Ferguson Financial Solicitors Ferguson Financial

Specialists in Financial Mis-selling

Call Ferguson Financial now on 0845 838 1360

Frequently Asked Questions

Individual

What is PPI?

PPI is Payment Protection Insurance but it is also known by lots of other names such as:

  • ASU (Accident Sickness Unemployment)
  • MPPI (Mortgage Payment Protection Insurance)
  • Loan Protection Cover
  • Redundancy Cover
  • Card protector

It’s a form of insurance that can be purchased alongside a loan, credit card, card finance or mortgage. The idea is that the policy covers the repayments on the credit in the event that you are unable to do so due to illness or unemployment.

In principle there is nothing wrong with this type of insurance, indeed it’s been around for decades. The problem however is that it’s very often mis-sold because it is unnecessary, overpriced or unsuitable.

How do I know if I have a claim?

Take a look at our checklist. Can you answer YES to any of the questions? If so you may have grounds to make a claim for redress:

  • Were you told or sold the wrong thing?
  • Did you even know you had been sold PPI?
  • Where you unemployed or retired when you took out the loan or credit card?
  • Were you self-employed when you took out the borrowing?
  • Did you have any medical conditions when you bought the PPI? Most policies don’t allow you to claim for help due to pre-existing medical conditions. Were you even asked whether you had any pre-existing medical conditions? Did you know about the exclusions?
  • Were you told that your loan/credit application would only be accepted if PPI was included?

These are just a few examples of situations that indicate mis-selling. If you are unsure then please contact us for no obligation advice.

I’m not sure if I had PPI with my loan or credit card?

That’s not surprising with so many people being sold PPI without their knowledge. If you suspect that you may have been sold PPI then contact us, let us know you’re unsure and we can find out for you.

Quite simply there is a good chance that you do have PPI because the majority of loans taken out in the last 15 years included some form of Payment Protection Insurance. Payment Protection Insurance is also known as Personal Loan Protection (P.L.P.), Mortgage Payment Protection Insurance (M.P.P.I.), Accident Sickness and Unemployment Cover (A.S.U.), Life & Accident, Sickness and Unemployment Cover (Life and A.S.U.), or Credit Card Repayment Protection (C.C.R.P.).

Do I have to pay you any upfront fees?

Absolutely not! We work on a “no win – no fee” basis so provided you help us with any information we need we only get paid if we are successful in your claim.

What types of products would you consider managing a mis-selling claim on?

As specialists in recovering redress for the mis-selling of financial products, we are happy to manage claims on all types of products.

How long will my claim take?

We have settled claims within just a few weeks but they can take up to 8 months or longer sometimes depending on their complexity. As you may expect every case is different and as such, payout times will vary.

I have already started to claim myself, can I still use you?

Yes, as long as you have not taken your case to the Financial Ombudsman Service, we usually can help. We will tailor our service to each individual claim, whatever stage of the claims handling process it has reached. Even if your complaint has been rejected, we can often still pursue compensation but please remember you will need to get the claim to us within 6 months of the lender rejecting your complaint.

How far back can I claim?

We generally deal with policies sold within the last 12 years. Banks and lenders must keep records of all their customer’s transactions and dealings for the past 6 years.

How much will I get?

This varies depending on how many policies you have, how much you borrowed, how the policy was mis sold and how much the insurance provider charged you for the worthless cover. The Financial Services Authority believe the total compensation needed to refund mis sold PPI borrowers is close to £4billion.

Can I make more than one claim?

YES, most people make several claims as they have had several Loans & Credit Cards over the years.

Can I make a PPI claim against a policy that has expired or on closed loans/cards?

YES, whether you cancelled a policy or finished paying back the loan, you can still make a PPI refund claim.

Can I make a refund claim against a policy which I have actually used?

YES, even if you’ve made a successful insurance claim through the policy, you can still make a PPI refund claim although the lender may be able to deduct any benefits you have already received. Don’t worry we can advise you on the correct compensation figure in those circumstances.

How are you paid?

Details of our payment terms are fully explained within our agreement with you. If you have any questions regarding payment, then do not hesitate to contact us.

My IVA is still open, will I receive any settlement monies?

Probably not. Your IVA sets the minimum that the banks are prepared to settle for and not the total. Therefore you are obliged to notify the IVA Supervisor of money you receive. Generally we handle the administration of funds to your I.P.

What are the settlement funds used for?

Your Insolvency Practitioner will introduce these funds into the IVA as a windfall. The settlement will therefore be divided proportionally amongst your creditors.

What happens if my IVA is due to complete and the PPI claims process is not yet complete?

It will depend on the instruction received from your Insolvency Practitioner. We are happy to continue taking instructions after the completion of your IVA.

Will the banks start chasing me again when you contact them?

Our involvement will not affect your current agreement with your banks. You are protected by your IVA and the banks cannot start pursuing you for the full amount again.

What should I do if I receive letters about your investigations?

You should forward any letters that the bank sends to you to our offices.

How involved will my Insolvency Practitioner have to be in the process?

Typically we will cover the whole process and all that the insolvency practitioner will have to do is administer the settlements we accumulate into the IVA fund.

How will your fee be paid for clients within an IVA?

When we have a successful PPI claim we instruct the creditor to make payment direct to the Insolvency Practitioner either by cheque or by electronic transfer. We will then send an invoice to your Insolvency Practitioner detailing the payment recovered.

Individual within an IVA

My IVA is still open, will I receive any settlement monies?

Probably not. Your IVA sets the minimum that the banks are prepared to settle for and not the total. Therefore you are obliged to notify the IVA Supervisor of money you receive. Generally we handle the administration of funds to your I.P.

What are the settlement funds used for?

Your Insolvency Practitioner will introduce these funds into the IVA as a windfall. The settlement will therefore be divided proportionally amongst your creditors.

What happens if my IVA is due to complete and the PPI claims process is not yet complete?

It will depend on the instruction received from your Insolvency Practitioner. We are happy to continue taking instructions after the completion of your IVA.

Will the banks start chasing me again when you contact them?

Our involvement will not affect your current agreement with your banks. You are protected by your IVA and the banks cannot start pursuing you for the full amount again.

What should I do if I receive letters about your investigations?

You should forward any letters that the bank sends to you to our offices.

How involved will my Insolvency Practitioner have to be in the process?

Typically we will cover the whole process and all that the insolvency practitioner will have to do is administer the settlements we accumulate into the IVA fund.

How will your fee be paid for clients within an IVA?

When we have a successful PPI claim we instruct the creditor to make payment direct to the Insolvency Practitioner either by cheque or by electronic transfer. We will then send an invoice to your Insolvency Practitioner detailing the payment recovered.

Business

How do I know if I’ve been mis-sold a product?

We will review each situation separately to identify any areas of mis-selling. However the most common indicators of mis-selling to businesses are:

  • You did not fully understand the product you were agreeing to.
  • You were unaware of the termination costs.
  • You were not aware of the Banks/Lenders ability to cancel the agreement.
  • The product did not provide the cover you required.
  • The product duplicated cover that you already had in place.
  • You were told that the product was mandatory.
  • These are just a few examples of situations that indicate mis-selling. If you are unsure then please contact us for no obligation advice.

Do I have to pay you any upfront fees?

Absolutely not! We work on a “no win – no fee” basis so provided you help us with any information we need we only get paid if we are successful in your claim.

What types of products would you consider managing a mis-selling claim on?

As specialists in recovering redress for the mis-selling of financial products, we are happy to manage claims on all types of products.

How are you paid?

Details of our payment terms are fully explained within our agreement with you. If you have any questions regarding payment, then do not hesitate to contact us.

What if my claim is taken to court and we lose?

We will arrange an After The Event (ATE) insurance policy which will protect you against costs, should any court action fail.

Are you able to assist if my company is insolvent?

Yes, we will liaise with your Insolvency Practitioner to identify the best way to pursue the claim.

Insolvency Practitioner

Why should I use Ferguson Financial?

Ferguson Financial is a wholly owned subsidiary of Ferguson Solicitors LLP who, since 1997, have been representing clients with disputes against financial institutions. Ferguson Financial was formed to provide a dedicated resource to represent clients that are the victims of financial mis-selling.

How is Ferguson Financial able to assist our clients?

Many individuals and businesses have been the victims of financial mis-selling and, as such, are due redress and recompense from their lenders. The fact that your clients may be entering into, or currently within, a form of debt management or insolvency does not prohibit the recovery of redress. It simply means that any monies recovered are passed to the Insolvency Practitioner to distribute to creditors, rather than being passed to the client.

What types of products would you consider managing a mis-selling claim on?

As specialists in recovering redress for the mis-selling of financial products, we are happy to manage claims on all types of products.

How do I identify if my client has been mis-sold a product?

We do not require you to identify mis-selling, we will handle all the investigation and identification internally. We just simply require some basic information to get started.

How involved will an Insolvency Practitioner have to be in the process?

Typically we will cover the whole process and all that the insolvency practitioner will have to do is administer the settlements we accumulate. However, sometimes we will need to ask you to sign acceptance forms on behalf of the client in order for the banks to release the funds.

How can an Insolvency Practitioner help the process?

At the start of the process the most important element for us is information. The more we know about our clients and their credit history the more likely we will be successful. Therefore, the best way for an Insolvency Practitioner to help the process is to ensure that we have as much information as possible. We also ask that you forward all post sent to you either by the client or by creditors where they relate to our process.

What if the bank/lender wishes to “set-off” any recompense against the client’s original debt?

We are very experienced in dealing with financial institutions and are able to use the law to ensure that the distribution of any monies due is controlled by the Insolvency Practitioner and not by the guilty bank/lender.

Are there any upfront fees?

Absolutely not! We work on a “no win – no fee” basis so we only get paid if we are successful in recovering redress.

How will your fee be paid?

When we have a successful claim we instruct the creditor to make payment directly to the Insolvency Practitioner either by cheque or by electronic transfer. Periodically, we will send you an invoice detailing all the payments you have received in that period. Payment can then be made to us by cheque or electronic transfer.