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Capital One Plevin PPI Claims

Were you mis-sold PPI by Capital One? A recent ruling means simply being sold PPI means you were potentially a victim of a mis-selling. Despite the deadline passing you could still claim Capital One Plevin PPI compensation. Find out how today.

Mis-sold PPI was the largest financial mis-selling scandal in the world, with billions being given back to consumers in compensation. The deadline for claiming PPI compensation passed in 2019, but a recent ruling means UK residents can still receive compensation with Plevin PPI claims.

Capital One were one of the largest financial firms involved with the PPI mis-selling, and many of their customers in the UK are finding out they are still owed compensation from them. With the Plevin case coming to light, even people who initially thought they were not mis-sold PPI could be eligible to claim.

Our expert panel of Capital One Plevin PPI solicitors are able to inform you whether you are eligible for compensation. If you believe you might have a case, complete our enquiry form below.

 

Who are Capital One?

Capital One is one of the largest banking corporations in America, specialising in credit cards, loans, banking, and savings accounts. The European arm of the credit card company was severely hit by PPI claims in the final year before the deadline passed, 2019.

Capital One (Europe), based in Nottingham, reported a revenue of £483m 12 months to 31 December 2018, down from £580.4m due to all of the PPI compensation payouts.

 

What is a Plevin PPI Claim?

Plevin refers to a Supreme Court case from November 2014. The claim itself is centred around hidden commission charged to Mrs Susan Plevin who was sold a PPI policy to cover her secured loan from Paragon Personal Finance.

Mrs Plevin meticulously read through the terms and conditions and small print of the PPI policy and noticed that 71.8% of her premium  she had paid was actually hidden commission to the lender. She alleged that this was unfair and unclear.

The Supreme Court agreed with Mrs Plevin and her lawyers, and determined that the sale of the PPI policy was unfair because of:

  • The non-disclosure of the commission payment; and
  • The percentage of the PPI premium that was paid as commission.

This then set precedent for all other PPI claims, and open the floodgates against anyone Capital One had sold PPI to.

 

Are Plevin cases different to mis-sold PPI cases?

The original PPI scandal focussed on the mis-selling of PPI policies. A Plevin PPI claim does not take into account whether the policu was suitable or not, but instead focusses on whether Capital One failed to disclose any high-level commission payments they earned from your PPI premium. If they did hide any commission, or the commission was unfairly high, then this claim is eligible for compensation.

In addition to this, while the original PPI deadline has passed, whereas Plevin PPI claims are not subject to a deadline. This is because the claim is based on a different area of law, namely the Consumer Credit Act 1974.

 

Am I eligible to claim Plevin PPI?

If the below applies to you, you may be eligible to claim:

  • Your PPI policy was sold before 6 April 2007 and open after 6 April 2008; or
  • Your PPI policy was sold after 6 April 2007 (whether or not it was still open after 6 April 2008);
  • You have not previously complained about Mis-sold PPI;
  • You have had a PPI Claim rejected; or
  • You had a refund for the “Plevin only” part of your PPI (also known as a “tipping point offer”)

The Plevin ruling means that if more than 50% of your PPI’s cost went to hidden commission to the lender, or the lender and the broker combined, and it was not sufficiently explained to you, you are due compensation.

Because Plevin also applies to those who have been turned down historic PPI claims, there could be an additional 1.2 million individuals affected.

 

How much can I claim for Plevin PPI cases?

How much you can receive for a Capital One Plevin PPI claim will depend on how much your original PPI policy was worth. If the commission on the PPI policy was above 50% of the cost and you were not informed, you are typically entitled to the difference back in compensation.

The FCA has also confirmed that there will be a historic interest rate plus 8% to take into account when doing compensation calculations.

If you believe you have an eligible claim, our panel of Capital One PPI solicitors will be able to tell you how much you could look to recover.

 

How can ClaimExperts.co.uk help?

At ClaimExperts.co.uk we have compiled an expert panel of Plevin PPI solicitors. They can assist you with your Capital One Plevin claim on a No Win, No Fee basis. To start your free, no obligation review of your claim, fill out our below enquiry form.

Ready To Get Started?

ClaimExperts.co.uk provides a free educational service to the public, and connects potential claimants with pre-vetted legal firms operating on our panel. 

Our panel of legal firms all:

  • Operate on a No-Win, No Fee Basis
  • Require No Upfront Fees
  • Are Regulated by either the FCA or SRA

Start your claim today by completing the quick enquiry form below.

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