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  • FIRST POST
    • Psyurmh
    • By Psyurmh 30th Aug 17, 4:49 PM
    • 6Posts
    • 1Thanks
    Psyurmh
    Plevin
    • #1
    • 30th Aug 17, 4:49 PM
    Plevin 30th Aug 17 at 4:49 PM
    Following today's newsletter I've submitted a plevin claim using the resolver service. There are two bank accounts associated with the claim. However, where the form asked me for the final 4 digits of the account/card there was only space for me to write the last 4 digits of one account only. No space for the second account reference.

    Does anyone know if I need to complete another form to identify the second bank account?

    Thanks

    Kind regards
Page 1
    • dunstonh
    • By dunstonh 30th Aug 17, 5:08 PM
    • 89,436 Posts
    • 54,898 Thanks
    dunstonh
    • #2
    • 30th Aug 17, 5:08 PM
    • #2
    • 30th Aug 17, 5:08 PM
    There are two bank accounts associated with the claim.
    Bank accounts do not normally have PPI. There are a couple of exceptions but its not commonplace.

    So, are you sure you had PPI on your bank accounts?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Psyurmh
    • By Psyurmh 30th Aug 17, 7:44 PM
    • 6 Posts
    • 1 Thanks
    Psyurmh
    • #3
    • 30th Aug 17, 7:44 PM
    • #3
    • 30th Aug 17, 7:44 PM
    Hi, they are mortgage accounts and definitely included PPI.
    • Moneyineptitude
    • By Moneyineptitude 30th Aug 17, 10:15 PM
    • 19,243 Posts
    • 9,361 Thanks
    Moneyineptitude
    • #4
    • 30th Aug 17, 10:15 PM
    • #4
    • 30th Aug 17, 10:15 PM
    Following today's newsletter I've submitted a plevin claim
    Originally posted by Psyurmh
    What Plevin "claim" is this? Have you previously had a PPI complaint rejected?
    • dunstonh
    • By dunstonh 30th Aug 17, 10:39 PM
    • 89,436 Posts
    • 54,898 Thanks
    dunstonh
    • #5
    • 30th Aug 17, 10:39 PM
    • #5
    • 30th Aug 17, 10:39 PM
    Hi, they are mortgage accounts and definitely included PPI.
    Originally posted by Psyurmh

    Commission on mortgage PPI was typically in the 20-35% range. So, don't expect anything to be paid out under Plevin.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • ~Brock~
    • By ~Brock~ 4th Sep 17, 3:50 PM
    • 1,570 Posts
    • 1,455 Thanks
    ~Brock~
    • #6
    • 4th Sep 17, 3:50 PM
    • #6
    • 4th Sep 17, 3:50 PM
    Plevin claims are relating to establishing that an unfair relationship existed under s140 of the consumer credit act 1974.

    Mortgages are/were not regulated by the consumer credit act, and yet people are talking about putting in 'Plevin' claims on their mortgages. Am I missing something here?
    • dunstonh
    • By dunstonh 4th Sep 17, 4:06 PM
    • 89,436 Posts
    • 54,898 Thanks
    dunstonh
    • #7
    • 4th Sep 17, 4:06 PM
    • #7
    • 4th Sep 17, 4:06 PM
    Mortgages are/were not regulated by the consumer credit act, and yet people are talking about putting in 'Plevin' claims on their mortgages. Am I missing something here?
    Its a mixed response.

    Copy and paste from PS17/3 from the FCA about mortgage PPI:

    As we said in paragraph!5.14 of CP15/39, those credit agreements that are
    excluded under s.140A(5) of the CCA – regulated mortgage contracts and
    regulated home purchase plans – are excluded from these rules and guidance.


    Concerning first charge mortgages sales before 31!October 2004, the current
    position following the latest legislative amendments is that these do not
    generally fall within the exemption from s.140A, and so do generally fall in the
    scope of s.140A and thus the scope of our rules and guidance.

    ---

    So, the FCA has exempted mortgage PPI arranged after October 2004 but not on mortgages arranged before October 2004.

    However, PS17/3 also recognised that "much mortgage PPI commission was typically under the proposed tipping point" and the FCA said:

    We have said previously that we are using our regulatory judgement to propose
    rules and guidance that broadly reflect the principles raised in Plevin. The Plevin
    judgment focused on the unfair relationship and detriment potentially caused
    to the consumer because non-disclosure of commission above the tipping point
    had not given them full opportunity to consider the value of the product. The
    judgment did not consider questions or levels of value per se. It focused on the
    percentage of commission, not its absolute level, and did not take into account
    the price of the policy or its cost compared to others.

    --

    In other words, we are not exempting in-scope MPPI just because the majority was below the 50% level. You will still have to review it if requested but can refuse it if its under 50%.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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