Below are some of the most frequently asked questions. Simply click on the tab to reveal the relevant information. If your question isn’t covered below, please use the contact us form and we will endeavour to provide a swift answer.
The manner the PPI policy was presented to you may indicate that PPI was mis-sold. Common examples of this include:
If you were informed that it was compulsory to receiving your loan.
If the policy was not explained.
If your eligibility for claiming on the PPI was not clarified.
In the worst case scenarios, lenders lied to customers by telling them PPI was a compulsory element of a loan or that it would increase their chances of the loan application being accepted. In other cases they simply added PPI to the loan without consent. All of these are examples of how PPI was mis-sold.
Firstly you need to determine if PPI was added to your loan. If you did have PPI you then need to demonstrate how the PPI was mis-sold, to show that your complaint has merit. Claims Advisory Group can help you determine if you were mis-sold PPI and make a refund request on your behalf. Please click here to begin your complaint.
Your PPI claim could approximately take anything between 12 weeks and 2 years, depending upon the complexity of your case, the swiftness of response from all involved (including the lender, you and in certain cases the Financial Ombudsman Service or the Financial Services Compensation Scheme), and the speed of returning key information.
Claims Advisory Group work on a “no win, no fee” basis so you have nothing to lose by enquiring as there are no upfront fees to worry about. Our fees are 39% of the reclaimed amount. Our fees are clearly explained pre-sale during the initial conversation.
Providing you follow the correct procedure, then your credit rating should not be affected by making a PPI claim. The “Treating Customers Fairly” Initiative from the Financial Service Authority, stipulates that if a financial product was found to have been mis-sold then the customer should not be negatively affected by seeking redress. It states that: “making a claim on a mis-sold product or policy should not affect your credit-rating at all”. Therefore, if you have been mis-sold PPI any compensation received should not have any negative effect on your credit rating.
The total amount you receive will generally comprise of two sections: the first part is the refund of the premiums you have paid, which you do not have to pay tax on. The second part is the interest added to that amount, which HMRC consider to be taxable income. From 1 October 2013 HMRC has instructed all lenders to deduct from your total amount received any tax that may be due, and to pay it to them on your behalf.
Please visit the PPI advice section of the HMRC website for more information, or call HMRC Tax helpline: 0300 200 3300. As per our agreed terms and conditions, the fee is payable on the “value of all compensation” including any possible tax element.
Yes, you can. You can have multiple PPI cases running simultaneously, even with the same lender, providing you have different PPI policies that were mis-sold. Please note though that due to the differences between lenders and individual policies, the PPI cases may be settled at various different times.
At the Claims Advisory Group we work on a no win, no fee basis. If we are successful with your case, we will charge a fee of 39% of the value of the settlement (inclusive of VAT where applicable). In other words: should we be successful in reclaiming £3,000, the success fee payable will be £1,170. We do not charge upfront fees.
Details of our commission fees can be found in our Terms and Conditions contained in all client application packs. Claims Advisory Group Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities. Authorisation number CRM5672. www.gov.uk/moj/cmr. The registered office and principal place of business is Adamson House, Pomona Strand, Old Trafford, Manchester, England, M16 0TT. Claims Advisory Group Limited is registered in England and Wales with company registration number 06238948. ICO Reg No Z1158734. Vat Reg no 164347601.