Help – Categories
What Is PPI?
How do I know if I have it?
If you have the original paperwork for your loan, mortgage, credit card, store card or catalogue account it should be displayed on there. However, many people no longer have their original documentation and, indeed, PPI was sometimes added without the customer’s knowledge. But if you feel you may have been mis-sold in the past Gladstone Brookes has a process which aims to ensure nothing is missed because your lender should confirm if any of your past agreements had PPI attached. If we make a claim for you then we request that your lender investigates all possible mis-selling and, if proven, pay you compensation.
How can I claim it back?
We are no longer accepting PPI Claims as the PPI Deadline has passed. Generally, if you didn’t make a complaint to your provider on or before 29 August 2019, you can no longer claim money back for PPI by complaining to providers or the Financial Ombudsman Service. Some lenders may, in some exceptional circumstances still accept PPI complaints, please check with individual lenders for details.
How long does the process take?
Our average timeframe for a claim is 8 to 16 weeks from the date your lender acknowledges the complaint for a final decision to be made. If your lender cannot keep within this timeframe then we will liaise with them in the first place or refer your claim to the Financial Ombudsman Service (FOS) to bring it to a conclusion as quickly as possible.
Will my claim affect my relationship with my lender?
Lenders have recognised many of these policies were not right for customers and so reclaiming your PPI will not place any sort of ‘black mark’ on your relationship with the lender.
Starting a Claim
How successful have you been for others?
We have challenged a wide variety of lenders and have recovered more than £1 Billion (amount obtained through our claims service prior to fees and taxes) in compensation for our clients.
Though you can make a claim yourself to the lender, Gladstone Brookes has years of experience in making successful claims. Our customers rate our service 4.5 out of 5 stars on feefo (based on 4,819 reviews between July 2017 and June 2018).
How much will my claim cost?
If Gladstone Brookes makes a successful claim on your behalf our fee is 20% + VAT (so 24%° of the total redress offered by your lender), but if we don’t recover you anything, you don’t pay us a penny.
How long will my claim take?
Our average claim timeframe is between 8-16 weeks from the date the lender acknowledges the claim to a final decision being made.
What happens next?
Once we have received your signed documentation, we will contact your lender to establish whether PPI was attached to any of your agreements. If PPI was present we will then contact you to complete the PPI Questionnaire with you, so that we can make a formal claim on your behalf. We must give the lender time to investigate the circumstances, but if they are not able to keep to the expected timeframes we will speak to them and push for a decision. If they remain unresponsive, we will then report the facts to the Financial Ombudsman Service (FOS) to try to break the deadlock.
Getting the Decision
Getting an acknowledgement…
Upon making a claim with us, Gladstone Brookes issue a letter of complaint to your lender, who must then confirm they have received, logged and opened a case for your complaint – this is normally in writing to Gladstone Brookes.
The FCA state that the lender must send a prompt written acknowledgement upon receipt of any complaint made. If a reasonable period of time has passed and we haven’t received an acknowledgement, Gladstone Brookes will chase the lender and re-issue the complaint if necessary, until the lender acknowledges receipt of it.
How long will my case take?
On average, claims take 8-16 weeks from the date of the lender’s acknowledgement to a decision being made. The guidelines set by the FCA, who regulate the lenders, state that the lender must respond within 8 weeks with either a final response, or a reason as to why they have been unable to reach a decision at that point.
We liaise directly with your lender and if we feel there has been inadequate communication or lack of decision / acknowledgement within reasonable time, we will take necessary action to ensure your case gets resolved. In some circumstances, we would consider referring your case to the Financial Ombudsman service (FOS), if we found it to be the best course of action to take.
What happens if my complaint is upheld?
Fantastic! If your lender advises that they are upholding your case, an offer will be made to you to settle your complaint.
What happens if I receive an offer?
Let us know as soon as you can. We need to confirm what your lender’s offer is covering; particularly if they are investigating more than one account for you. In some cases there can also be discrepancies with offers made, so we may need to challenge the lender further in cases like this.
Why have the banks upheld extra cases?
The rules governing PPI claims dictate lenders must investigate any agreements associated with the case complained about. Gladstone Brookes cites legislation to hold lenders to this rule. It can result in lenders identifying PPI on “top up loans” that were previously unknown to the client.
What happens if my case is rejected?
If we believe that a rejection is unfounded, we will assess the case at hand to determine if there is reasonable need to refer it to the FOS to appeal it, with the aim of getting the decision overturned
What happens if an appeal can be made?
If we have reviewed the lender’s decision and we believe your case still has merit, we would look to appeal this for you. We are able to directly appeal some cases with some lenders, and others we would look to appeal with the Financial Ombudsman Service. We would discuss this with you at this point, to ensure we can obtain the most accurate information to present your case in the strongest way we possibly could.
Who are the Financial Ombudsman Service (FOS) and what do they do?
FOS is an impartial adjudicator who review cases rejected by lenders to assess if they are unfair and justify being overturned. FOS investigations are free, however due to the amount of complaints they receive they are not bound by any timescales, meaning decisions can take 18 months or more. If they do think the decision is unfair and overturn it, they will request that the lender refunds you the PPI premiums and interest you paid.
Why has my case been sent to the Financial Services Compensation Scheme (FSCS)?
There are occasions where lenders responsible for mis-selling PPI are no longer in business and, as such, cannot be claimed against. The FSCS is a ‘fund of last resort’ – a government body set up to pay compensation where the responsible company has ceased trading. The body only has jurisdiction on sales made after January 14th 2005 and can investigate claims in the same way as a lender would, paying compensation where they find a policy has been mis-sold.
I was told I had a viable claim so why has it been rejected?
We only take cases on if we feel there is a potential case for mis-selling. However, sometimes the information you provide us with will conflict with a lender’s perspective, leading to a rejection. A rejection is not always the last word on a claim though; we will assess these rejections to determine whether or not we feel the case is strong enough to be referred to the FOS to be overturned.
What do you class as proof of PPI?
Loan documents showing PPI was added to your agreement, credit card or bank statements showing payments taken for PPI premiums each month. You could also have a final statement letter from your lender showing PPI details.
Why have you chased me for information?
In many instances, lenders may destroy relevant information relating to your claim after six years of the account being inactive, which we may need to ask you for. Additionally, lenders can request further information from you, via us, to assist them in reaching a final decision on your case.
Appealing a Rejection
What should I do if I receive a rejection to my complaint?
Your first action should be to let us know. While lenders are meant to copy all correspondence to Gladstone Brookes, this doesn’t always happen. Each rejection must be responded to within a short timeframe, so acting quickly is imperative if we’re to appeal the decision.
What do I need to do to make an appeal?
We will assess your case and should we find grounds to appeal, we will compile these reasons and present it to FOS. With some lenders we are able to appeal directly to them in the first instance. To do this, we have some requirements of you:
- We must discuss with you each of the points raised by your lender in their rejection letter so we can appeal them on your behalf
- Quickly sign and return the forms we will provide – the faster you act, the sooner we can work on getting the rejection overturned or request any further information before time runs out
Will my claim now take more than 8 – 16 weeks?
Unlike us, the FOS are not bound by deadlines and are contending with a backlog. They are currently stating that their investigations can take between 18-24 months from the date in which they receive an appeal. Until the adjudicator reaches their decision, the lender is not obliged to provide you with any compensation so we must wait for the appeal to be concluded.
Invoices & Fees
How long will I need to wait for my money?
The Gamma team will arrange for monies owed to you to be paid as quickly as possible. Barclays, Lloyds and HBOS will usually pay money directly into your account within 28 days of the offer letter being issued. Most other lenders require clients to sign a form accepting the offer – they usually pay out within 28 days of receiving the signed acceptance.
I have received my money – how do Gladstone Brookes get paid?
We agree fees of 20% + VAT (so 24%° of the total redress offered by your lender), including any reduction of any outstanding agreement, should your claim be successful.
If your lender pays the redress directly to us, we will forward this onto you, minus our fee; this deduction will be detailed on an invoice. There would be nothing further to pay in this instance.
If the lender has paid you directly, please let us know right away. We will check the details of the offer and then issue you an invoice – please make sure you have paid us before you spend your redress.
This is a simple process, why should I pay you?
By agreeing to our terms and conditions at the start of the process you agreed to pay our fees in the event of a successful claim. If we have applied and/or appealed for the reimbursement of your PPI payments on your behalf and were successful, then we are owed the fees outlined in these terms and conditions.
How do I pay my fees?
Please visit our payment page for information on how to pay your fees.
Why do you need to check the offer?
We need to confirm what your lender’s offer is covering; particularly if they are investigating more than one account for you. In some cases there can also be discrepancies with offers made, so we may need to challenge the lender further in cases like this.
I don’t understand the invoice. What should I do?
We try to keep our invoice/billing process as simple as possible. However, if you don’t understand our charges having read this Information Suite and the literature we have sent to you previously please don’t hesitate to contact us on 01925 320 904.
I have spent the money and cannot afford your fees – what should I do?
This action would be a breach of your contract with us and we will discuss several options for you to settle with us, before we take further action. You should contact us to let us know what has happened, so that we can discuss the options with you and see what we can do to rectify this problem. The best way to avoid this situation is to keep the amount of money for our fees to one side.
How is the refund calculated?
We aim to recover all of the premiums you have paid, plus interest. We also aim to recover a further 8% but cannot guarantee this. PPI premiums on an ongoing loan will be cancelled and the value of those already paid credited to your loan account to reduce the outstanding balance. If you are claiming PPI from a credit card the bank may offset the refund against your outstanding balance.
My loan is ongoing but I’ve fallen into arrears – what happens now?
If you have fallen into arrears with your payments your lender may off-set any payments due to you against the amount you owe them. If the amount you owe is more than the redress they are prepared to pay you may end up with no cash payment at all, but your fees to Gladstone Brookes will still be payable for the total redress offered to you by your lender.
Why am I paying VAT?
Gladstone Brookes does not benefit from charging VAT. It is a government tax and because Gladstone Brookes is a VAT registered company (VAT number 909 1828 09) we are required to pass on the VAT we collect to the government.
What about my other cases that are not yet settled?
We handle each case individually and will continue negotiating with your lenders for any additional claims you are making with us.