No, this will have no bearing on your relationship with us, nor is your credit score affected in anyway. If you want to check if you have ever held PPI with us or feel you were mis-sold PPI, we are happy to investigate and this will be assessed separately to any other part of your relationship with us.
When you pay for your PPI policy, a percentage of the premium you pay may be paid to the lender as commission or profit share. In November 2014, the Supreme Court made a ruling in the case of ‘Plevin vs. Paragon Personal Finance Ltd’ . They ruled that an ‘unfair relationship’ is created between a lender and a customer when commission on a PPI premium is too high and the customer is not told the commission rate when they bought the policy.
Even if you have previously raised a complaint about your policy being mis-sold and this was rejected, you may still be able to make a new type of complaint about undisclosed high commission and/or profit share. However please note that if you previously raised a complaint about your policy being mis-sold and this was accepted and you received money back, you will not be eligible for money back as a result of an undisclosed high commission and/or profit share complaint.
Profit share refers to arrangements to receive back part of the Payment Protection Insurance premium that had initially gone to the insurer, for example, to cover potential claims, but which remained unspent, for example, because actual claims did not exceed certain levels.
Commission is the amount of the premium you pay for your Payment Protection Insurance that does not go towards your insurance cover, but is kept by the other firm(s) involved, usually to cover expenses and as a reward for selling it to you.
The Financial Conduct Authority (FCA) has set a deadline of 29 August 2019 for making a PPI complaint. For your complaint to be considered you need to have made your complaint to us by this date. If you complain about your PPI policy after this date, your complaint will only be considered in specific circumstances.