Originally Plevin only now ruled in my favour

Spurs501

Hi all,

I recently made a PPI claim against Egg Banking for an old credit card that I had with them.

They refused my claim, but paid out over £1,200.00under the Plevin ruling.

I took this to the Financial Ombudsman and they have today ruled in my favour!

This will mean that Egg Banking will now have to refund all of premiums.

My question is two fold;

1. I assume that the Plevin payment that I have already received will be deducted from the money that they now owe me?

2. Based on my £1,200.00 Plevin payout, is there any equation to work out how much Egg will now have to pay out? ie Is there a direct correlation between Plevin payouts and subsequent full payout?

Thanks in advance!

Nasqueron

Spurs501 wrote: »

Hi all,

I recently made a PPI claim against Egg Banking for an old credit card that I had with them.

They refused my claim, but paid out over £1,200.00under the Plevin ruling.

I took this to the Financial Ombudsman and they have today ruled in my favour!

This will mean that Egg Banking will now have to refund all of premiums.

My question is two fold;

1. I assume that the Plevin payment that I have already received will be deducted from the money that they now owe me?

2. Based on my £1,200.00 Plevin payout, is there any equation to work out how much Egg will now have to pay out? ie Is there a direct correlation between Plevin payouts and subsequent full payout?

Thanks in advance!

1) Yes that is correct
2) No, Plevin was based only on commission, PPI on a loan could be less than you'd expect if it was paid back early, or more if the loan went on a while for example
3) The bank is allowed to appeal to the Ombudsman, they may not pay out just yet

Spurs501

Thanks for the response - I appreciate it.

I (seemingly wrongly) assumed that if they do payout it would be a larger payout - as the Plevin (interest payment) was just the interest.

Nasqueron

Spurs501 wrote: »

Thanks for the response - I appreciate it.

I (seemingly wrongly) assumed that if they do payout it would be a larger payout - as the Plevin (interest payment) was just the interest.

Plevin isn't interest, it's a refund of the commission part of the PPI which was part of the total cost

Spurs501

I didn’t know it was the commission - I thought it was the interest.

Thanks for the info.

Will be interesting to see if/what they now pay out!

Spurs501

Anyone else had experience with receiving a Plevin payment and then winning the case through the Ombudsman?

Bermonia

Yes other people will have had a similar experience

Spurs501

Bermonia wrote: »

Yes other people will have had a similar experience

Yes, I’m aware of that.

Was simply asking for other’s experiences, and with Egg Banking in particular.

Thanks.

[Deleted User]

Spurs501 wrote: »

Was simply asking for other’s experiences, and with Egg Banking in particular.

You'll now get a full refund of all the PPI you paid, plus 8% simple interest.

Tax and the commission refund you've already received will be deducted from this.

There is little point asking for the experiences of others, the amount you will receive (and the time it will take) will be personal to you alone.

Nasqueron

Moneyineptitude wrote: »

You'll now get a full refund of all the PPI you paid, plus 8% simple interest.

Tax and the commission refund you've already received will be deducted from this.

There is little point asking for the experiences of others, the amount you will receive (and the time it will take) will be personal to you alone.

All assuming the bank don't refer to the Ombudsman of course

Spurs501

Moneyineptitude wrote: »

You'll now get a full refund of all the PPI you paid, plus 8% simple interest.

Tax and the commission refund you've already received will be deducted from this.

There is little point asking for the experiences of others, the amount you will receive (and the time it will take) will be personal to you alone.

Thank you - I did originally think there would be a simple equation along the lines of....If Plevin = £1,200.00 then full refund would = £xxxxxx