Key Facts Summary Page
Paperwork – To use our PPI trace and PPI complaint service, you will be required to sign a Letter of Authority for FindYourPPI to act as your representative with each Finance Company you would like checked for PPI, and to pursue your complaint if PPI is found on your account and the trace is converted into a PPI complaint. In signing this letter of authority, you also confirm that you have read and agree to our Terms and Conditions, as outlined on the separate Terms and Conditions document.
PPI Trace – This check aims to confirm if you have PPI on any products you have taken out with your Finance Company. If there is no PPI, or the bank are unable to locate you, you will be advised, and we will close down the enquiry.
PPI Claim – Where the PPI trace confirms that PPI was found (this normally takes the finance companies 30 days but since the PPI deadline in August 2019, finance companies have taken 90 days or longer), the finance company may open an investigation into whether you were mis-sold PPI (or wait to receive a mis-sale complaint from you). At this time, we will send you a PPI Consumer Questionnaire, the Questionnaire helps us and your finance company to identify possible grounds for mis-sale. Once you return your completed Questionnaire to us, where we feel your claim has merit, we will submit these to your finance company asking them to consider these in your claim (or asking them to open a mis-sale complaint if they haven’t already).
We will process the finance company’s acknowledgement and help field any queries where we can – but your Finance Company may ask some questions directly to you at this time, typically to clarify issues that are not clear from their records. If you are uncomfortable about answering direct questions from your lender, you do not have to answer them and can refer them to FindYourPPI as your representative. Your Finance Company has eight weeks to issue their “Final Response” but we have found that the PPI deadline and the Coronavirus could cause considerable delays to this, with some decisions taking longer than six months. The Finance Company may offer you compensation to settle your claim or they may reject your claim. There are different types of offer and so it is important that you understand the differences. Where an offer is made, you may then be required to sign additional paperwork in order for your compensation to be issued. You should receive a copy of their decision directly but it is important to await our review.
We will keep you updated throughout the process via email, post or text. Please do ensure that you complete the forms accurately;
notifying us of any change of address, name or other contact information. Please let us know if the Finance Company contacts you
directly – whether it be a rejection, offer or payment, so we can advise you appropriately. You can upload any documents that the bank
send to you, using your smartphone or tablet at FindYourPPI.com/upload
It is your responsibility to fully and accurately complete, sign and return all documents required by FindYourPPI or your Finance Company promptly and in all cases within 28 days of receipt. In particular, where you are required to sign and return an acceptance form by your lender to trigger your compensation payment, this must be signed and returned within 28 days of the date of the settlement offer letter. If you do not return your acceptance form within this 28 days, or decide not to accept the offer, our fee of 20% of the offered settlement (plus VAT) will automatically become payable at that point, even if you have not received the settlement compensation payment.
Our Fees – By signing our agreement form, you are agreeing to our fees of 20%+VAT (this means £24 in every £100) of the “Cash in Hand” compensation that you receive as a result of our work. Our invoice should be settled as soon as you receive payment and it is your
responsibility to let us know that you have received your compensation.
|Offer Examples:||Your offer (compensation)||Our Fees (24% inc. VAT)||You Retain|
|Cash in hand compensation received after any Reductions. Basic Rate Income Tax is typically deducted from the interest element of your PPI Compensation offer – the percentage of your total offer that is liable to income tax can change substantially case by case. These figures are representative only.||£10,000||£2,400||£7600|
We never charge commission on the compensation that is deducted at source to pay basic rate income tax, even if you’re entitled to reclaim this back later from HMRC. We don’t take into consideration any additional income tax that you may be charged by HMRC if you are in a higher earning tax bracket.
We never charge on any compensation where the monies are retained by the Finance Company to pay any arrears you may have on your
account. If you are bankrupt or in an IVA (Individual Voluntary Agreement), we will never charge you commission on the compensation
retained by the Finance Company and paid to the Official Receiver or Insolvency Practitioner. If the PPI or Plevin claim is unsuccessful, you will not be charged.
Cancellation – You have a 14 day cooling off period from the date of signing the Agreement Form to cancel your agreement with no
charge. We also allow you to cancel your agreement at no charge but if a Finance Company has issued a letter of intent to make an offer
before the cancellation takes effect then our fees will apply to the offer of compensation you have received. The easiest way to cancel
your claim is by going to www.FindYourPPI.com/cancel-claim, or alternatively by writing to our postal address FindYourPPI Kings Court,
London Road, Stevenage SG1 2NG. You will only need to tell us a) your name, b) your client reference number and c) that you wish to
Alternative methods of making a claim – you are not required to use a claims management company to make a PPI claim. It is possible to
present a claim yourself directly to your Finance Companies, without paying a fee. Advice on how to do this is at fca.org.uk/ppi/ If you are
unhappy with the Finance Companies final decision – you have the right to escalate your claim to the Financial Ombudsman Service (FOS) within six months. At our discretion, we will help you to present your complaint to FOS and will charge the same fee of 20% plus VAT (see above examples) on any successful award. You don’t need to use a claims management company to do this and you can access FOS for free at financial-ombudsman.org.uk/consumers/complaints-can-help/ppi If the Finance Company you were dealing with has ceased trading and you have suffered financial loss, you can approach the Financial Services Compensation Scheme (FSCS) to see if they can help, for free, at fscs.org.uk/what-we-cover/ppi/