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If you have already claimed Payment Protection Insurance (PPI), you may ask yourself the question, as it is becoming relevant in the news to some extent, as to whether you can claim back further PPI refunds.
It sounds absolutely ridiculous that you could be in a position where you have already received a full refund of PPI premiums and interest from whichever lender you applied to in order to obtain a refund, that they could then have a further pay out with more money in relation to this same policy. However, this is the case. Anybody who has obtained a refund, regardless of the size of the refund and regardless of the lender, is potentially able to look at recovering further monies in relation to hidden commission costs that were applied as a result of the PPI on the facility.
Lenders secretly paid vast sums of monies to subsidiaries, or introducers, by way of commission on the PPI premiums that they obtained. What should have happened is that where a commission was paid to anybody, in order to protect the client and in order to make the Consumer Credit Act enforceable (and of course the Consumer Credit Act is the paper that you are signing when you were agreeing to any borrowing facility) that it details any commission payments made to any third parties. If it does not detail commission payments made to third parties, then it is potentially unenforceable and the commission itself is potentially recoverable.
This all came about at the end of 2014, when a client of Paragon successfully obtained a ruling in the Supreme Court to state that whilst she had successfully obtained a full refund of PPI, on the basis that she was not told about the commission, the Bank had to pay her redress on that commission.
Since the ruling, the Financial Conduct Authority (FCA) have looked into the situation and agreed that Banks should also look into paying some, if not all, of the commission that was paid out on the PPI premium back to the client. Of course, there will be some degree of argument as to the level of PPI commissions, and there is never any guarantee that commission was in fact paid.
However, the industry standard is 67% of any PPI premium was made up in commissions. Therefore, potentially a refund of 67% of the PPI premium plus interest will have to be paid. Of course, this is also down to some negotiation as it could be that a lender agrees to pay back a proportion of the commission, which is over the reasonable level, which the lender could have paid out as a commission payment at that time.
It is therefore important that if you have had any form of PPI claim in the past, that we look again at this to establish if a commission was paid on the premium and if it was the case that the commission was paid, then we look at obtaining a refund on your behalf. Of course, all of this is undertaken on a No Win No Fee basis in order to protect you, and in the event that no commission is established or ultimately no refund made.
We are working with a considerable number of our own clients in order to address this and we have been successful so far in the ones where we have applied.
It does sound mad and a bit bonkers, but yes, if you have had a refund in relation to PPI regardless of how long ago, then we can now look at addressing it again for a further refund on your behalf in relation to any hidden commission that was paid out against the premium which you have already successfully obtained.