Frequently
Asked Questions Regarding the Reclaim Protection Insurance Process What exactly is the cost
me if I employ your services?
You pay
nothing up front; once the refund had been received from your bank, we charge 25% of the Total Amount received, there is NO
VAT on top. Also, as we calculate Statutory Interest against each individual amount charged this adds to the total amount
reclaimed.
Please be wary of other companies who may offer lower percentages, look at their
wording, do they say they'll only take 20% of charges, if so they may be planning on keeping ALL the statutory interest,
thereby costing you an awful lot more.
You pay NOTHING up front, if we don't win - we don't
charge you for our time. If a case goes to Court, we provide Representation at NO additional cost to you.
If my claim has to go to court who pays the Court Costs?
We do.
We take the
full risk for the claim, if we lose the claim, then we lose the court fees.
If I reclaim PPI will the Lender ask
for my loan to be paid back?
No, unless you are in arrears the lender cannot ask you to repay the loan in full. What they may do
is say the loan has to be restructured, however, this has to be done at the same of better interest rate then you were on
previously - you should not be financial disadvantaged by cancelling a PPI policy.
Can I make a reclaim if I've already cancelled
the insurance or the loan is now paid off.
Yes, you can.
There are issues regarding how long ago
you were sold the PPI but we will be able to answer any questions you may have regarding this point.
Do you guarentee to
get me my money back?
No, we can make no such guarentees
- but all we will say is that we will work our hardest to reclaim back any mis sold Payment Protection Insurance policy.
How
Long will my Claim take?
Unfortunately, despite what other people may promise, this is
NOT a quick process. In almost every case the lender will deny the claim, stating they believe the PPI was not mis sold
and you signed the Agreement and had the chance to cancel. In almost 80% of our cases the lenders / broker will deny
responsibilty for mis selling which means we have to take your claim either to the Financial Ombudsman (which is a free-to-use
service) or we have to commence proceedings against the seller, when this happens it considerable lengthens the
claims process as both the FOS and the courts are innundated with claims.
What
if I am in an IVA (Individual Volutary Arrangement ) Situation?
If are you in IVA and the Bank/Credit Card Company/Lender you wish to reclaim unfair bank charges
from is one of the ones in your IVA, then when a refund is due it will be used by them to reduce your debt with them. This
means that you will NOT see any of the refund and could actually be worse off as you will probaly not be able to
pay the subsequent the invoice for our services.
Also, the part of the debt they pay off with the refund will be the element you
were originally 'let off' paying as a result of your IVA, so reclaiming charges will NOT reduce your IVA payments.
You should only consider reclaiming from a Bank or Credit Card company if they
are not one of within IVA or your IVA has
completed.
What is the law entitling me to my PPI back?
If you were mis sold a policy you were probably negligently misrepresented to - which is covered by the Misrepresentation
Act 1967.Or, if you didn't receive a fair rebate upon cancellation or
repaying the loan early then this is and unfair contract term. The Unfair Terms in Consumer Contracts Regulations 1999 states: - (1) A contractual term which has not been individually negotiated shall be regarded as unfair if,
contrary to the requirement of good faith, it causes a significant imbalance in the parties' rights and obligations arising
under the contract, to the detriment of the consumer.
Could I do this myself?Of course you can and the following is a link to a very useful
web site www.moneysavingsexpert.comUnfortunately,
most people have neither have the time nor the inclination to 'battle it out with their lender' and their lies the
issue 'their bank' most of us were brought up to respect bank and don't feel comfortable with challenging them.
However, if you've been lied to and told you HAD to take out insurance or paid £000's for
insurance useless to you - you should be able to claim this money back, but most people do prefer the 'distance'
of using a 3rd party.
Do you have to be regulated to carry out claims management business?
YES you do !
Reclaim Bank
Charges Limited is Regulated by the Ministry of Justice in respect of regulated claims management activities No. CRM 5270.
Registration can be verifed by access to www.claimsregulation.gov.uk
Data Protection Registration No. Z9803930
Do you have a Complaints Procedure ?
Yes,
if you are dissatisfied with the service we have provided you should initially make a complaint either in writing or by email
details of your specific complaint to complaints@reclaimbankcharge.co.uk -
If you are dissatisfied with the way a complaint has
been handled then you ask the Regulator to review the handling of the complaint. The Regulator has the power to direct the
business to reconsider the complaint and to refund any fees that have been paid, but cannot award compensation. The Regulator
can be found at www.claimsregulation.gov.uk