“Plevined” is coined from the Plevin vs. Paragon Personal Finance legal case, where the Supreme Court ruled that Mrs Plevin was not informed about the amount of secret commission (71.8%) paid to Paragon Personal Finance by the Payment Protection Insurance (PPI) provider and that was unfair. Because of that ruling Mrs Plevin was entitled to some of the PPI payments that she made to Paragon, plus 8% interest per year.
The ruling has now paved the way for more people to also claim back unfair commissions paid to their lenders, even if a previous PPI claim was rejected by the lender of Financial Ombudsman Service. Even if you knew what you were doing, you were likely mis-sold it and are rightfully owed your money back.
The Financial Conduct Authority is making all lenders repay customers where the secret commission was more than 50% of the policy. On average lenders were paid 67% secret commission; therefore it is extremely likely that if you ever had PPI you are owed some money back.
In a nutshell, it’s a massive new route, which has opened up the opportunity for millions of people who either didn’t think they had been mis-sold PPI, or who have had their previous claims rejected.
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