis.
Financial redress
The landscape of PPI claims has undoubtedly changed since the 2019 deadline. While the traditional route of claiming directly from providers is closed, the Plevin ruling provides a lifeline for those who were sold PPI policies with undisclosed high commissions. It’s a reminder of the importance of understanding the details of financial products and the potential for recourse if terms are not fairly disclosed.
Handling PPI claims after the deadline might seem complicated, but for many, it remains a possible way to seek financial compensation. It’s important to act diligently and seek professional guidance if you believe you have a valid claim under the Plevin ruling. Remember, financial justice is not just about reclaiming funds; it’s also about holding institutions accountable for fair and transparent dealings.* *You can contact your lender or use another claims company to check if you have a potential Plevin PPI claim or contact the Financial Ombudsman Service for free advice. YCM refers potential claimants to our law firm panel, who may issue Court Proceedings against the lender. You don’t have to use the recommended law firm. For successful claims the law firm will charge a fee of up to 40% + VAT (48% total), they will confirm this in writing. YCM receives a fee from the law firms for claims referred. Please visit our Terms and Conditions page to view our Terms and Conditions and Key Facts for this service.
