Secret commission is when a payment is made to the broker and/or lender in exchange for them recommending a particular product. These payments exist on a huge range of products and services including insurance, mortgages, credit, property deals and more.
Plevin claims are where this commission is added to the cost of the PPI. You may or may not have known about the commission. You most certainly would not have known about the level of commission.
While you might not have heard of a Plevin claim, we bet you have heard of a PPI claim. A Plevin claim is essentially a claim made when the commission of a Payment Protection Insurance (PPI) claim was so high that it’s deemed unfair, if the customer is unaware of it.
In 2014, a court ruling deemed Ms Susan Plevin was treated unfairly as she wasn’t told about the 71.8% commission taken from her PPI payment.
The deadline for PPI claims ended in August 2019, however, this deadline isn’t relevant to a Plevin claim. These claims are based on the high levels of commission alone.