With such a court ruling, the FCA will definitely consider adding the new rules from the landmark case of Susan Plevin against Paragon Personal Finance. Here’s a recap. So, let’s lay down the facts first.
- If you’re mis sold PPI, you didn’t have the complete information of the insurance policy.
- If you found use for your PPI policy, you may choose to claim compensation if your lender or broker received substantial commission from the sale.
The FCA continues to review what may be an acceptable threshold for a substantially-high commission. The Supreme Court ruled that Plevin deserved to receive her £5,000 estimated compensation due to the high commission received by both lender and broker.
So, when you’re filing for a PPI claim that you’ve found useful, consider the three things first:
- How much benefits have you used?
The benefits you used may be quantified into cash value. This could reduce the overall claim you could receive from your policy.
- The High Commission Value
Until the FCA or Supreme Court finalises the threshold of a “high commission”, it would be difficult to win a claim.
- Billing Statements
Claimants may need to present receipts not just from their payment protection insurance repayments but also the benefits they have used up.