Plevin

prezzo

I recently had a successful claim against Barclaycard under the Plevin rule and received an offer of £717 including all the relevant interest and compensation. £156 of this was the actual refund of the commission.

I've had loads of successful PPI claims but this is the first Plevin offer. Read the main article on Plevin PPI on MSE but I'm not 100% sure I understand it - is this £156 the difference between the actual percentage of commission charged, and 50% of the total PPI cost?

eg if the total commission was 67% hypothetically, the £156 equates to 17% of the total paid?

Thanks in advance.

dunstonh

It is the excess commission and profitshare over 50% of the premium paid. The FCA was a bit harsh, in my opinion, by including profitshare but that is what it decided.

prezzo

Thanks for the reply. So does that mean I am correct in my thinking? There isn't a figure on the letter saying what I actually paid in PPI/commission etc, so not particularly helpful if you ask me as I don't know what I paid in total in the first place.

[Deleted User]

prezzo wrote: »

I don't know what I paid in total in the first place.

You can request a breakdown of the bank's calculations if you remain suspicious that you've somehow been underpaid.

Otherwise, I'd just enjoy the redress if I were you...

prezzo

Not an issue, I just want to understand it.

I have actually ignored the offer and referred it to the Ombudsman as a mis-sold claim, as I made a PPI complaint against the card in question 5 years ago and they rejected it saying there wasn't any PPI on it. I received a letter a couple of months ago saying I could now claim the "Plevin" way instead. But as they had originally already said there wasn't any on it I thought it was worth a punt, as they lied or failed to check thoroughly about there being any in the first place.

I checked with the Ombudsman that the original offer would stand if unsuccessful obviously, and it does, so I've nothing to lose.

IrishCloverleaf

As above - the commission and the profit share made between the seller and the insurance provider must have been over 50% to be deemed an "unfair" sale. At the time you were sold a policy, the PPI may have been a fair sale in the banks eyes, but your commission side of things may have been unfair (ie: over 50% when the PPI was sold).

The commission was sold at different rates depending on what product and what time period you were sold the policy.

If you were upheld recently, the commission would have been included in your PPI refund.