Pre Contractual Information Payday Loans

  1. PayDay Claims Process

Impakt Claims offers an end to end PayDay Loan claims service, we do all the hard work for you. We check to see if we’re able to claim back your interest & fees for mis-sold PayDay Loans with your current & previous lenders.

 

Please read this information carefully before agreeing to our Terms of Business. If you do not understand anything, or have a question, please contact us before you sign them.

 

  1. Important – You do not need to use our services, or those of any Claims Management Company, to make a claim against your lender(s). You can do this yourself directly with the lender(s) and even if they reject your claim you can still take this to the Financial Ombudsman Service yourself. The Financial Ombudsman Service is available to all eligible complainants and provides a free alternative dispute resolution scheme for financial claims where the complainant does not agree with the decision made by the company they are complaining to.

 

BEFORE you appoint us, if you have previously appointed another Claims Management Company to handle a claim for you against the lenders you should check that the appointment has been correctly terminated and that no cancellation or success fees are due to them. Otherwise you could be charged a fee by both us and them for the same claim.

 

  1. You may cancel a claim submitted with us at any time without cost where you have not accepted an offer of settlement. You can do this by using the cancellations link on the footer menu of our website homepage.

 

Where you accept an offer of settlement our success fee will be 30% + VAT of any compensation awarded. This will only be the case where you receive a cash settlement in excess of any offset by the lender for amounts owing, and is only applicable to the amounts you receive as a cash settlement. For Example:

Our normal fee will be 30% + VAT of any compensation offered. This means, for example, if we succeed in obtaining Compensation of £1000 Our fees would be £360. You would receive £640. If Compensation of £1000 is awarded but £500 is used to reduce Your outstanding balance the Fee(s) would be £350. You would then receive £150. (£500 minus our fee of £350). We will charge you 70% of the cash amount you receive (inclusive of VAT) or 30% + VAT on the total refund (including the offset against an outstanding balance) whichever is the lower amount for you.

 

Non “Cash In Hand” Compensation Awards

Where your loan has been fully repaid, any compensation awarded is likely to be a “Cash In Hand” payment. This means that the lender will make a physical payment of the total compensation awarded and our fees will be payable from this amount.

Where your loan is still running, or where the loan is in arrears / default, some, or all of the compensation awarded may be retained by the lender to reduce the amount owed. In this situation we will only charge our percent fee on what you receive. If you receive nothing because all of the award went against debts with the lender, then we will charge you nothing.

If we are representing you on multiple claims, either with the same lender or across multiple different lender, we reserve the right to pay our fees owed by you on one claim with cash in hand received from another.

If you are claiming on loans that are still active, or which have fallen into arrears or default, we would recommend that you discuss this with us BEFORE you instruct us to claim. We will then be able to help you decide whether making the claim is in your best interest. Our service is designed to help you and therefore we do not want to put you into further financial difficulties by making a claim.

  1. We will not, under any circumstances, insist that you take legal action, or appear in court.
  2. Below summarises our service and the processes we will follow.
    1. We will ask you some questions to decide if we feel that you have a valid claim.
    2. If we agree that the loan(s) were inappropriate for you we will make a complaint to the lender(s).
    3. We will correspond with you and the lender(s) throughout the claim to ensure that they have all the information that they need to investigate it.
    4. We will help you fill in all of the necessary forms and documentation that are needed for the claim, and where appropriate will check the details you have provided. We will NOT coach you to provide inaccurate information in order to maximise your compensation or success in the claim.
    5. We may pass your data to a third party to access your credit file with your permission or recover other linked previous addresses for you to support your claim.
    6. We will review the lenders findings and any compensation offered.
    7. If accepted by you we will process the payment and forward your part of the compensation to you.
    8. If we disagree with the offer we may challenge this with the lender and if necessary progress the case to the Financial Ombudsman Service.
    9. We will keep you fully updated as the claim progresses.
  3. You will need to sign our contract before we can commence a claim for you. You will not be asked to take out, or pay for, any insurances or loans as part of your claim.
  4. In order to pursue the claim we will need you to supply some documentation to us. This includes:
    1. The signed Terms of Business agreement.
    2. A Letter of Authority (a document that allows and instructs the lenders to communicate and work with us).
    3. Details of the lenders from who you have taken the loans.
    4. All other documents, including those in electronic form, that are in your possession that are relevant to the claim, and which give evidence of the fact of the claim.
    5. When we have located your loans we may ask you for further information about these loans or your circumstances at the time you took them.
  5. All of the answers to questions or statements given by you are your responsibility. You must ensure that these are factually correct and accurate.
  6. Any claims documentation that we send you, or which is received from the lender, must be read carefully and retained by you. If there is anything in this documentation that you do not understand or are unclear about you must ask us.
  7. Should you have a complaint in regards to the service we have provided, we have an internal complaints procedure which you should follow. The full process can be found on our website, or will be sent to you on request, but a brief summary is provided here:
    1. You should contact us by email, telephone, post or in person at our offices and provide details of what you are complaining about. While not mandatory, we do find it useful if you also tell us what you would like us to do to put this right.
    2. We will acknowledge your complaint in writing within 5 working days. We will tell you who will be handling your complaint and the full details of the process they will follow.
    3. We will then investigate your complaint and within 8 weeks:
      1. Send you our final response letter; or
      2. Send you a letter to advise that we are not in a position to give you our final response, but advise you when we feel we expect to be able to do so.

In either case we will inform you of your right to complain to the Financial Ombudsman if you are unhappy with the response given. We will also detail how to do this and the time limits that apply.

  1. You have 14 days from the date you sign the agreement in which to cancel it. If you do this you will not incur any fees from us.
  2. If you cancel the contract AFTER the 14 days ‘cooling off’ period but BEFORE a compensation offer is received. We will charge you a reasonable fee to cover the work we have carried out on your case up until that point. An itemised bill detailing the regulated claims management service provided prior to request for any payment of these cancellation fees. If you cancel AFTER the compensation offer has been made we will charge a cancellation fee equal to the success fee of 30% + VAT of the compensation offered.
  3. You have the right to seek further advice, or shop around, before you sign the agreement. In some cases there may be regulatory time limits on making a claim and therefore if you are going to delay making a claim while you do this, you should ensure that these are not going to be exceeded.
  4. Impakt Claims is a trading style of The Claims Experts Ltd. Registered address is Pioneer House, Pioneer Business Park, North Road, Ellesmere Port, CH65 1AD, United Kingdom (company number 11600861). Impakt Claims are authorised and regulated by the Financial Conduct Authority, Interim Permission Number 836692. Data Protection Registration number ZA477153.