If you have been overcharged or mis-sold financial products, there’s a real chance you can claim back hundreds or even thousands of pounds.
One of the most well known claims in history was the PPI scandal which resulted in £38 billion of claims given back to customers who were mis-sold PPI. From injury claims to insurance claims or even housing disrepair claims, we give some insight into how to maximise your chances of being eligible for a claim.
Who can qualify for a claim?
There are numerous reasons why a claim can be made.
Personal injury that wasn’t the claimant’s fault is a frequent reason to make a claim.If this injury affects the claimant financially (such as not allowing them to work), and happened within the last three years qualifies for a claim.
Another huge reason for claims are mis-sold loans. A loan can be considered mis-sold for a variety of reasons including:
- A lack of transparency, when providers neglect to clearly explain the fees, total cost, and interest rates attached to a product.
- If customers have been misled by unclear wording
- If customers have been pressured into loans they can’t afford, or into purchasing unnecessary add-ons
- If a customer was sold a product they were not eligible for. This includes products restricted by age, residency, or employment status. For example, loaning to people who are currently bankrupt.
This sort of issue can be seen in many types of loans such as payday loans, logbook loans, and short term loans. Anyone who was mis-sold a loan is eligible to make a claim.
Many people file claims over mis-sold catalogue credit. This is when shops use a ‘Shop Now, Pay Later’ scheme without carrying out sufficient affordability checks. This entitles customers to claim back the interest charges incurred.
What documentation do I need to make a claim?
The documentation needed depends on your claims partner, and the reason for your claim. Some firms can work off minimal evidence and hunt for documents on your behalf, whereas others will ask you for more information.
Documents you may be asked for include:
- Your personal details and proof of address
- Your original finance agreement
- Bank statements
- Credit history
- Proof you have tried to resolve the dispute prior to making the claim
- Your documentation about key events and dates
Make sure to check whether these should be delivered digitally or printed.
How do you find a good claims partner?
“It’s important to find a good claims partner to work with,” explains Claims Bible, a specialist in the industry.
“A good start is to see if they have a success rate, and a good estimate for how long they think the claims process will take.”
“Some firms help clients obtain any documents and evidence they might need, including evidence to support their claims, based on just a few details. Others might ask you for more information. If this is something you need, check with your claims partner beforehand.”
“Be sure to check whether your claims partner provides clear information about the claims process.”
Are there any hidden fees?
Make sure your claims partner is transparent about any fees or hidden charges. Many claims partners offer to take your case on a “no win no fee” scheme. This means if your claim is unsuccessful, you won’t have to pay a contingency fee. This is usually advertised.