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PPI Finance Reclaim: Understanding Your Rights and Options

Payment Protection Insurance (PPI) was a product sold alongside loans, credit cards, mortgages, and other forms of credit. It was intended to cover your repayments if you were unable to work due to illness, accident, or unemployment. However, PPI was often mis-sold, leaving many consumers with policies they didn’t need, couldn’t use, or weren’t even aware they had. The deadline for making a PPI complaint through the official Financial Conduct Authority (FCA) scheme passed in August 2019. However, that doesn’t necessarily mean you’ve missed your chance to reclaim. There are still circumstances in which you can pursue a claim, particularly if you can demonstrate ‘Plevin’ unfairness. What is Plevin Unfairness? The Plevin case, named after Susan Plevin, highlighted the issue of undisclosed commissions related to PPI policies. If the commission earned by the lender or broker was excessively high and not disclosed to you, you may have grounds to reclaim even after the official deadline. The Financial Ombudsman Service (FOS) generally considers commissions over 50% to be unfair. Determining if You Have a Plevin Claim To assess if you have a potential Plevin claim, you’ll need to investigate your PPI policy. Look for any documentation related to the policy, including your loan agreement, credit card statements, or policy documents. These documents may detail the cost of the PPI and any commission received by the lender. If you can’t find your documentation, you can contact the lender or credit provider directly. They are obligated to provide you with information about your past accounts, including details of any PPI policies. You will need to provide them with identifying information to help them locate your records. Making a Plevin Claim If you believe you have a valid Plevin claim, you can submit a complaint to the lender. Clearly explain why you believe the PPI policy was mis-sold and provide any supporting documentation you have. If the lender rejects your complaint, you can escalate it to the Financial Ombudsman Service (FOS). The FOS will investigate your case and make a ruling. Important Considerations * No Win, No Fee Companies: Many companies offer to handle PPI claims on a ‘no win, no fee’ basis. While this can be convenient, be aware of their fees, which can often be a significant percentage of any compensation you receive. You can make a claim yourself for free. * Statute of Limitations: There are time limits for making legal claims. While the FCA deadline has passed, the statute of limitations for pursuing legal action might still apply. Seek legal advice to determine if you are within the relevant time frame. * Alternative Routes: Even if Plevin doesn’t apply, you might still have grounds for a reclaim if you can prove the PPI was mis-sold due to other reasons, such as being pressured into buying it, or being told you had to have it to secure the loan. Reclaiming PPI can be complex. It’s important to understand your rights, gather relevant documentation, and consider your options carefully. If you’re unsure whether you have a valid claim, seeking professional advice from a solicitor or financial advisor is recommended.