In the run up to 29th August 2019, you will no doubt have heard of the looming deadline to make a claim regarding your mis-sold PPI and the threat of losing the opportunity to do so if you did not make a claim. The Financial Conduct Authority confirmed that after this date you could no longer make a claim.
You will no doubt have heard of the case of Plevin v Paragon Personal Finance Ltd [2014], which opened the flood gates for claims similar to Plevin enabling you to receive the redress rightly owed to you for the mis-selling of PPI policies, which was rife during the 1990’s and early 2000’s. However, you may not have heard of Harrison & Anor v Santander UK PLC [2014] EWCA Civ 361, which was at the Court of Appeal stage when the Plevin ruling was made, and was a case that our litigation team here at McHale & Co Solicitors progressed to Court of Appeal level and had intended to take to the Supreme Court had Plevin failed. Due to our connection to this case and our years’ worth of experience, we consider ourselves to be experts in the field of mis-sold PPI claims.
The Plevin refund enabled you to make a complaint regarding the commission received by the bank if you were unaware that this commission was over 50% of the PPI premiums you were paying. The Financial Conduct Authority set this 50% as the Plevin tipping point, which meant the banks only refunded any premiums paid over the 50%.
What you are probably unaware of is that if you have already had a successful claim under Plevin, you may be entitled to further redress.
It has transpired in recent months that the banks have not provided full refunds of all of the PPI premiums, associated contractual interest and any fees incurred in respect of the PPI Policy. As most commission payments were around 70%-80% of the PPI Premiums paid by you and the tipping point for unfairness is 50%, the banks have actually only refunded around 30%– 40% of the PPI premiums paid by you. You may be owed some considerable sums by the bank.
Our litigation team would be more than happy to investigate this further for you and if you wish to have a free no obligation conversation with a member of our team, please send an email to mch@mchaleandco.co.uk and we will be in touch with a questionnaire for you to fill out.