PPI Plevin V Paragon

AndyBmth

I have had a claim in with the FOS since Jan 2012.... they told me at the end of last year they cannot make any decisions on my case until the Plevin v Paragon ruling has been decided.

Is anyone else in this predicament? I don't understand why my claim is on hold considering I didnt use a broker.

This is almost five years down the line! :mad:

Nasqueron

AndyBmth wrote: »

I have had a claim in with the FOS since Jan 2012.... they told me at the end of last year they cannot make any decisions on my case until the Plevin v Paragon ruling has been decided.

Is anyone else in this predicament? I don't understand why my claim is on hold considering I didnt use a broker.

This is almost five years down the line! :mad:

Unfortunately this is the case with these sort of arguments while they establish what sort of fine is needed and the amount they need to repay.

What this means is that your PPI was not miss-sold (which is a bonus, means you were properly covered) just that the level of commission paid was too high (over 50%) which means you will get a refund of that excess commission so you do get something

AndyBmth

Ahhh ok..... so it wasnt Mis-sold? Even though the PPI box was 'pre-ticked'?
The original claim was for an Egg credit card... application done online...
So I am not sure what sort of commission would have been paid originally?

dunstonh

The plevin ruling only affects rejected complaints. So, that is the first thing to be aware of as Nasqueron says above.

The FCA have issued their proposals and they should come in soon. However, until then, you have to wait. It will involve a refund of any commission above 50% plus an adjustment (added) for interest.

I don't understand why my claim is on hold considering I didnt use a broker.

If you used a broker, the complaint would have gone to them. You didnt and the lender sold the PPI. So, the complaint goes to them. That is the only difference with a broker.

So I am not sure what sort of commission would have been paid originally?

Loan PPI can be quite high. Well over the 50% mark. Credit card PPI tends to be less. Many may not be over the 50% mark. Some maybe. Mortgage PPI tends to be around the 25-35% mark.

AndyBmth

Ok, thanks for the response... just a waiting game then. At least it is properly being looked into.
I was originally told a ruling was expected in March or April this year so wouldn't have to wait long.

Just goes to show you things like this take their time!

dunstonh

https://www.fca.org.uk/news/press-releases/fca-provides-update-ppi

The FCA will consider the further feedback and the consultation will close on 11 October 2016.

If the FCA decides, following assessment of further feedback, to proceed with the proposals, it is anticipated that:

the rules and guidance concerning the deadline, the consumer communications campaign fee, and PPI complaints and Plevin, would all be made on the same date by the end of December 2016;
the Plevin rules and guidance and the fee rule would come into force around 3 months later, by the end of March 2017. This is to allow firms time to prepare for and implement the provisions on Plevin;
the rule setting the PPI complaints deadline would come into force around 6 months after it was made, by the end of June 2017, with the consumer communications campaign starting at the same time. This timing is to allow the FCA to begin the necessary campaign production after the deadline rule is made;
the deadline would then fall two years after the deadline rule came into force, by the end of June 2019.

Harrison123

I was successful in 2012 with claims for PPI from Lloyds tsb. the refund did not include commission. Would anyone know if the pending Plevin V Paragon decision may enable me to ask for this commission back from previous claims where I have already received a refund?

-taff

dunstonh wrote: »

The plevin ruling only affects rejected complaints.

You're welcome.

Nasqueron

Harrison123 wrote: »

I was successful in 2012 with claims for PPI from Lloyds tsb. the refund did not include commission. Would anyone know if the pending Plevin V Paragon decision may enable me to ask for this commission back from previous claims where I have already received a refund?

As per -taff's post, Plevin only applies to rejected complaints. If you have been refunded you are not owed anything

[Deleted User]

Harrison123 wrote: »

I was successful in 2012 with claims for PPI from Lloyds tsb. the refund did not include commission.

You will have had a full refund of all the PPI you paid, plus 8% simple interest, in 2012.
A full refund.
There is no more to refund.

Plevin does not apply.