If you had a PPI claim, can you receive an additional refund?

If you had a PPI claim, can you receive an additional refund? 

Following a court ruling at the end of 2014, the floodgates are starting to open up again in respect of Payment Protection Insurance (PPI) and the hidden commission paid to third parties when PPI payments were taken from clients.

What is PPI and what does the court ruling of Plevin mean?

As we know, PPI was attached to several different types of facilities in the past and was largely mis-sold by lenders.

There has been a recent court ruling where hidden commission has been located as being paid within PPI policies to third parties.  As a result of this legal action having been taken, the amount can be challenged if it was not detailed within your original paperwork or discussed at the point of sale.  Of course, we can pretty much guarantee that at no time was the hidden commission discussed in any PPI sale and the likelihood that it was detailed within the agreement is slim to nil.

If this was the case and commission was not detailed to you, then we can look at obtaining a refund in relation to any payment of commissions.  This can be if you have had a successful PPI refund claim in the past, or even if you have not yet approached the lender until now.

Have you already received a PPI refund? 

If you have already received a PPI refund, we can purely obtain redress in relation to any hidden commission paid by yourself, or through the PPI refund which has already been addressed.  This is likely to be a percentage (although the full details have not yet been fully established) of the commission that was paid, and a refund is likely to follow when we make an application on your behalf.

We work purely on a no win no fee basis as nothing in relation to financial institutions is guaranteed, and there is of course no guarantee that commission was in fact paid because none of it was ever detailed within the terms and conditions of the agreement that you signed when taking out the facility originally.

When can I receive more money?

The Financial Conduct Authority (FCA) is looking at the Plevin case and how it will affect lenders.  This is likely to conclude in the first half of 2017, at which point claims can be finalised in relation to any Plevin claims and of course, the knock-on effect that they will have in relation to claims that have already been made or declined in the past, or that have not of course yet been made until this now. 

What is Plevin? 

Mrs Plevin took on Paragon through the Courts, following a successful PPI claim where she had received full reimbursement.  The Plevin court case was in relation to commission that she found was applied on her PPI premium which had not been detailed within the paperwork or discussed with her at the point of sale.

Thus, the Judge of the Supreme Court agreed that commission should not have been applied in this way and asked the lender to refund an amount to Mrs Plevin.

What can we do for you? 

As a firm, we have been dealing with PPI and banking disputes.  Our Principal, Martin Knipe, has been involved with banking complaints since the late 1990s.

We work purely on a no win no fee basis.  We establish all the material facts in the first instance, such as whether PPI was applied, whether it has already been refunded, accepted or declined and whether Plevin has an effect in relation to the PPI which has been located.

If commission was found to have been paid, then we will work to obtain this as well as any other additional PPI – all on a no win no fee basis.  This means you are protected should no refund be achieved.

Martin Knipe