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  • FIRST POST
    • Psyurmh
    • By Psyurmh 30th Aug 17, 4:49 PM
    • 8Posts
    • 1Thanks
    Psyurmh
    Plevin
    • #1
    • 30th Aug 17, 4:49 PM
    Plevin 30th Aug 17 at 4:49 PM
    Following today's newsletter I've submitted a plevin claim using the resolver service. There are two bank accounts associated with the claim. However, where the form asked me for the final 4 digits of the account/card there was only space for me to write the last 4 digits of one account only. No space for the second account reference.

    Does anyone know if I need to complete another form to identify the second bank account?

    Thanks

    Kind regards
Page 1
    • dunstonh
    • By dunstonh 30th Aug 17, 5:08 PM
    • 92,997 Posts
    • 60,378 Thanks
    dunstonh
    • #2
    • 30th Aug 17, 5:08 PM
    • #2
    • 30th Aug 17, 5:08 PM
    There are two bank accounts associated with the claim.
    Bank accounts do not normally have PPI. There are a couple of exceptions but its not commonplace.

    So, are you sure you had PPI on your bank accounts?
    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.
    • Psyurmh
    • By Psyurmh 30th Aug 17, 7:44 PM
    • 8 Posts
    • 1 Thanks
    Psyurmh
    • #3
    • 30th Aug 17, 7:44 PM
    • #3
    • 30th Aug 17, 7:44 PM
    Hi, they are mortgage accounts and definitely included PPI.
    • Moneyineptitude
    • By Moneyineptitude 30th Aug 17, 10:15 PM
    • 20,423 Posts
    • 11,321 Thanks
    Moneyineptitude
    • #4
    • 30th Aug 17, 10:15 PM
    • #4
    • 30th Aug 17, 10:15 PM
    Following today's newsletter I've submitted a plevin claim
    Originally posted by Psyurmh
    What Plevin "claim" is this? Have you previously had a PPI complaint rejected?
    • dunstonh
    • By dunstonh 30th Aug 17, 10:39 PM
    • 92,997 Posts
    • 60,378 Thanks
    dunstonh
    • #5
    • 30th Aug 17, 10:39 PM
    • #5
    • 30th Aug 17, 10:39 PM
    Hi, they are mortgage accounts and definitely included PPI.
    Originally posted by Psyurmh

    Commission on mortgage PPI was typically in the 20-35% range. So, don't expect anything to be paid out under Plevin.
    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.
    • ~Brock~
    • By ~Brock~ 4th Sep 17, 3:50 PM
    • 1,579 Posts
    • 1,471 Thanks
    ~Brock~
    • #6
    • 4th Sep 17, 3:50 PM
    • #6
    • 4th Sep 17, 3:50 PM
    Plevin claims are relating to establishing that an unfair relationship existed under s140 of the consumer credit act 1974.

    Mortgages are/were not regulated by the consumer credit act, and yet people are talking about putting in 'Plevin' claims on their mortgages. Am I missing something here?
    • dunstonh
    • By dunstonh 4th Sep 17, 4:06 PM
    • 92,997 Posts
    • 60,378 Thanks
    dunstonh
    • #7
    • 4th Sep 17, 4:06 PM
    • #7
    • 4th Sep 17, 4:06 PM
    Mortgages are/were not regulated by the consumer credit act, and yet people are talking about putting in 'Plevin' claims on their mortgages. Am I missing something here?
    Its a mixed response.

    Copy and paste from PS17/3 from the FCA about mortgage PPI:

    As we said in paragraph!5.14 of CP15/39, those credit agreements that are
    excluded under s.140A(5) of the CCA !!!8211; regulated mortgage contracts and
    regulated home purchase plans !!!8211; are excluded from these rules and guidance.


    Concerning first charge mortgages sales before 31!October 2004, the current
    position following the latest legislative amendments is that these do not
    generally fall within the exemption from s.140A, and so do generally fall in the
    scope of s.140A and thus the scope of our rules and guidance.

    ---

    So, the FCA has exempted mortgage PPI arranged after October 2004 but not on mortgages arranged before October 2004.

    However, PS17/3 also recognised that "much mortgage PPI commission was typically under the proposed tipping point" and the FCA said:

    We have said previously that we are using our regulatory judgement to propose
    rules and guidance that broadly reflect the principles raised in Plevin. The Plevin
    judgment focused on the unfair relationship and detriment potentially caused
    to the consumer because non-disclosure of commission above the tipping point
    had not given them full opportunity to consider the value of the product. The
    judgment did not consider questions or levels of value per se. It focused on the
    percentage of commission, not its absolute level, and did not take into account
    the price of the policy or its cost compared to others.

    --

    In other words, we are not exempting in-scope MPPI just because the majority was below the 50% level. You will still have to review it if requested but can refuse it if its under 50%.
    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.
    • simgilpat
    • By simgilpat 21st Feb 18, 12:59 PM
    • 2 Posts
    • 0 Thanks
    simgilpat
    • #8
    • 21st Feb 18, 12:59 PM
    Refused PLEVIN due to dates of mortgage
    • #8
    • 21st Feb 18, 12:59 PM
    Hi,
    I had previously claimed for PPI misselling and eventually had my claim refused by Financial Ombudsman.
    Seeing the MSE programme on Plevin, I put in a new claim through the Resolver service on the grounds of commission not being advised.
    I have just had a refusal from Birmingham Midshires, saying that because of the dates of my mortgage (held from 1986 to 2000) that the FCA rules do not apply. They say the applicable dates are for mortgages sold on or before 31 October 2004 and still open on 6 April 2008.
    Does anyone have any knowledge or advice on the above. Is it worth pursuing?
    • Moneyineptitude
    • By Moneyineptitude 21st Feb 18, 1:05 PM
    • 20,423 Posts
    • 11,321 Thanks
    Moneyineptitude
    • #9
    • 21st Feb 18, 1:05 PM
    • #9
    • 21st Feb 18, 1:05 PM
    Does anyone have any knowledge or advice on the above.
    Originally posted by simgilpat
    Yes, the dates of your mortgage held from 1986 to 2000 are not in scope for Plevin and the FCA Ruling therefore does not apply . The applicable dates are for mortgages sold on or before 31 October 2004 and still open on 6 April 2008.

    Did you really expect a different answer?
    Is it worth pursuing?
    Originally posted by simgilpat
    Seriously? What do you think?
    • dunstonh
    • By dunstonh 21st Feb 18, 1:09 PM
    • 92,997 Posts
    • 60,378 Thanks
    dunstonh
    Seeing the MSE programme on Plevin, I put in a new claim through the Resolver service on the grounds of commission not being advised.
    If you saw the MSE programme you would know the dates were mentioned.

    They say the applicable dates are for mortgages sold on or before 31 October 2004 and still open on 6 April 2008.
    Does anyone have any knowledge or advice on the above. Is it worth pursuing?
    They are correct. No, its not worth pursuing as Plevin does not apply.

    Plevin has a range of dates that apply to different types of lending. Its not a catchall for all PPI.
    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.
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