Bank of Scotland PPI Claims
Bank of Scotland is the fifth oldest surviving bank in the UK. The bank offers customers a range of consumer credit, including credit cards, personal loans, home insurance and mortgages.
Many customers who took out these products with Bank of Scotland in the past were also sold PPI.
If you took out a credit agreement provided by Bank of Scotland through a broker, you probably had PPI included and you might be eligible for additional PPI+ compensation because Bank of Scotland paid an unfair level of commission to your broker without disclosing it to you.
You can seek redress for this even if you’ve already made a PPI claim against Bank of Scotland.
Plevin vs Paragon
For years we have been hearing about the mis-selling of PPI on loans, credit cards and mortgages, and the Financial Conduct Authority (FCA) recently launched a deadline of 29th August 2019 for PPI mis-selling claims to be made.
In 2014 a new type of PPI mis-selling emerged: Unfair Contractual Relationships, also known as Plevin.
What is a Plevin case?
Susan Plevin is a retired college lecturer who took legal action against Paragon Personal Finance after she had PPI added to a loan.
During her claim for mis-sold PPI, she also discovered that 71.8 percent of her PPI premium was taken as commission by the PPI provider, Paragon’s credit broker and Paragon itself. Susan Plevin argued that Paragon’s failure to disclose this commission amounted to an unfair contractual relationship and therefore she should be eligible for significant levels of compensation. The Supreme Court ruled in Plevin’s favour.
The FCA subsequently published guidance that if a lender or broker paid commission that amounted to over 50 percent of a PPI premium, this would constitute an unfair contractual relationship.
