You have a chance to claim back hundreds or even thousands of pounds if you have ever been overcharged or mis-sold financial products.
A good example of this, and one of the most famous claims on record, was the PPI scandal. This resulted in £38 billion of claims returned to customers who were mis-sold PPI. In this article, we provide some insight into ways in which you can maximize your chance of being eligible for a claim.
How Do You Find a Good Claims Partner
Gavin Cooper, the founder of Claims Bible, explains “it’s important to find a good claims partner to work with.”
“A good start is to see if they have a success rate, and a good estimate for how long they think the claims process will take.”
“Some firms help clients obtain any documents and evidence they might need, including evidence to support their claims, based on just a few details. Others might ask you for more information. If this is something you need, check with your claims partner beforehand.”
“Be sure to check whether your claims partner provides clear information about the claims process.”
Who can Qualify for a Claim?
There are many reasons that a claim can and should be made. One of the most common reasons to make a claim is personal injury that was not the fault of the claimant. If this injury impacts the claimant financially (for example, the injury prevents them from working), and occurred within the last three years, then they can qualify for a claim.
Another common reason for claims is mis-sold loans. A loan may be considered to be mis-sold for a wide variety of reasons. These include:
- If the customer was misled by unclear, ambiguous wording
- If the customer was pressured into taking out loans that they cannot afford, or pressured into purchasing unnecessary add-ons
- Lack of transparency, i.e. when a loan provider neglects to explain clearly the fees, total costs, and interest rates attached to a product
- If the customer was sold a product that they were ineligible for. This can include being sold products restricted by age, residency, or employment status. A good example of this is a loan being sold to people who are currently bankrupt.
These kinds of issues can be seen in many different types of loans, such as payday loans, logbook loans, and short-term loans. Anyone who was mis-sold a loan for the above reasons is eligible to make a claim.
Another common reason that individuals file claims is over mis-sold catalogue credit. This is the type of scenario whereby a shop uses a ‘Shop Now, Pay Later’ scheme without carrying out the necessary affordability checks. When this occurs, customers are entitled to claim back the interest charges that they incurred.
What Documentation Do I Need to Make a Claim?
The documentation needed for any claim will depend on your claims partner, and the reason that you are making a claim. Some firms are able to work from minimal evidence and look for the documents on your behalf, while others may need more information. Generally, the documents that you may be asked for include:
- Bank Statements
- Credit History
- The original finance agreement
- Personal details and proof of address
- Documentation about key events and dates
- Proof that you have tried to resolve the dispute prior to making the claim
It is important that you check whether these documents should be delivered digitally or printed.
Are There Any Hidden Fees?
It is important that you ensure that your claims partner is being fully transparent about any fees or hidden charges. Many claims partners will offer to take your case on a “no win no fee” basis. This means that if you are unsuccessful with your claim, you will not have to pay a contingency fee. This is usually clearly advertised by the partner.
