PLEVIN Meaning and
Definition
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Plevin is a legal term that refers to a case in the United Kingdom where the court decided that a contract could be considered unfair due to a lack of disclosure regarding the commission earned by a broker or provider. The ruling is derived from the 2014 court case of Plevin v Paragon Personal Finance.
In this case, Mrs. Plevin, a consumer, argued that she was unaware of the substantial commission received by the lender and broker in relation to her payment protection insurance (PPI) policy. The court determined that this non-disclosure rendered the contract unfair under the Consumer Credit Act 1974.
The Plevin ruling established a new legal principle that if the commission received by a lender or broker exceeded 50% of the total PPI premium, it could create an unfair relationship between them and the consumer. If this condition was met and the consumer was not adequately informed, it could be regarded as an unfair relationship, entitling the consumer to make a claim for compensation.
The implementation of the Plevin ruling has had a significant impact on the PPI claims industry, leading to a surge in claims from consumers seeking compensation for mis-sold PPI policies. It has also prompted financial institutions to settle numerous claims, resulting in substantial payouts to consumers.
Overall, the Plevin ruling has played a crucial role in protecting consumer rights and ensuring transparency in financial contracts by holding lenders and brokers accountable for their commission disclosure practices.
Common Misspellings for PLEVIN
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- pl3vin
- plecin
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