NOW OPEN: the MSE Forum 'Ask An Expert' event. This time we'd like your questions on TRAVEL & HOLIDAY DEALS. Post by Wed and deals expert MSE Oli will answer as many as he can.
MSE News: Court ruling could open door for more PPI claims
Former_MSE_Paloma
Former MSE 531 Posts
Consumers who bought PPI on loans and credit cards may have a new avenue for demanding compensation after court ruling ...
Read the full story:
Court ruling could open door for more PPI claims
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
Court ruling could open door for more PPI claims
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
1
This discussion has been closed.
Latest MSE News and Guides
Replies
“I think that the Government are right to apply to join the European Economic Community...” -Winston Churchill 1961
“The future of Europe if Britain were to be excluded is black indeed.”[FONT="][FONT="][FONT="] - Winston Churchill 1963
[/FONT][/FONT][/FONT]
True! However, for other loans where some ppi has been reclaimed, do you think there is a potential to reopen the claim if a higher rate of commission is identified?
Thank you
Following the appeal and the FCA publications, we now know more. It was not expected originally on bank products as they do not pay commission. They are own brand. However, it does appear that the banks are going to have to include their own products even though the commission is not explicit. This results in inconsistency across the market place and other FCA decisions. However, it is what it is.
People who have had their complaints upheld and received redress already will not get any more. That is because 100% of the premium has been refunded. That included the cost of the commission.
Where complaints were rejected or were switched to comparative redress, there is potential for more if the commission exceeded 50%. Any commission above 50% should be refunded plus interest. That will mostly be on loans with single premium PPI. Some credit cards could be close. Most MPPI will be under.
If I had an endowment mortgage in the past that the bank would not payout on and I also had PPI on this endowment mortgage.
Both the products where sold together at the same time by the same person.
My question is
===========
Can I make a new claim now on the endowment mortgage policy because of the Plevin Case.
Commission on endowments was way below the level of PPI relative to the premiums paid. It was not in excess of 50% of each premium.
Also, Plevin applied because of the link to borrowing. Endowments were standalone and did not increase the debt and were not factored under the consumer credit act.