PPI 2

phantom177

Hi reading the papers today is it true that if you haven't claimed ppi in the past you can claim now over some court ruling this week and if so is it only designated solicitors dealing with the claims thanks in advance

societys_child

designated solicitors

Huh?

Be afraid, be very afraid . .

Edi81

Link to article?
which newspaper?
doesn’t sound right to me. 

sonofmerton

Edi81 said:

Link to article?
which newspaper?
doesn’t sound right to me. 

https://www.thesun.co.uk/money/14681126/millions-of-customers-new-ppi-claims-bank-ruling/

dunstonh

phantom177 said:

Hi reading the papers today is it true that if you haven't claimed ppi in the past you can claim now over some court ruling this week and if so is it only designated solicitors dealing with the claims thanks in advance

It isnt PPI2.  It is a follow on the plevin ruling many years ago.  it was almost inevitable once the FCA's deadline passed.

It is also not only via designated solicitors.  It can be via any solicitor.  It cannot be via claims management companies.

However, there is the potential that the 15 year timebar will apply to legal action.  I don't believe any of the successful cases have been longer than 15 years.

The sun article is also misleading as mortgages were only regulated under the CCA for a limited period where PPI was sold and mortgage PPI is typically around 25-30%.  That is not considered excessive.

Jonny74

dunstonh said:

phantom177 said:

Hi reading the papers today is it true that if you haven't claimed ppi in the past you can claim now over some court ruling this week and if so is it only designated solicitors dealing with the claims thanks in advance

It isnt PPI2.  It is a follow on the plevin ruling many years ago.  it was almost inevitable once the FCA's deadline passed.

It is also not only via designated solicitors.  It can be via any solicitor.  It cannot be via claims management companies.

However, there is the potential that the 15 year timebar will apply to legal action.  I don't believe any of the successful cases have been longer than 15 years.

The sun article is also misleading as mortgages were only regulated under the CCA for a limited period where PPI was sold and mortgage PPI is typically around 25-30%.  That is not considered excessive.

In fact, there have been successful claims that are more than 15 years old.

If for example you had been sold a PPI claim in the 1990s but still had the same credit card running after April 2008 you can still make a claim.

Anyone who bought PPI after April 2008 is likely to have a claim unless it was one of the lower mortgage rate products.

The first wave of PPI claims were based on mis-selling while so-called PPI 2 is about undisclosed commissions.

Banks and financial institutions were charging undisclosed commissions of up to 95 per cent to PPI customers. On average it was around 70 per cent.

The FCA ruled anything over 50 per cent should be paid back. This became known as a Plevin claim.

Now the courts have ruled that no one would have taken out a PPI policy in the first place if they’d known how high the secret commissions were.

So banks now have to pay back the remaining 50 per cent as well. 

It means if you weren’t paid out in full you can still claim the rest. 

Also, if you had a PPI claim rejected and your credit agreement was still running after April 2008 you can still make a claim.

*In short if you had PPI after April 2008 you are likely to have a claim; if you weren’t paid out in full you will probably have a claim; if you had PPI before April 2008 but still had a credit agreement running after this date you can claim*

I hope that helps. Best idea is to contact a law firm to guide you. 

[Deleted User]

Jonny74 said:

dunstonh said:

phantom177 said:

Hi reading the papers today is it true that if you haven't claimed ppi in the past you can claim now over some court ruling this week and if so is it only designated solicitors dealing with the claims thanks in advance

It isnt PPI2.  It is a follow on the plevin ruling many years ago.  it was almost inevitable once the FCA's deadline passed.

It is also not only via designated solicitors.  It can be via any solicitor.  It cannot be via claims management companies.

However, there is the potential that the 15 year timebar will apply to legal action.  I don't believe any of the successful cases have been longer than 15 years.

The sun article is also misleading as mortgages were only regulated under the CCA for a limited period where PPI was sold and mortgage PPI is typically around 25-30%.  That is not considered excessive.

In fact, there have been successful claims that are more than 15 years old.

If for example you had been sold a PPI claim in the 1990s but still had the same credit card running after April 2008 you can still make a claim.

Anyone who bought PPI after April 2008 is likely to have a claim unless it was one of the lower mortgage rate products.

The first wave of PPI claims were based on mis-selling while so-called PPI 2 is about undisclosed commissions.

Banks and financial institutions were charging undisclosed commissions of up to 95 per cent to PPI customers. On average it was around 70 per cent.

The FCA ruled anything over 50 per cent should be paid back. This became known as a Plevin claim.

Now the courts have ruled that no one would have taken out a PPI policy in the first place if they’d known how high the secret commissions were.

So banks now have to pay back the remaining 50 per cent as well. 

It means if you weren’t paid out in full you can still claim the rest. 

Also, if you had a PPI claim rejected and your credit agreement was still running after April 2008 you can still make a claim.

*In short if you had PPI after April 2008 you are likely to have a claim; if you weren’t paid out in full you will probably have a claim; if you had PPI before April 2008 but still had a credit agreement running after this date you can claim*

I hope that helps. Best idea is to contact a law firm to guide you. 

The 15 year time bar over taking legal action over accounts closed for 15 years is covered under the Limitation Act 1980 - the long-stop date of 15 years from date of occurrence of the negligent act or omission

Nobody can "claim" anything, a new complaint now would be time barred by the PPI deadline and

anyone who already had a full refund has no further claim to money. This is a small ruling affecting a small number of people who were given Plevin refunds dressed up as some new thing.

The fact is that huge numbers of people were given full refunds and have nothing else to come, certainly not millions especially given the commission time frame (given PPI was being phased out in the time frame referenced)

Jonny74

Deleted_User said:

Jonny74 said:

dunstonh said:

phantom177 said:

Hi reading the papers today is it true that if you haven't claimed ppi in the past you can claim now over some court ruling this week and if so is it only designated solicitors dealing with the claims thanks in advance

It isnt PPI2.  It is a follow on the plevin ruling many years ago.  it was almost inevitable once the FCA's deadline passed.

It is also not only via designated solicitors.  It can be via any solicitor.  It cannot be via claims management companies.

However, there is the potential that the 15 year timebar will apply to legal action.  I don't believe any of the successful cases have been longer than 15 years.

The sun article is also misleading as mortgages were only regulated under the CCA for a limited period where PPI was sold and mortgage PPI is typically around 25-30%.  That is not considered excessive.

In fact, there have been successful claims that are more than 15 years old.

If for example you had been sold a PPI claim in the 1990s but still had the same credit card running after April 2008 you can still make a claim.

Anyone who bought PPI after April 2008 is likely to have a claim unless it was one of the lower mortgage rate products.

The first wave of PPI claims were based on mis-selling while so-called PPI 2 is about undisclosed commissions.

Banks and financial institutions were charging undisclosed commissions of up to 95 per cent to PPI customers. On average it was around 70 per cent.

The FCA ruled anything over 50 per cent should be paid back. This became known as a Plevin claim.

Now the courts have ruled that no one would have taken out a PPI policy in the first place if they’d known how high the secret commissions were.

So banks now have to pay back the remaining 50 per cent as well. 

It means if you weren’t paid out in full you can still claim the rest. 

Also, if you had a PPI claim rejected and your credit agreement was still running after April 2008 you can still make a claim.

*In short if you had PPI after April 2008 you are likely to have a claim; if you weren’t paid out in full you will probably have a claim; if you had PPI before April 2008 but still had a credit agreement running after this date you can claim*

I hope that helps. Best idea is to contact a law firm to guide you. 

The 15 year time bar over taking legal action over accounts closed for 15 years is covered under the Limitation Act 1980 - the long-stop date of 15 years from date of occurrence of the negligent act or omission

Nobody can "claim" anything, a new complaint now would be time barred by the PPI deadline and

anyone who already had a full refund has no further claim to money. This is a small ruling affecting a small number of people who were given Plevin refunds dressed up as some new thing.

The fact is that huge numbers of people were given full refunds and have nothing else to come, certainly not millions especially given the commission time frame (given PPI was being phased out in the time frame referenced)

With respect, I don’t think that’s right.

In terms of the Limitation Action, section 32, states:

  “the period of limitation shall not begin to run until the plaintiff has discovered the fraud, concealment or  mistake (as the case may be) or could with

 reasonable diligence have discovered it”

These were ‘undisclosed’ or ‘secret’ commissions so they weren’t known about therefore the 15 year limitation period does not come into play until customers could reasonably have known about them.

New claims aren’t blocked by deadline.

It’s an FCA deadline not binding on the courts who can hear new claims based on the Plevin ruling I.e unfair relationship created by concealed commissions.

It’s nothing to do with a mis sale argument 

New claims include people who had their original complaint rejected as not being a mis sale and people who have never bothered claiming.

Also FCA admits millions were affected by Plevin ruling and ordered banks to write to them so it’s not just a few.

Please don’t try and put off people making claims. There’s lots of people struggling financially who could do with this money.

These incredibly high undisclosed commissions were completely unfair on the customers and they should claim the money back.

Trace24

Hi, I’m new here, I read article regarding ‘ppi2’. It states that people were only refunded commission above 50% whereas the new ruling states that all commission should be refunded now, is this correct?

dunstonh

Trace24 said:

Hi, I’m new here, I read article regarding ‘ppi2’. It states that people were only refunded commission above 50% whereas the new ruling states that all commission should be refunded now, is this correct?

There is no new ruling.
The posts above explain it.

[Deleted User]

Jonny74 said:

Deleted_User said:

Jonny74 said:

dunstonh said:

phantom177 said:

Hi reading the papers today is it true that if you haven't claimed ppi in the past you can claim now over some court ruling this week and if so is it only designated solicitors dealing with the claims thanks in advance

It isnt PPI2.  It is a follow on the plevin ruling many years ago.  it was almost inevitable once the FCA's deadline passed.

It is also not only via designated solicitors.  It can be via any solicitor.  It cannot be via claims management companies.

However, there is the potential that the 15 year timebar will apply to legal action.  I don't believe any of the successful cases have been longer than 15 years.

The sun article is also misleading as mortgages were only regulated under the CCA for a limited period where PPI was sold and mortgage PPI is typically around 25-30%.  That is not considered excessive.

In fact, there have been successful claims that are more than 15 years old.

If for example you had been sold a PPI claim in the 1990s but still had the same credit card running after April 2008 you can still make a claim.

Anyone who bought PPI after April 2008 is likely to have a claim unless it was one of the lower mortgage rate products.

The first wave of PPI claims were based on mis-selling while so-called PPI 2 is about undisclosed commissions.

Banks and financial institutions were charging undisclosed commissions of up to 95 per cent to PPI customers. On average it was around 70 per cent.

The FCA ruled anything over 50 per cent should be paid back. This became known as a Plevin claim.

Now the courts have ruled that no one would have taken out a PPI policy in the first place if they’d known how high the secret commissions were.

So banks now have to pay back the remaining 50 per cent as well. 

It means if you weren’t paid out in full you can still claim the rest. 

Also, if you had a PPI claim rejected and your credit agreement was still running after April 2008 you can still make a claim.

*In short if you had PPI after April 2008 you are likely to have a claim; if you weren’t paid out in full you will probably have a claim; if you had PPI before April 2008 but still had a credit agreement running after this date you can claim*

I hope that helps. Best idea is to contact a law firm to guide you. 

The 15 year time bar over taking legal action over accounts closed for 15 years is covered under the Limitation Act 1980 - the long-stop date of 15 years from date of occurrence of the negligent act or omission

Nobody can "claim" anything, a new complaint now would be time barred by the PPI deadline and

anyone who already had a full refund has no further claim to money. This is a small ruling affecting a small number of people who were given Plevin refunds dressed up as some new thing.

The fact is that huge numbers of people were given full refunds and have nothing else to come, certainly not millions especially given the commission time frame (given PPI was being phased out in the time frame referenced)

With respect, I don’t think that’s right.

In terms of the Limitation Action, section 32, states:

  “the period of limitation shall not begin to run until the plaintiff has discovered the fraud, concealment or  mistake (as the case may be) or could with

 reasonable diligence have discovered it”

These were ‘undisclosed’ or ‘secret’ commissions so they weren’t known about therefore the 15 year limitation period does not come into play until customers could reasonably have known about them.

New claims aren’t blocked by deadline.

It’s an FCA deadline not binding on the courts who can hear new claims based on the Plevin ruling I.e unfair relationship created by concealed commissions.

It’s nothing to do with a mis sale argument 

New claims include people who had their original complaint rejected as not being a mis sale and people who have never bothered claiming.

Also FCA admits millions were affected by Plevin ruling and ordered banks to write to them so it’s not just a few.

Please don’t try and put off people making claims. There’s lots of people struggling financially who could do with this money.

These incredibly high undisclosed commissions were completely unfair on the customers and they should claim the money back.

What an odd post. Above post is wrong