Newspaper article Evening Chronicle (Newcastle, England)

Millions Due Cash after Ppi Game Changer

Newspaper article Evening Chronicle (Newcastle, England)

Millions Due Cash after Ppi Game Changer

Article excerpt

Byline: MARTIN LEWIS TWEET ME @MARTINSLEWIS

ave you been 'Plevined'? HAlmost certainly you've no idea. Regulator, the Financial Conduct Authority (FCA), recently launched a two-year Payment Protection Insurance (PPI) reclaiming deadline, even getting Arnie to star in its ads. I've been at the forefront of PPI reclaiming for a decade, so I'm 'back' saying everyone should ask themselves about the new Plevin PPI rule.

First, the basics - what is PPI and what does deadline mean? PPI was systemically mis-sold by banks and building societies who for decades used hard sells or even lies to add it to loans, credit cards, mortgages and other forms of debt - already well over PS27bn has been paid back. Common types of mis-selling include: | Lied to you that you had to have PPI (it was never compulsory); | Had PPI added without your permission; | Lied to that PPI would get you a better deal, or | Given PPI when it was inappropriate, such as 'unemployment cover' for the self-employed, or not being asked about pre-existing conditions that could invalidate it.

If you think you may be owed money - or haven't a clue - check now. You don't need to pay a firm to find your PPI or get it back for you; you can do it for FREE.

For full help see the free PPI reclaiming tool and help (including Plevin) at mse.me/ppi, plus there's more free help at which.co.uk and fca.org So, have you been 'Plevined'? What's that about? AT THE same time as launching the PPI deadline, a totally new category of PPI mis-selling has been introduced and it's a total game changer.

In the past, to reclaim PPI you had to have been mis-sold it. This new rules mean, pretty much, if you had PPI from a bank on a product active since 2008, you're owed some money.

It's based on a 2014 court case brought by Susan Plevin. The court ruled that as she wasn't told about the huge commission taken from her PPI payment - 71% - she was mis-sold it.

The regulator's Plevin rule says if over 50% of your PPI's cost went as commission to the lender, and that wasn't explained, you're due back the extra above that. …

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