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First Direct Claims
Have you taken out a loan or credit card with First Direct?
First Direct is a telephone and internet bank based in the UK. It is a division of HSBC Bank which has interests world-wide. They offer loans, mortgages and credit cards to which payment protection insurance (PPI) has often found to be attached. Read more about First Direct PPI Claims.
PPI is a special form of insurance designed to ensure that the policy holder is able to continue to make repayments if ever they have to come out of work through accident, sickness or unemployment. But policies were often mis-sold to people who didn’t want them, didn’t need them or could never have made a claim because of an exclusion clause built into the policy.
Compensation
First Direct are part of the HSBC group who have so far set aside £2.9 billion to pay compensation to successful claimants of PPI which is a small part of the £40.2 billion set aside in total by the industry as a whole.
Figures released by the Financial Conduct Authority (FCA) show that £29.2bn has already been paid out to successful claimants, but some financial commentators believe the final total bill could go even higher.
Was your First Direct PPI policy mis-sold?
There are many causes of mis-selling so if you’re not sure then ask yourself:
- Did First Direct put pressure on you to take out a policy and lead you to believe that taking it would improve your chances of securing the finance you needed?
- Were you asked questions about your medical history and warned that a pre-existing medical condition would mean you couldn’t claim?
- Did you already have additional cover in place which would have allowed you to make your payments?
- Did they tell you the policy was optional and that you didn’t have to take it?
- Did they check your employment status to make sure the policy was suitable?
- Did your employer pay you full sick pay which meant you did not need the policy to make sure your payments were covered?
If any of the above applies to you then you were possibly mis-sold your PPI policy and could make a claim to get back any money that’s rightfully yours.
Claiming back PPI
Gladstone Brookes offer a Free PPI Check** to get you started. Should you decide to pursue a claim through us if PPI is found, we will treat your case with the utmost care. Getting started with Gladstone Brookes is simple. Just call us on or fill in the PPI check form on our website.
For any claims pursued, we aim to recover 100% of any premiums that you have paid, plus any interest paid on those premiums and where possible a further 8% in statutory interest.
Gladstone Brookes has a 91%‡ success rate on the claims we make on behalf of our clients and we have already recovered more than £1 Billion± for our clients against a wide range of lenders.
Making a claim
If you decide to pursue a PPI Claim through Gladstone Brookes, once we issue a letter of claim to First Direct, the bank should acknowledge it as soon as possible and then our average timeframe is 8-16 weeks from the date of that acknowledgement to a final decision being made.
If your First Direct PPI claim is a success, the compensation will be paid direct to you and Gladstone Brookes will then invoice you for our fees which are 20% + VAT° of the total redress offered by your lender, including any reduction of any outstanding agreement, which if in place the PPI may be cancelled. If we are unsuccessful there will be no charges whatsoever†.
Rejection
Of course, your claim might also be rejected, but if that happens Gladstone Brookes will assess the terms of the rejection and advise you whether or not an appeal to the Financial Ombudsman Service (FOS) to overturn the decision might succeed.
It’s all part of the same no win no fee† service. Our specialist team will carefully examine the rejection letter and, if they feel there is the chance they can get the decision overturned, they will compile the necessary information to appeal to FOS.
Did First Direct sell you PPI?
To start a PPI check and find out if you were sold PPI, which you could reclaim, simply fill in our online form. Start My PPI Check