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What can we do for you? - The claims processIf you would like us to act on your behalf simply fill in the form on our Start Your Claim page and print out the claims pack. Then fill in the details, sign, date and post it back to us. You also need to enclose a copy of your loan agreement, (if you still have it), and a cheque for £10, made out to your lender, to pay for a “subject access request” under the Data Protection Act. This will require your lender to provide us with copies of information that they hold about your application on file so we can accurately gauge how they sold you your loan and insurance policy.As we work on a “no win no fee” basis this is the only money you will be asked to send. What happens next? Once we have received your completed authority, we will contact you within 48 hours to inform you if and why we believe you have a realistic chance of making a successful claim against the lender or broker. At this point we begin a 14 days ‘cooling off’ period, during which we will not contact you, (though you can contact us), and you have the right to cancel or withdraw from your agreement with us. If we do not hear from you within the two weeks we will assume that you wish to proceed with your claim and we will send the data access request and a letter outlining your complaint to your lender. This will include reference to the relevant case law and an indication of the compensation we are seeking. The first response from most lenders is normally a rejection of the claim. But on rare occasions they may admit their failings and offer you compensation or redress. This is unlikely, but nonetheless possible! If they do make an offer, then we will immediately relay this to you for your consideration and acceptance or rejection. If you accept the offer (at any stage) we will prepare the paperwork and as your representative request the funds from your lender or broker, which will be placed in a client account. We will then deduct our fees -25% of the amount reclaimed plus VAT – and send you the balance within seven working days. In the (normal) event that the initial claim is rejected on the first letter, or you reject any offer they make, we will continue to pursue your claim until we are successful or believe that nothing further can be gained or achieved. This is where our knowledge of case history and experience within the business is invaluable – we leave no stone unturned. How long will this take? If your lender settles as above, it could be as little as three weeks from the time we contact your lender. If we manage to secure an offer for you after a second letter, a month to six weeks in the usual timeframe. If however, your lender chooses to use delaying tactics, then it may take up-to 3 months. On some occasions, if they decide they will not pay, we could be forced to take the case to the Financial Ombudsman, which would elongate the process further. During this time, we will keep you informed on a regular basis regarding the progress of the claim. |
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