Frequently Asked Questions
Below is a selection of our most frequently asked questions. If you have any questions for us please feel free to give us a ring.
We will take full details from you regarding the circumstances surrounding the sale of the insurance or financial product. We will formulate a claim based upon the information that you provide.
The Financial Ombudsman sets out clear time limits and parameters for dealing with claims. Typically a provider is obliged to acknowledge the claim within 4 weeks and provide a final response within 8 weeks.
In the event that your claim is rejected by your provider and escalated to the Financial Ombudsman it may take longer.
This depends on the type of claim and the provider. We will require a written authority from you to deal with the claim on your behalf that must contain the account details.
Some providers will require additional information in the form oF a questionnaire, in their own form or one that is provided by the Financial Ombudsman. We will endeavour to complete this as far as possible from the information that you have provided before we send it to you for signature.
In certain circumstances we may require a copy of the original agreement.
We will consider any offers of redress for accuracy before you sign any acceptance.
In the event that your claim is rejected we will consider the reasons and if appropriate we will escalate your claim to the Financial Ombudsman for final adjudication. The Ombudsman decision is binding on the provider.
We never share or sell your personal information with anyone other than the companies involved in your particular claim.
We work on a "No Win No Fee"* basis with no upfront fees. A standard fee of 20% + VAT on all PPI claims, for all other product claims we charge a fee of 37.5% + VAT, a fee may be payable if a case is not pursued at the clients request once the claim has been processed by the Company. You will not be required to purchase any legal expenses to cover your claim. We will resolve your claim with your provider or the Financial Ombudsman. You will not therefore incur any recoverable costs or premiums.
*A fee may be payable if a case is not pursued at the clients request once the claim has been processed by the Company (after a 14 day cooling off period expired) Our charges will be calculated by reference to the time spent by us in investigating and pursuing the Claim on your behalf up to the date the Contract ended, which shall be charged for in units of 6 minutes at the rate of £80 per hour + VAT (i.e. 10 units of 6 minutes make up 1 hour).
Example A: Award of £1,000
Total compensation: £1,000.00
Fee charged @ 37.5%: £375.00
VAT @ 20%: £75.00
Total Fee: £450.00
Consumer Receives: £550.00
Example B: Award of £3,000
Total compensation: £3,000.00
Fee charged @ 37.5%: £1,125.00
VAT @ 20%: £225.00
Total Fee: £1,350.00
Consumer Receives: £1,650.00
Example C: Award of £10,000
Total compensation: £10,000.00
Fee charged @ 37.5%: £3,750.00
VAT @ 20%: £750.00
Total Fee: £4,500.00
Consumer Receives: £5,500.00
This guide is not to be taken or considered as an estimate that is likely to be recovered, it is for illustration purposes only.
You may receive a different amount to those illustrated, you will be charged a fee based on the compensation award and in line with the agreed fee rate in your terms and conditions.
"Compensation" means any sums paid or awarded as calculated at the time of the award, a result of the claim or any reduction in the balance of an outstanding loan resulting from the claim.
For example, if we recover £1,000 in PPI compensation, our fee would be £240.00 (inclusive of VAT) and you would receive £760.00. If your loan was reduced by £2,000 our fee would be £480 (inclusive of VAT). If you receive a combination of loan balance reduction and compensation, our fee will be calculated upon the aggregate of the two. Where we pursue multiple claims, Fees are payable in respect of the Compensation awarded for each claim. Should compensation recovered not be payable to you (for example if you are subject to an Individual Voluntary Arrangement ) then unless otherwise agreed our fee remains payable by you.
In some cases, the financial company will contact you directly, although you can refer them to us and we will deal with their enquiry appropriately.
At My Claim Solved we pride ourselves on making sure customers receive the best service. If you think we have not done this we would like to hear about it – that way we can try and put it right, please contact us.