Finance

The Plevin Rule: What This Could Mean For Your PPI Claim

Since Susan Plevin won a PPI claims case at court in 2014, there have been several changes that have been made to the to the FCA’s Guidelines. Although this was a win for Susan Plevin in the eyes of the court, this was also a victory for those that had been wrongfully sold PPI, as the banks were faced with another criteria through which they needed to pay compensation. Here, we are going to investigate what the Plevin ruling meant for those submitting a PPI claim and how you can apply.

What Was The Plevin Case?

The Plevin case was aninfluentialforce in ensuring thousands of claimants were getting what they were rightfully owed. Not only did it bring about a new way of governing the claims process, but the aftermath of the Plevin case lead to a brand-new ruling. This ruling stated that if the commission taken from your PPI claim was over 50%, then this was an unfair amount and claimants would be eligible to compensation, even if they were aware of the PPI policy. This was crucial to both new and existing claims, as this meant that claims that had previously been denied had been reopened under new guidelines.

How Did it Affect PPI claims?

This affected PPI claims considerably, as a number of people that would have previously been rejected have begun receiving compensation. This has meant that numerous claims have since been made, both through the use of a claims company and without. The Plevin case also led to an increase in the budget set by banks to ensure that they have enough money set aside to cover this compensation.

This meant that the overall budget set aside by the UK’s biggest banks was risen to somewhere in the region of over 40 billion pounds as a result. This is interesting as an estimated 32.9 billion has already been paid out to those that have made a claim and more is set to be paid out in the months leading up to the PPI deadline on August 29th, 2019.

How To Claim Your PPI Compensation

Claiming PPI compensation is easy and for those that are unsure on where to start, reputable PPI claims companies are also available. With the use of a claims company, you can be sure that the process is as smooth as possible. Not only will their trained advisors take care of everything for you, but they will handle it with the utmost care and attention to ensure the best possible result.

They will keep you informed throughout the process as well as letting you know whether your claim has been successful. With an easy to apply process online, there areseveral ways that you can apply with ease and get the PPI compensation that you deserve in no time at all.

Whether you decide to claim for PPI soon or closer to the deadline there are a number of ways that you can get the money that you are owed with an experienced claims manager on a no win no fee basis. Why not start your journey today?