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  • FIRST POST
    • Former MSE Paloma
    • By Former MSE Paloma 28th May 15, 1:29 PM
    • 526Posts
    • 245Thanks
    Former MSE Paloma
    MSE News: Court ruling could open door for more PPI claims
    • #1
    • 28th May 15, 1:29 PM
    MSE News: Court ruling could open door for more PPI claims 28th May 15 at 1:29 PM
    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 havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • magpiecottage
    • By magpiecottage 29th May 15, 10:37 AM
    • 9,114 Posts
    • 5,584 Thanks
    magpiecottage
    • #2
    • 29th May 15, 10:37 AM
    • #2
    • 29th May 15, 10:37 AM
    The circumstances surrounding this case seem to be very specific - and there is nothign to suggest FOS would not have reached the same conclusion.
    • Nasqueron
    • By Nasqueron 29th May 15, 10:40 AM
    • 7,603 Posts
    • 4,835 Thanks
    Nasqueron
    • #3
    • 29th May 15, 10:40 AM
    • #3
    • 29th May 15, 10:40 AM
    Anticipating millions more spam calls and thousands more posts on this forum from people trying to wedge their old claim or rejected claim into this judgement without knowing if it applied
    • dunstonh
    • By dunstonh 29th May 15, 11:09 AM
    • 98,597 Posts
    • 67,014 Thanks
    dunstonh
    • #4
    • 29th May 15, 11:09 AM
    • #4
    • 29th May 15, 11:09 AM
    This is a very niche scenario as it requires the use of a third party (broker) who was paid by fee and commission. It will have no impact on bank sold products.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • bazza24bb
    • #5
    • 19th Aug 15, 7:55 PM
    • #5
    • 19th Aug 15, 7:55 PM
    I think this is really taking the mickey now, OK claim if you were genuinely miss sold something, but if you agreed to buy something it is up to you to check things out. I bought PPI with my first mortgage and it was the best thing I ever did, it helped me out for 2 years when I lost my job until I got another job. When I bought it I read everything and checked it out, as in life all decisions you make are YOUR responsibility.
    • soontobesensible
    • By soontobesensible 31st Jan 17, 11:21 PM
    • 64 Posts
    • 77 Thanks
    soontobesensible
    • #6
    • 31st Jan 17, 11:21 PM
    Previn effect
    • #6
    • 31st Jan 17, 11:21 PM
    This is a very niche scenario as it requires the use of a third party (broker) who was paid by fee and commission. It will have no impact on bank sold products.
    Originally posted by dunstonh
    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
    • dunstonh
    • By dunstonh 1st Feb 17, 9:12 AM
    • 98,597 Posts
    • 67,014 Thanks
    dunstonh
    • #7
    • 1st Feb 17, 9:12 AM
    • #7
    • 1st Feb 17, 9:12 AM
    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
    Originally posted by soontobesensible
    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.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • soontobesensible
    • By soontobesensible 1st Feb 17, 9:35 PM
    • 64 Posts
    • 77 Thanks
    soontobesensible
    • #8
    • 1st Feb 17, 9:35 PM
    Previn effect
    • #8
    • 1st Feb 17, 9:35 PM
    Thanks for making this clearer!
    • aniceman
    • By aniceman 2nd Feb 17, 12:11 PM
    • 2 Posts
    • 0 Thanks
    aniceman
    • #9
    • 2nd Feb 17, 12:11 PM
    Plevin Case
    • #9
    • 2nd Feb 17, 12:11 PM
    I know I can make a claim on my PPI because of the Plevin Case.

    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.
    • dunstonh
    • By dunstonh 2nd Feb 17, 12:33 PM
    • 98,597 Posts
    • 67,014 Thanks
    dunstonh
    I know I can make a claim on my PPI because of the Plevin Case.

    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.
    Originally posted by aniceman
    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.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • adam_thedon
    • By adam_thedon 2nd Feb 17, 4:54 PM
    • 24 Posts
    • 12 Thanks
    adam_thedon
    Plevin vs paragon is slowly blowing up and is going to cause a lot of remediation for the banks (work for barclays so know this)
    • Nasqueron
    • By Nasqueron 2nd Feb 17, 9:34 PM
    • 7,603 Posts
    • 4,835 Thanks
    Nasqueron
    Plevin vs paragon is slowly blowing up and is going to cause a lot of remediation for the banks (work for barclays so know this)
    Originally posted by adam_thedon
    How do you mean "slowly blowing up"? It's been known for ages and the FCA are just working out the finer details.

    Any PPI complaint which had a refund won't get any more, any PPI complaint which was rejected will only get a small amount if the commission was over 50%. Not going to be anything like PPI refunds if that's what you mean by "a lot of remediation[sic]"
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