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    • granthar
    • By granthar 10th Jan 18, 2:16 PM
    • 14Posts
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    granthar
    Plevin ruling question
    • #1
    • 10th Jan 18, 2:16 PM
    Plevin ruling question 10th Jan 18 at 2:16 PM
    A number of years ago we took YCC/DAF to court over miss selling of their insurance products. They agreed to settle out of court to pay enough to settle the account and the offer was a full and final settlement. We agreed as we just wanted shot of it.

    They never agreed that PPI was miss sold, would the Plevin ruling overturn any full and final settlement, given that at the time we wouldn't have known we were charged excessive commission.
Page 1
    • dunstonh
    • By dunstonh 10th Jan 18, 3:18 PM
    • 93,038 Posts
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    dunstonh
    • #2
    • 10th Jan 18, 3:18 PM
    • #2
    • 10th Jan 18, 3:18 PM
    They never agreed that PPI was miss sold, would the Plevin ruling overturn any full and final settlement, given that at the time we wouldn't have known we were charged excessive commission.
    Interesting question and not one that I think can be answered without testing it.

    As you used the courts, this prevents you from using the regulated complaints process/FOS.

    Yours was not rejected. An agreed settlement was made. This is normally considered final. So, you are not normally allowed to reopen it.

    Also, the Plevin ruling is only the excess over 50% on rejected complaints. Even if they decide to volunteer to look at it, any previous payout can be deducted from any amount caught under plevin. You dont mention the amount of settlement but you should have a good idea of the amount relative to the premium paid. So, take that amount paid out. Add it to the 50% disregarded and how much is left....if any? .e.g. if they refunded 30% of the premium previously, then you take the 30%. Add it to the 50% they are allowed and that brings you to 80%. So, only the amount above 80% would be refunded. Most PPI is not that high unless profit share is involved. Smaller firms dont use profit share (that was a bank thing).

    Also, do your dates qualify to be considered under plevin? (putting the previous settlement issue to one side)
    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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