In recent years, the rules for Payment Protection Insurance (PPI) claims have changed due to the Plevin ruling. This ruling has introduced a new dimension to PPI claims, focusing on the issue of undisclosed high commissions. As individuals across the UK consider pursuing Plevin claims, a common question arises: Is the process complex, and more importantly, is it worth the effort? This article looks at the success rates of Plevin PPI claims, the effort involved in making these claims, and any relevant data surrounding their success in the UK.
Understanding Plevin PPI Claims
A Plevin PPI claim arises from a Supreme Court ruling in the case of Plevin v Paragon Personal Finance Ltd. This ruling highlighted the issue of excessive commission charges in PPI policies that were not disclosed to the consumer. According to the ruling, if over 50% of your PPI policy’s cost was commissioned and this was not disclosed to you, you are entitled to claim back the excess above this 50% threshold. This opened a new route for claims post the 2019 PPI claim deadline.
The Complexity of the Process
The process of making a Plevin PPI claim is relatively straightforward, especially compared to the traditional PPI claims that preceded it. It primarily involves identifying whether your PPI policy had a high level of commission and if this fact was undisclosed. The complexity can vary depending on the availability of your policy details and the responsiveness of the lender.
Success Rate and Effort Involved
Likelihood of Success
The success of a Plevin claim largely hinges on the specifics of the policy in question. If clear evidence shows that the commission was above the 50% mark and undisclosed, the likelihood of a successful claim is high. However, each case is unique, and success can vary.
Effort Required
The effort required in pursuing a Plevin PPI claim involves gathering all relevant documentation, such as the PPI policy details and any records of payments. Contacting the lender or financial institution to obtain this information is typically the first step. If the lender is no longer in operation, the Financial Services Compensation Scheme (FSCS) may be a recourse.
You also have the option of speaking to an expert such as Your Claim Matters who have many years of experience of financial mis-selling claims.
Data on Plevin Claims
As of now, there are no specific, publicly available datasets that detail the number of successful Plevin claims or the total compensation awarded in the UK. However, it’s worth noting that since the introduction of the Plevin ruling, there has been a significant number of consumers who have pursued these claims, with many reporting successful outcomes.
Plevin PPI claims offer an important option for people who were charged high commissions on their PPI policies without knowing it. While the success of each claim depends on specific situations, the process is usually simpler compared to traditional PPI claims. At Your Claim Matters, our experts have years of experience in Plevin PPI claims. We can check for free if you are eligible to make a claim and if 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.
If you think your PPI policy had hidden high commissions, it’s worth considering a Plevin PPI claim. As the PPI redress situation develops, Plevin claims play a crucial role in promoting fairness and transparency in the financial services industry.
* *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.
