The Plevin effect…
30 Jan 2022
Dear LPG reader,
I got a really interesting letter this morning which brought up the old chestnut that was PPI. Just in case you are not sure what I am talking about, all you need to do is cast your mind back about seven years now, to when every other sales call was about ‘Payment Protection Insurance’ and how you could claim. This was a component of insurance policies that promised to cover the cost of ongoing payments if you found yourself unable to meet them under certain circumstances.
Every other advert and telephone cold-call promised to get thousands of pounds back for you and they took over from all the double glazing adverts and calls that we were all used to for many years before.
Then the government stepped in and threw a deadline into the mix. August 29th 2019 was the day that claiming would officially end. This was why I was very surprised to receive an interesting bit of junk mail yesterday. I know that most people throw the colourful letters away as soon as they open them but I admit that the words PPI at the top after all this time drew my attention. Of course the letter I received was from a company who will do all the checking and claiming for me free of charge, although I suspect that that means that they will expect to receive a large chunk of any money they get back for me; just like they all did in the good old days. There are also a couple of other loopholes. From what I have worked out, this all has something to do with a Mrs. Susan Plevin who, in 2014, took a lender to court because they invested her money and did not want to share the proceeds of that investment when repaying her.
Anyway, the result is that if you ever received a PPI payment it might have been taxed or not paid back in full, and a new ruling stipulates that you are entitled to any payment short-falls as well.
I did take a look online and apparently there is some truth in this. I still have my reservations about the thousands that are promised in the letter I received but, if you can still remember what you did with the documentation you received with your pay-out, it might be worth checking to see if tax was deducted.
It is all a bit complicated but, depending on how much you might be owed in these days of rising utility bills and petrol prices, it might just be worth thinking about.
KE, New Cross
LPG would just like to remind readers that a lot of valuable information often is put on the internet by companies who are trying to sell their services and though it is worth reading, it is important to be able to disconnect the information with the advert…
KE shares some of what he has found on the subject…
