If you have a question regard your individual circumstances or are unabe to find the answer to a question, please contact us and we will do our best to answer any queries.
Frequently Asked Questions
How does it work?
Payment Protection Insurance (PPI)
Payment Protection Insurance (PPI) policies were often sold as an add-on product alongside normal credit card, loan or mortgage agreements. They were originally sold as an insurance product that would cover monthly repayments should the policy holder have an accident or become ill, or be made unemployed and unable to meet the minimum repayments themselves.
In many circumstances, it can be demonstrated that a PPI policy has been mis-sold to the policy holder. If it is proved that the lender or policy provider is responsible for selling an unsuitable product to a client, then compensation can be claimed back.
Unfair Consumer Credit Agreement
In April 2007, modifications to the Consumer Credit Act (CCA) came into force. The CCA is the law that governs relations between lenders and borrowers in the UK, and the amendments made were designed to protect the consumer, including new provisions relating to unfair relationships between borrowers and lenders.
As a result of these modifications, you now have the grounds to actively pursue compensation from lenders with whom you have historical arrangements, on the basis that the lender has failed to comply with their obligations under the Act.
What could I receive back?
Payment Protection Insurance (PPI)
We can seek to claim costs for PPI cover you may have been mis-sold over the last 6 years. Compensation can be claimed to cover:
- Upfront premiums paid
- Interest charged against a policy
The Citizens Advice Bureau has published research that demonstrates that some providers have historically charged up to 56% of the amount originally loaned.
This could equate to:
- £10,000 loan - £5,600 compensation
Comparisons show that some PPI premiums are inflated by up to 3 times the cost for standard cover, and it is estimated that borrowers may have been overcharged by as much as £3billion a year.
Unfair Consumer Credit Agreement
Depending on the conditions of each individual credit agreement that we prove to be unenforceable, you may be able to achieve the following:
- An enforceable acknowledgement from the lender that you have no liability to pay any sums remaining against an agreement
- Admittance from the lender that the terms of your credit agreement are unenforceable in a court of law
- Reduction of the value of any outstanding balance remaining against a credit agreement (either partial or full amount)
- Compensation for interest charged throughout the life of the agreement
- Reimbursement of any charges paid throughout the duration of the agreement
What are the chances of success?
Payment Protection Insurance (PPI)
Extremely high success rates are currently being recorded against PPI claims. The claims process is fully supported by the Office of Fair Trading and the Citizens Advice Bureau, which encourages the lenders to cooperated with our requests for information and invitations to negotiate a settlement.
Unfair Consumer Credit Agreement
If you signed your credit agreement before April 2007, it may contain some form of flaw that will deem it to be defective. You will be kept informed of our progress, and receive a refund of all audit fees paid if we are unable to achieve success on any of the agreements you have submitted for review.
How long will it take?
Payment Protection Insurance (PPI)
If the lender cooperates with our requests for information and settlement, your claim may be settled in as little as 12 weeks. However, your case may need to be referred to our legal panel or the Financial Ombudsman, which may slow down the completion process.
We expect to have achieved closure on successful cases within 9 months of submission, although many cases can be concluded much more quickly.
Unfair Consumer Credit Agreement
Once we have your permission to proceed and you have returned all of the signed documentation we have requested, we will contact the lenders involved and request your original credit agreements. The lenders have up to 40 days to respond to this request, although they may use avoidance tactics to delay the progress of the case. We cannot be seen to be acting with undue haste, so we give the lenders a total of 80 days to comply with their legal obligations under the Consumer Credit Act. After initial analysis of the lender response, it may be that we are able to achieve success without going through legal litigation, but in the majority of cases we will need to refer your claims to a solicitor.
From the point at which your case is referred to solicitors your case should be concluded within 9-12 months of application.
Do you need my original agreements or documentation?
PPI and Unfair Credit Agreement
It's helpful if you are able to provide us with any original documentation you may have, such as the agreement or terms. However, if you do not have these we will request them from the provider on your behalf. The lender or company that arranged your policy is obliged to provide us with this information under the Data Protection Act and the Consumer Credit Act.
Can I organise this myself?
PPI and Unfair Credit Agreement
Yes, you can contact your providers directly to organise this, and may be able to seek assistance from the Citizens Advice Bureau or Office of Fair Trading.
I'm struggling to meet my repayments at the moment – what are my options?
PPI and Unfair Credit Agreement
If you are genuinely unable to meet your existing repayment commitments, we can put you in touch with an affiliate company who will be able to give you free advice on your options with regards to debt solutions.
Can I stop making repayments?
PPI and Unfair Credit Agreement
No – you must continue to make all of your agreed minimum repayments throughout the entire review process, until we advise you of your options.
Will I need to go to court?
PPI and Unfair Credit Agreement
It is highly unlikely that you will need to go to court. In our experience, the majority of cases are settled before they reach this stage. In the unlikely event that you do need to attend court, our solicitors will guide you through this process.
Do you charge any fees?
Payment Protection Insurance (PPI)
You do not pay us any upfront fees for PPI claims, and nothing will be charged to you if we are unable to achieve success on your behalf.
If we are successful we will charge you a success fee calculated against the total amount recovered. Full details of our success fees can be found with our PPI Terms of Instruction.
Unfair Consumer Credit Agreement
Full details of our fee structure for Unenforceable Consumer Credit Agreements can be found within our UCCA Terms of Business.
Upfront fees are charged to cover the resources required to liaise directly with your lenders and obtain copies of the original credit agreement that you signed. We undertake in-depth analysis of all of the documentation relating to the agreement. There is a substantial amount of administration and auditing required to complete this, and our internal case processors and solicitors are fully trained by our barrister.
You are paying for an auditing service and opinion-based advice once we have identified the options available to you.
We operate a "100% refund for 0% success" refund policy on our services. This means that if we are unable to achieve success on any of the credit agreements you have submitted for review, you will be eligible to apply for a full refund of all of the audit fees you have paid.
What if I'm already in a debt management plan?
Payment Protection Insurance (PPI)
The fact that you are in a debt management plan will not affect the eligibility of your claim.
Unfair Consumer Credit Agreement
If you are able to afford the fees, you can still submit these agreements for review. However, you must continue to meet your agreed minimum repayments throughout the entire review process, until we advise you of your options.
Will this process affect my credit profile?
Payment Protection Insurance (PPI)
No, claiming back what you are entitled to will not affect your credit profile.
Unfair Consumer Credit Agreement
We cannot make any guarantees as this is not part of the service that we provide. However we will make you fully aware of any processes we may undertake that might affect your credit profile. If you do experience any problems regarding your credit profile we can give you information and advice to help you lodge a Notice of Dispute or Notice of Correction on your credit record.