FAQ

To make the claims process easier we’ve set out the answers to some of the questions you’re likely to be thinking about. If you haven’t found the answer after reading these then give us a call on 0800 822 3455.

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What do I need to do?

Read through the claims pack to make sure you’re happy with everything. Then complete the claim application providing us with as much information as possible for the lenders you wish to make a claim against and sign the letter of authority. Send them back to us along with copies of any documentation that you have relating to the sale of the PPI policy.

I don’t have any documents or account numbers. Can you still help?

If you have documents then it would be particularly helpful if you can send us copies. If not, don’t worry, all you need to do is to return the completed pack and signed form of authority. We will then submit a Subject Access Request (SAR) to your lender to obtain your account details. We don’t make a charge for this service even though the lenders may make a charge of £10.00 for each submission. This represents the fee they may charge us under The Data Protection Act 1998.

What does the claims process involve?

By asking us to present a claim on your behalf you are agreeing to appoint us and only us to represent you. This means that you can’t also ask another firm to act for you unless you cancel your instructions to us.

When you return your claim pack, we will review it to see if there is the possibility of making a successful claim.

We may need to contact you if we need any additional information to help us with your claim.

It’s important that you deal with any information requests as soon as possible so that your claim is not delayed.

We will then prepare and submit your claim and work hard to get the compensation you may be entitled to.

This includes checking any redress figures to make sure they are correct.

If your PPI policy is still in force, you will need to decide whether or not you should cancel it.

What can I claim for?

You can claim for the return of any PPI payments plus interest at 8% if your PPI policy was mis-sold. If you have been charged interest on your PPI payments, perhaps because it was included within a credit account, then you could claim the effect of the interest back as well.

How far back can I claim?

The sale of PPI became regulated by the Financial Services Authority in January 2005 so we can submit a claim for you if it was mis-sold after this date. Prior to this date there was a voluntary set of standards known as the General Insurance Standards Council (GISC) Code. If your policy was sold before January 2005 and the firm that sold it had signed up to comply with the GISC Code then we may also be able to present a claim.

What if the company that mis-sold the PPI is no longer trading?

If your PPI was taken out after 14 January 2005 but the company that sold you the cover is no longer in business, you can submit the claim yourself to the Free government backed scheme known as FSCS. They can be contacted at; Financial Services Compensation Scheme 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU. Freephone number is: 0800 678 1100 or 020 7741 4100. Website : http://www.fscs.org.uk

How will redress be paid?

Redress can be paid in a number of ways. Firstly, you may receive a cheque back for the amount of redress or it may be paid directly to your bank account. This could also happen if there’s a refund due when you cancel the PPI policy.

Sometimes, the lender may pay the redress directly to a credit card or loan account. If there are any arrears within your credit account then the lender may offset any redress against the arrears. If the arrears are severe and the lender has issued a “default” notice, they can use the redress to pay off your outstanding balance. Clearly, if your redress is greater than the outstanding balance then the remainder will be sent to you.

Sometimes, the lender may need to “restructure” your credit. By this we mean that it has to calculate what you would actually owe under your loan if you hadn’t been mis-sold a PPI policy. In this case, the lender will make an adjustment to reduce your loan balance to what it actually should be.

Depending upon how complicated your case is, the lender may have to pay compensation using a mixture of these methods. Don’t worry – we will be looking to see that any compensation is fair and reflects what you are entitled to! However your compensation is paid, our fee is based on the total Redress you are awarded. While we are not always in control of the manner in which the lender pays your redress, we are authorised to hold a Client Account into which redress from the bank can be paid. In this instance we will then deduct our fees and send you the balance so you won’t have to send us payment yourself.

How long will my claim take?

The firm that sold the policy is required to resolve complaints within 8-16 weeks of receiving them. We’ll be doing all we can to get your claim completed in this time. Sometimes, it may take longer, if for example, we have to refer your claim to the Financial Ombudsman Service (FOS). The FOS decision can take in excess of 24 months to be made.

How much do I have to pay?

You won’t pay us anything unless we’re successful in winning your claim¥, in which case you will need to pay us 30% + VAT of the total redress, which is 36% with VAT included. So, for example, if your total redress is £1,000.00 then you will pay us £360.00 making your share of the redress £640.00.

Action You received the full sum in cash Part Cash
Redress/Part Balance
Reduction/Offset
Full Balance
Reduction
Total redress £1,000.00 £1,000.00 £1,000.00
Cash to you £1,000.00 £500.00 £0
Amount paid off the balance £0 £500.00 £1,000.00
Our fee 30%+ VAT = 36% £360.00 £360.00 £360.00
You Receive £640.00 £140.00 £0
Remaining balance due to us £0 £0 £360.00

If you cancel your agreement (after the initial 14 day period) we may make a charge to cover our reasonable costs incurred in progressing your claim. Your lender may deduct taxation on your behalf from the statutory interest compensation element of you redress. These monies are remitted by the lender to HMRC on your behalf. The 8% interest paid by the firm is subject to taxation (as it is unearned income) and it must be declared to HMRC or included in a self assessment tax return, such monies form part of your Redress, we will charge you at our standard rate as per our terms.

Can you guarantee that my claim will be successful?

No-one can guarantee this, but we will be doing all we can to win your claim. Remember, though, you don’t pay anything unless we win¥ so you’ve got nothing to lose!

Why should I use Claim 4 Refunds?

Well, you can take up the claim yourself directly with the adviser, lender, Financial Ombudsman Service or use one of the many other claims management firms out there. However, by appointing us we’ll be using our industry experience to work hard for you. Our dedicated team work to ensure you receive the compensation you are entitled to, in the event you have been mis-sold PPI.

Will it affect my credit rating?

Just making a claim will not affect your credit rating. However, you need to ensure that you continue to make any payments due to your lender under a credit agreement.

Can I still claim if I am in a debt management plan, an IVA or have been made bankrupt?

If you have been made bankrupt and have not yet been discharged then we cannot help. Usually, your redress will be paid into your bankruptcy estate. If you have been discharged from bankruptcy and the mis-sold PPI was taken out after your bankruptcy then you could be entitled to receive the compensation directly.

If you are in an IVA or debt management plan, you can still claim but usually the compensation will be used to pay your creditors and you will still be liable to pay us our fee.

What if I’m not happy with the service you provide?

We think it’s unlikely that you will be unhappy with our quality customer service, but if you feel that we haven’t delivered then we want to hear from you.

We have a full complaints handling procedure and if you’d like a copy of this just ask us or you can find it on our website.

If you are not satisfied with our response, or if a complaint is not resolved after eight weeks, you may refer the complaint to: Legal Ombudsman, PO Box 6804, Wolverhampton WV1 9WG Tel: 0300 555 0333 Email: cmc@legalombudsman.org.uk Website: www.legalombudsman.org.uk/cmc

Can I change my mind?

You can change your mind without paying us any fees within 14 days of us receiving your letter of authority and at any time thereafter we will make a charge to cover reasonable costs as per our terms and conditions. You should tell us you’ve changed your mind in one of the following ways:

By telephone on 0800 822 3455
By emailing us at info@claim4refunds.com
By writing to us at Suite S1, Sterling House, Langston Road, Loughton, Essex, IG10 3TS.

If you wish to cancel this agreement within 14 days of us receiving your letter of authority you can also complete the model cancellation form contained on our website or by telephoning us and we will send the form to you, in order to comply with the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 or let us know you wish to cancel by one of the methods above.

Will I have to pay anything if I cancel within this 14 day period?

No if you cancel within this initial 14 day period you won’t have anything to pay.

What if I change my mind after the 14 day period?

You can change your mind at any time. If we have already undertaken work on your behalf we will make a charge to cover our reasonable costs as per our terms and conditions.

Will I have to go to Court?

We will help you with your claim right up to and including the Financial Ombudsman Service. We will not represent you in taking legal action. If you wish to take legal action you will have to arrange this separately and pay the costs yourself.

How can I keep track of my claim?

We will submit your claim to the adviser or lender and they will have a period of 8 weeks in which to complete the investigation. We will notify you once we have a decision or if the lender cannot complete its investigation by that timescale. We’ll discuss with you whether it’s appropriate to refer the case to the FOS and let you know about any additional information that may be needed. Of course, you can call us at any time to check on the progress of your claim. We will contact you at any time that we need further information required to progress your claim.

What is a Free No Obligation PPI Check?

We check to see if you have PPI on your borrowings. If you have PPI, we can help you recover this if you feel it has been mis-sold. If you know you have had PPI, we will confirm on which accounts by checking anyway. It’s a simple and straightforward process.

In order to process your Free no obligation PPI check, we need you to fill out the forms enclosed. Once completed, we will have everything necessary to get your Free no obligation PPI check started.

If you need any help completing the forms, please do not hesitate to contact us. We will contact your lender and find out if you have had PPI applied to your account. If we find that you have PPI, and you wish to take further action, we will contact you and discuss starting a claim.

A Free PPI Checks doesn’t affect the relationship with your bank. You are free to make a claim yourself. We confirm any PPI policies you have had with the lender. We look forward to hearing from you.

Our free PPI Check is a 3 stage process:

  1. PPI Request to Lender
  2. Confirmation of any PPI Policies
  3. Customer Decision on what to do next.

On a Free No Obligation PPI check, what happens when we have completed the check?

What we will do for you:

We will check for you free of charge with your lender if you have PPI on any of your borrowings. We will endeavour to let you know if you have any PPI on any of your borrowings and what your options are if we find you do have PPI.

If you wish to pursue a complaint for mis-sold PPI, we will be able to help you with this. We will contact you after we have found out if you have any PPI policies.

You are free to withdraw from this Free no obligation PPI check at any time at no cost to yourself.

If there was no PPI.

We will contact you to let you know and that will end the matter.

If we establish you have had PPI.

We will contact you (phone, text, email, letter) to let you know the outcome of our initial contact with
your lender.

If we find you have PPI and you wish to engage Claim for Refunds after the Free no obligation PPI check, you can sign a new Letter Of Authority or confirm over the telephone with us, that you would like us to pursue a claim for mis-sold PPI.

What happens next?

  • You feel that the PPI was mis-sold and ask Claim for Refunds to represent you.
  • You feel that the PPI was not mis-sold and have asked Claim for Refunds to end the process.
  • You choose to use the information we have provided to take the case on yourself and that is the end of our commitment to you.

I have heard a lot about a case called “Plevin”, what is it?

“Plevin” relates to a supreme court ruling in November 2014 – under section 140A of the Consumer Credit Act 1974, the Supreme Court ruled in Plevin vs. Paragon Personal Finance Ltd. (Plevin), that failure to disclose to a client a large commission payment on a single premium Payment Protection Insurance (PPI) policy, made the relationship between lender and borrower unfair.

Can Claim 4 Refunds Assist me in getting monies back where a large commission payment may have been made?

Yes. As part of our service to customers, we will not only check if your PPI was not only missold but if you could reclaim any commissions which may have been paid/received by your lender in respect of your PPI policy. The Financial Conduct Authority (FCA) announced in March 2017 the final rules for lenders on the subject of large commissions, which will be introduced in August 2017. As part of our service we will engage with your lender on your behalf,  ensuring you receive monies you may be entitled to.

What Our Customers Say

Mr Hughes

I cannot give a more higher praise to this company for the way that they have dealt with my claim.

Mr Hughes, Welwyn Garden City
Mrs George

At least I could relax knowing that the past problems would be solved. I am now 75 years old and shall be forever grateful for the help I was given.

Mrs George, Angus
Mr & Mrs Wooton

Claim4Refunds have helped me to fully understand everything involved with making a PPI claim. They have been there to lend advice on all aspects of my PPI claims and I am being fully updated with any progress. They have been a life line for me and my family.

Mr & Mrs Wooton, Harlow / Essex
Mrs Cherrett

I would like to thank you for all of the help you have given to me

Mrs Cherrett, Fife
Mr Bovingdon

Claim4Refunds won my claim in just 30 days!

Mr Bovingdon, London
Mr and Mrs Bailey

Claim4Refunds have achieved more than we ever could have dreamed of.

Mr and Mrs Bailey, Got back £25,861
Mrs Wallis

The money Claim4Refunds has won back for us has paid for my husband’s electric wheelchair and a well needed holiday.

Mrs Wallis, £25,000 PPI Refund