Key Facts Summary Page

PPI Trace – This check aims to confirm if you have PPI on any products you have taken out with your Finance Company. You will be required to sign a Letter of Authority for each Finance Company you would like checked for PPI. 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 due to the recent PPI deadline we have found that the finance companies can take far 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, an Agreement Form and our Terms and Conditions. The Agreement Form should be signed to confirm that you have read and agree to our terms but it also authorises us to communicate with your finance company as your Claims Management representative – you may have already completed an Agreement Form with us before. The questionnaire helps us and your finance company identify possible grounds for mis-sale. Once you return your completed Questionnaire and Agreement Form 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).   

 

We will process the finance company’s acknowledgement and help field any queries where we can – but you may have to answer some questions directly from the Finance Company at this time. Your Finance Company has 8 weeks to issue their “Final Response” but we have found that the PPI deadline could cause considerable delays to this. 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 are 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.

Our Fees – If we help you to trace PPI and you choose to proceed in allowing us to reclaim your compensation, 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.

£10,000

£2,400

£7600

£3,000

£720

£2280

£1,000

£240

£760

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.

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 at any point prior to your Finance Company issuing a final decision. 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 cancel.

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. 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/

 

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