The Plevin Case
In 2006, Mrs Plevin was sold a PPI policy to cover her secured loan from Paragon Personal Finance Ltd. She was not told that over 71% of her PPI premium payment was commission, paid to the Lender. After finding this out, she took her Claim to Court alleging that her relationship with Paragon was unfair due to the non-disclosure of commission and the percentage of the PPI premium that was commission. The Supreme Court ruled that failure by the Lender to disclose to Mrs Plevin the large commissions payable out of her PPI premiums created an unfair relationship, between her and the Lender. Mrs Plevin was awarded compensation for this.
You may be interested to learn that according to the Regulator, the average commission banks were paid for PPI policies was 67%.
If your lender(s) failed to disclose commission which you paid for your PPI policy(ies) they may have created an unfair relationship. Our Legal Partner Fast Track Solicitors (FTS), can assist you with making a claim to your Lender.