FINANCIAL PRODUCT CLAIMS

1. PAYMENT PROTECTION INSURANCE

WHAT IS PPI?

Originally, Payment Protection Insurance (PPI) was designed to help people with credit cards, store cards, loans and finance agreements if they ever found themselves in a tricky position, such as unemployment, resulting in them being unable to keep up with their payments. What can go wrong? You agree to pay a little extra money each month, then if the worst happens, (you have an accident or lose your job), and you will not have to worry about your loan, credit card or mortgage payments. Well, unfortunately. PPI insurance policies have been mis-sold to millions of people in Britain alone.

FACTS AND FIGURES

https://www.fca.org.uk/consumers/payment-protection-insurance/monthly-ppi-refunds-and-compensation


OTHER SYNONYMS OF PAYMENT PROTECTION INSURANCE (PPI)

Card guard, Repayment Protector, Repayment Option Plan, Payment Guard, Payment Break Plan, Accidents Sickness Unemployment (ASU) etc


ELIGIBILITY TO MAKE A CLAIM

If you’ve been paying for PPI and you believe that the following grounds apply to you then you may be entitled to claim back PPI:

And it doesn’t stop there. In some cases, lenders can use the very thing that entitled you to your loan, store card etc to mis-sell the PPI policy.

If you were in any of the following situations when you bought your PPI, you may be able to claim back a substantial amount of money:

  1. Employed part time

If you work as a Civil Servant, for the NHS or the armed forces, you are entitled to full sick pay, which can be an exclusion clause in many PPI policies. That means it’s unlikely that you would even have been given the opportunity to claim on your insurance.


HOW WE CAN HELP

If you previously had any credit facility from bank, building societies, card companies etc but you are unsure of the account number (s) or whether you actually paid PPI with those credit facilities then We Can Now Do An Initial PPI Eligibility Check For Free on your credit card, loans, mortgages & hire purchase. You only need to provide us with your:

We shall retrieve the information about the PPI from your lenders and if we find PPI paid against any credit facility then we shall inform you and make a formal claim against that lender.

First Credit Advice Limited helps people to claim back their money they may have paid in PPI premiums against;

If you would like to talk to one of our specialist claim advisers, please call us on 08001700616, or email info@fcal.co.uk.


DEADLINE FOR MAKING CLAIM AGAINST PPI FAST APPROACHING

The final deadline for making a new PPI complaint will be 29 AUGUST 2019. To encourage consumers to decide whether to act about PPI before the deadline, the FCA will run a two-year consumer communications campaign, this has been launched in August 2017.


NEW RULES FOR PPI COMPLAINTS AUGUST 2017

The FCA has also made final rules and guidance related to how firms should handle complaints in light of the Supreme Court judgment in Plevin v Paragon Personal Finance Ltd (Plevin). The Plevin decision means that consumers may have new grounds to complain about PPI regarding the amount of money that the providers received for the sale and if the failure to disclose that commission made the relationship unfair.

The new approach includes a 50% commission ‘tipping point’ at which firms should presume, for handling PPI complaints, that the failure to disclose commission gave rise to an unfair relationship, and that profit share should be included in firms’ calculation of commission. Redress will be calculated as the excess commission over the 50% tipping point. The FCA will also require all firms to write to previously rejected complainants who are eligible to complain in light of Plevin in order to explain the new basis for complaining to them.

Under new rules banks and other providers have to consider complaints about commission they earned from the sale of PPI. These rules followed a Supreme Court decision in Plevin v Paragon Personal Finance Limited in 2014 (usually called just ‘Plevin’).

If you complain about mis-selling of PPI, your provider will usually also consider commission they earned, as part of your complaint – even if you don’t mention it.


COMPLAINT ABOUT COMMISSION EARNED BY A PROVIDER

You can make a new type of complaint – about the commission a provider earned from the sale of PPI – even if you had a previous complaint about mis-selling of PPI rejected.

If you had PPI there are 2 reasons you might be eligible to claim back money you’ve paid for the policy:

  1. PPI was mis-sold to you – as explained on the previous page
  2. the bank or other provider earned a high level of commission from the sale of PPI, but didn’t tell you this when you bought it – as explained below

CLAIM THAT A PROVIDER EARNED A HIGH LEVEL OF COMMISSION

A bank or other provider was usually paid ‘commission’ by the insurer, as a reward for the sale of PPI. If you had PPI, the money for this commission would come out of the payments you made for the policy. You can now claim back some of the money you’ve paid for PPI, if the bank or other provider earned a high level of commission from the sale of PPI but didn’t tell you this when you bought it. A ‘high level of commission’ typically means it was more than half of what you’ve paid for your PPI policy.

You do not need to know or explain how much commission was paid for your PPI policy, so if you aren’t sure you might want to complain.

You may be eligible to get back some money if your PPI policy covered repayments on a credit agreement – like a credit card, loan or mortgage – and you:

REJECTED COMPLAINTS ABOUT MIS-SELLING OF PPI

If you had a previous complaint about mis-selling of PPI rejected, you can still complain about commission earned by a bank or other provider.

You might not have to give all the information about your policy or circumstances again. Contact your provider or check their website, to find out what you need to include in a new complaint.
Banks and other providers are sending lettersto people who had a previous complaint about mis-selling of PPI rejected, to explain that they can make a new type of complaint about PPI. These letters must be sent by the end of November 2017, but you don’t have to wait until you receive a letter to complain about a provider earning a high level of commission.


SUCCESSFUL COMPLAINTS ABOUT MIS-SELLING OF PPI

If you previously complained about mis-selling of PPI and were refunded some or all of the money you’ve paid, you will not get back more money if you now complain about commission earned from the sale of the same PPI policy.

CHARGES:We shall charge 20% plus VAT at the back end if the claim remains successful.



MIS-SOLD PACKAGED BANK ACCOUNT

WHAT IS A PACKAGED BANK ACCOUNT?

Packaged bank accounts also known as “Paid for” accounts, usually charge a consumer with a monthly or annual fee. These accounts can be called a lot of different names such as Gold Account, Premium Account or Reward Account etc but the thing they have in common is that they usually include a range of insurance and non insurance benefits.

A typical account might include travel insurance and mobile phone insurance – as well as car breakdown cover, preferential rates on overdrafts or loans, use of airport lounges, and discounts on various products and services. Consumers usually pay between £5 and £25 each month for an account.

Packaged accounts can be a good option for many people – saving them time and money. They can work well as long as people know what the benefits are, whether they can use them and what they have to pay for them.

But if;

If any of the statements above ring a bell, there's a very good chance that you were mis-sold a Packaged Bank Account. This means you were mis-advised into buying a product that, at best, cost you unnecessarily; at worst, left you high and dry when you needed cover. That's wrong - and we're here to help you fight back.


HOW WE CAN HELP

We offer an honest, expert, hassle-free service with no upfront costs. We are regulated by the Claims Management Regulator in respect of regulated claims management activities and we have our own stringent Code of Conduct. First Credit Advice Limited will be doing everything in our power to secure you the financial justice you deserve.

If you would like to talk to one of our specialist claim advisers, please call us on 08001700616, or email info@fcal.co.uk.

CHARGES: For the Packaged Bank Account claim we shall charge 20% plus VAT at the back end if the claim remains successful.



MIS-SOLD INVESTMENT

Key financial claims are a direct result of the individual receiving wrong or bad advice for their circumstances from their Financial Advisor when they were being advised to invest some or all of their savings. Please bear in mind that rules have changed over the years so the financial advice given at the time may have been deemed appropriate at that time but now as a result of changes it is no longer deemed as appropriate for your needs and this does not stop you making investment claims now.

Mis sold investment could apply to any of the following products:

The above mentioned are example of the type of products in the investment range that may have been mis-sold in the past but it is not an extensive list so if your investment product is not listed and you feel after reading the rest of the information you may be a victim of financial mis selling then please get in touch with us by calling our office number and one of our staff will be happy to assist you further.


WHAT SHOULD YOU LOOK FOR IF YOU THINK YOU HAVE BEEN A VICTIM OF INVESTMENT MIS SELLING
?
This is where things become more tricky and where you need to understand a bit more but we will attempt to keep it as simple as possible and if after reading it you are still not sure then please contact us and we will assist you further. At the time of investment did the advisor take into account the following?

This is some of the areas that should be looked at to see if you have been a victim of mis selling in the past.
It is also important to point out at this point that people who have lost their loved ones and discover they had investments which they feel may be inappropriate can ask for them to be reviewed also as long as the executor of the will gives permission for this to take place. If this is the case you will need as much paperwork as possible to help with your case or a sympathetic bank or financial advisor as you cannot apply for a Subject Access Request for a deceased person although in our experience banks have been very accommodating as they realise people are still grieving for their loved ones.

HOW WE CAN HELP

We offer an honest, expert and hassle-free service. We are regulated by the Claims Management Regulator in respect of regulated claims management activities and we have our own stringent Code of Conduct. First Credit Advice Limited will be doing everything in our power to secure you the financial justice you deserve. If you would like to talk to one of our specialist claim advisers, please call us on 08001700616, or email info@fcal.co.uk.

CHARGES: For the Mis-Sold Investment we charge 20% plus VAT at the back end if the claim remains successful.

OUR CLAIM MANAGEMENT METHODOLOGY

We plan to help customers in financial matters through a highly skilled legal panel with a specialist claims management administration, to provide all of our clients with a results driven service. We intend to provide optimum customer satisfaction by providing you with peace of mind.

EXAMPLES OF THE COMPANY'S FEE STRUCTURE:,

Compensation is cash award – Mr. A is awarded £3,000 compensation. Mr. A will receive £3,000 and pay a fee of £750+VAT.

Compensation includes cash award with loan and future installment reduction – Mrs. B is awarded £3,000; £2,000 of this award will be deducted from the outstanding balance on her loan. Mrs. B will receive a reduction of £2,000 from her outstanding loan and a reduction on her monthly payments as well as a £1,000 cash award. The Company's fees will be calculated on the total reduction on her loan and her cash payment but not the reduction on her monthly installments. Mrs. B pays a fee of £750+VAT.

Compensation is used to offset arrears consumer has on credit card or loan – Mr. C is awarded £3,000 in compensation which is applied by their lender to reduce their arrears on their loan. Mr. C will pay a fee of £750+VAT.

Risks Involved in making claims: There is a possibility of losing you upfront fee of £100.00 if your claim gets rejected. For making a claim against the lender where you are not sure about the genuineness of your claim, there is a possibility that the lender might take legal action against you.

Alternate Mechanism for Claim: If you wish to pursue your PPI claim by yourself then you can follow the link:  http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Your Right to Shop Around: You have the right to shop around and seek any further advice from other Claims management companies before you sign up with us if you feel there is something out there more suitable to you.



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