GE Captial PPI Claims
GE Money Home Lending was founded in 1999 and owned by parent company General Electric Capital. The business provided UK homeowners with mortgages and loans until 2016 when General Electric Capital sold off it’s mortgage book to a consortium of Blackstone, TPG Special Situations Partners and CarVAl Investors.
If you took out a mortgage or loan with GE Money Home Lending up until 2016 it is likely that you were sold PPI or other insurance products alongside your loan.
If you were sold PPI you might be eligible for PPI+ compensation because GE Money Home Lending formed an unfair contractual relationship with you. You can seek redress for this even if you’ve already made a PPI claim against GE Money.
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.
