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  • FIRST POST
    • Placida
    • By Placida 30th Oct 17, 2:36 PM
    • 179Posts
    • 138Thanks
    Placida
    ARGOS Coversafe Plevin Refund
    • #1
    • 30th Oct 17, 2:36 PM
    ARGOS Coversafe Plevin Refund 30th Oct 17 at 2:36 PM
    Just received cheque £1,239.87 for a refund of excess commission and profit share relating to my Argos card Coversafe policy premiums (£263.34) paid between 2004- 2011.

    (My PPI complaint was previously rejected as pre-2005).

    Breakdown of annual Plevin redress values shows the unfair commission & profit share refund varied between 33.5% and 37.6% per year of premiums paid!! Compound interest was then added to each year’s refund.

    Complaint was settled in just over 8 weeks.
    Last edited by Placida; 30-10-2017 at 2:40 PM.
Page 1
    • Moneyineptitude
    • By Moneyineptitude 30th Oct 17, 2:40 PM
    • 18,899 Posts
    • 10,120 Thanks
    Moneyineptitude
    • #2
    • 30th Oct 17, 2:40 PM
    • #2
    • 30th Oct 17, 2:40 PM
    Breakdown of annual Plevin redress values shows the unfair commission & profit share refund varied between 33.5% and 37.6% per year of premiums paid!!
    Originally posted by Placida
    An odd refund then since Plevin refunds are only supposed to be of undisclosed (not "unfair")
    commission over 50%.
    • Placida
    • By Placida 30th Oct 17, 10:32 PM
    • 179 Posts
    • 138 Thanks
    Placida
    • #3
    • 30th Oct 17, 10:32 PM
    • #3
    • 30th Oct 17, 10:32 PM
    An odd refund then
    Originally posted by Moneyineptitude
    Not sure what your point is?

    since Plevin refunds are only supposed to be of undisclosed (not "unfair")
    commission over 50%.
    Originally posted by Moneyineptitude
    Disagree.

    FCA "We have carefully considered all the feedback on this point, but see no reason to change our views or approach. So, we are basing our final approach around a single presumptive tipping point of 50%, which we remain of the view is fair and appropriate and not remote from the approach the courts would take."

    So if 50% commission is fair, any commission refunded (i.e. over 50%) is deemed unfair.
    Do remember that my refund also included profit share and interest.

    Argos states my redress “has been calculated in line with guidance provided by the Financial Conduct Authority with the aim of putting you back into the position you would not have been in had the unfair commission and profit share elements not been included in the premiums charged for your policy.”

    DISP App 3.7A.3A
    Last edited by Placida; 30-10-2017 at 10:38 PM.
    • Moneyineptitude
    • By Moneyineptitude 30th Oct 17, 11:13 PM
    • 18,899 Posts
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    Moneyineptitude
    • #4
    • 30th Oct 17, 11:13 PM
    • #4
    • 30th Oct 17, 11:13 PM
    Not sure what your point is?
    Originally posted by Placida
    My " point" was that the "unfair" commission you quoted was well below 50%

    Regardless, well done on your continued success.,.
    • Placida
    • By Placida 1st Nov 17, 12:39 AM
    • 179 Posts
    • 138 Thanks
    Placida
    • #5
    • 1st Nov 17, 12:39 AM
    • #5
    • 1st Nov 17, 12:39 AM
    My " point" was that the "unfair" commission you quoted was well below 50%
    Originally posted by Moneyineptitude
    Are you referring to 33.5% or 37.6%?

    Stated in the letter
    We are refunding the amount of earned commission and profit share which exceeded the FCA advised threshold of 50% of the total of these two elements.

    From the Breakdown of annual Plevin redress values;
    For the financial year March 2011 to February 2012, I paid a total of £44.65 in premiums. I was refunded £16.78.

    £16.78 is 37.6% of £44.65 and was described as a commission and Profit share refund percent and yes it is below 50%.
    Why is this an issue for you? Why is it an "odd" refund?
    • Moneyineptitude
    • By Moneyineptitude 1st Nov 17, 12:44 AM
    • 18,899 Posts
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    Moneyineptitude
    • #6
    • 1st Nov 17, 12:44 AM
    • #6
    • 1st Nov 17, 12:44 AM
    Well done on your continued success.
    • Placida
    • By Placida 1st Nov 17, 11:59 AM
    • 179 Posts
    • 138 Thanks
    Placida
    • #7
    • 1st Nov 17, 11:59 AM
    • #7
    • 1st Nov 17, 11:59 AM
    Well done on your continued success.
    Originally posted by Moneyineptitude
    £1,239 is quite low compared to the PPI redress I have received since 2012.
    However, considering I only paid premiums of £263.34, the compound interest applied has made it into a reasonable sum of money to receive before Xmas.
    Certainly, my redress amount shows that Plevin refund calculations are rather more complex than "you will only receive a refund of commission over 50%," as I have seen posted on this forum.
    Last edited by Placida; 01-11-2017 at 12:10 PM. Reason: punctuation
    • NicNakNoo80
    • By NicNakNoo80 9th Nov 17, 10:30 PM
    • 2 Posts
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    NicNakNoo80
    • #8
    • 9th Nov 17, 10:30 PM
    • #8
    • 9th Nov 17, 10:30 PM
    Did you receive a letter from Argos stating you could now claim for this? My ppi claim was also rejected by them (pre 2005) but then I received a letter this morning asking if I wanted to complain re- new Previn ruling. I have signed and sent it off so fingers crossed!
    • NicNakNoo80
    • By NicNakNoo80 9th Nov 17, 10:31 PM
    • 2 Posts
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    NicNakNoo80
    • #9
    • 9th Nov 17, 10:31 PM
    • #9
    • 9th Nov 17, 10:31 PM
    Plevin sorry!
    • alwayspositivethinker
    • By alwayspositivethinker 17th Nov 17, 8:33 PM
    • 3 Posts
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    alwayspositivethinker
    I had the same letter saying I could claim under Previn sent off the letter last week fingers crossed
    • societys child
    • By societys child 18th Nov 17, 11:17 AM
    • 4,893 Posts
    • 5,333 Thanks
    societys child
    I had the same letter saying I could claim under Previn sent off the letter last week fingers crossed
    How has Andre got involved in all this?

    • Ciarahoy
    • By Ciarahoy 22nd Nov 17, 1:10 PM
    • 9 Posts
    • 4 Thanks
    Ciarahoy
    I got letter from argos regarding making a new claim. Have sent off reply so waiting to see what happens
    • Ciarahoy
    • By Ciarahoy 29th Nov 17, 12:59 PM
    • 9 Posts
    • 4 Thanks
    Ciarahoy
    Has anyone any reply from argos yet?
    • alwayspositivethinker
    • By alwayspositivethinker 29th Nov 17, 8:07 PM
    • 3 Posts
    • 0 Thanks
    alwayspositivethinker
    Nope not yet
    • patsy80
    • By patsy80 29th Nov 17, 11:14 PM
    • 1 Posts
    • 0 Thanks
    patsy80
    Did you try to reclaim your PPI again?
    Hi
    Thanks so much for your post - we have just received the letter and were slightly confused as we were also denied our PPI pre-2005 as they said it was not mis-sold. Did you just complete the form they attached with the letter and return it to them? Just want to be sure we don't need to seek independent advice about this. Also, did you try and reclaim your PPI again since the new rules? Thanks
    • Moneyineptitude
    • By Moneyineptitude 29th Nov 17, 11:51 PM
    • 18,899 Posts
    • 10,120 Thanks
    Moneyineptitude
    did you try and reclaim your PPI again since the new rules? Thanks
    Originally posted by patsy80
    Plevin is not an opportunity to re-state your rejected PPI complaint I'm afraid. Since Plevin only applies to rejected complaints, you wasted your time if you complained again.
    • Dee2008
    • By Dee2008 1st Dec 17, 1:50 PM
    • 2 Posts
    • 0 Thanks
    Dee2008
    Refund can confusion
    I paid over £290 and only yesterday received a check for just over £300.00 it seems mine in far lower that the ladies in the original post. Can anyone shed any light on calculations. I had coversafe from 2001 - 2013 Argos refused it was midsold. I think Iím going to go down the route of a small claims, due to being hospitalised, car accident, fractured limb during the duration but I course I never claimed as I didnít know I had such cover. The man at Argos told me it was explained over the phone and the adviser ticked the box for me before it was sent in the post for me to sign. How can companies get away with this . Can anyone help with the calculations as I cannot find anything on the internet.
    • Ganga
    • By Ganga 1st Dec 17, 4:26 PM
    • 867 Posts
    • 430 Thanks
    Ganga
    I paid over £290 and only yesterday received a check for just over £300.00 it seems mine in far lower that the ladies in the original post. Can anyone shed any light on calculations. I had coversafe from 2001 - 2013 Argos refused it was midsold. I think Iím going to go down the route of a small claims, due to being hospitalised, car accident, fractured limb during the duration but I course I never claimed as I didnít know I had such cover. The man at Argos told me it was explained over the phone and the adviser ticked the box for me before it was sent in the post for me to sign. How can companies get away with this . Can anyone help with the calculations as I cannot find anything on the internet.
    Originally posted by Dee2008
    Who are you going to take to the small claims court? yourself! you must of known that you had this as you would see it on your statement every month.
    ITS NOT EASY TO GET EVERYTHING WRONG ,I HAVE TO WORK HARD TO DO IT!
    • Dee2008
    • By Dee2008 3rd Dec 17, 11:26 PM
    • 2 Posts
    • 0 Thanks
    Dee2008
    Ganga
    Obviously not 🙄 or else I wouldíve claimed....Do I pay my house insure for fun NO! stop trolling trying to be smart.
    • Ciarahoy
    • By Ciarahoy 12th Dec 17, 11:35 PM
    • 9 Posts
    • 4 Thanks
    Ciarahoy
    Anyone any joy with replies yet?
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