Pre Contractual Information Payday Loans

CLIENT CLAIMS INFORMATION

Impakt Claims are a Claims Management Company (CMC) regulated by the Financial Conduct Authority (FCA).  Our role is to represent our customers in managing complaints for the mis-selling of financial products.

We manage complaints on behalf of people who feel they were mis-sold to and work to maximise the amount refunded to you. The most obvious and well-known product in the claims industry being Payment Protection Insurance (PPI). Impakt Claims also manage complaints against the mis-selling of Pay Day Loans.

  1. Customers authorise us to act on their behalf in managing the claim by signing a letter of authority.
  2. We then submit claims as letters of complaint to the relevant companies. We manage your claim across however many companies there are claims against.
  3. Lenders have published timescales within which they are required to acknowledge and respond to complaints.
  4. We engage with lenders to ensure they have the necessary information to progress your claim and that they respond within the stipulated timescales.
  5. On receipt of an offer to settle the claim we undertake an assessment to ensure it is fair and appropriate. Our team has significant experience in financial services and of dealing with lenders across the industry, enabling us to maximise the refund due to you.

We keep you informed of progress at each stage of the claim process with regular updates by e-mail and text. In addition, we have a team of fully trained, friendly staff who will assist in answering any queries you might have. We operate on a ‘no win no fee’ basis which means that if your claim is rejected, you pay nothing at all. That’s regardless of the amount of work that may have been undertaken on your behalf.  If your claim is successful, our fees are taken as a percentage of the amount of refund we have successfully managed to claim on your behalf with VAT added.  An illustration of our fees for a Pay Day loan claim is shown below based on 3 differing refund amounts.

You are not required to use the services of Impakt Claims to pursue your claim. It is possible for you to present your claim for free either to the lender against whom you wish to complain or to the statutory ombudsman. Impakt Claims assess responses made by your lenders and will provide you with relevant information to make an informed decision regarding responses received. We aim to maximise your claim by working with lenders and the Financial Ombudsman Service to ensure fair treatment.

Examples of refund offers and fee structure*:

Scenario 1 – Lender offers balance write off

Where an offer of compensation is solely for write off or balance reduction of an outstanding debt with a lender, rather than a ‘cash in hand’ payment, there is no fee payable to us. E.g. Where the lender determines that you are due a refund of £1000 but where you still have an outstanding balance greater than the £1000 with them, they will apply the £1000 against that balance to reduce that. No cash refund is made and no fee payment due to us.

Scenario 2 – Lender offers a cash refund

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. (As per the example in line 1 of the table below).

Lender offer value of £1000 –   Fee £300   – VAT £60    – Resulting in net customer refund of £640

Lender offer value of £3000 –   Fee £900   – VAT £180 – Resulting in net customer refund of £1920

Lender offer value of £10000 – Fee £3000 – VAT £600   – Resulting in net customer refund of £6400

*These figures above are shown for illustrative purposes only and not an indication or estimate of the amount that might be recovered. Depending on the value of your claim, your refund may be more or less than that shown in the examples above.

Scenario 3 – Lender offers a cash refund and a balance write off

If Compensation of £1000 is awarded but £500 is used to reduce your outstanding balance with that lender, we will charge you either 70% of the cash amount you receive (inclusive of VAT) or 30% + VAT of the total refund (including the offset against an outstanding balance) whichever is the lower amount. In this instance, our fee would be £350. You would then receive £150 – the £500 cash refund minus our fee of £350. (In this scenario our fee would be 70% of the cash refund of £500 which is £350, as this is lower than 30% plus VAT of the overall refund of £1000 which is £360).

Right to Cancel

During this process, you have a 14 day ‘cooling off’ period from the day that you sign this agreement in which to cancel it without incurring any charge.  (After this point, any fees due are dependent on the outcome of your claim as per the Scenarios shown above). You can cancel your contract by any reasonable means including by ringing the telephone number 0330 0165808, by email at cancellations@impaktclaims.co.uk or by post at our address Impakt Claims, Pioneer House, Pioneer Business Park, North Road, Ellesmere Port, CH65 1AD. You are able, but not obligated, to use the cancellation form available on our website at any time to cancel this agreement at any time.

An example of some of the customer testimonials Impakt Claims have received to date are featured below:

“I need to thank you for your help when we spoke on the telephone today. Your friendly and responsive manner was typical of the way in which all your colleagues have dealt with my claims. I’ve found everyone at Impakt Claims to be extremely helpful, and always happy to answer any questions in a polite and businesslike manner. I would not hesitate in recommending Impakt Claims to anyone who is looking to find a responsive and knowledgeable company to handle their financial claims.”

To begin with I assumed them to be a bog standard claims management company that might/might not be good at getting claims addressed but I thought I would give it a go.  I could not have been more wrong about them. Yes they have successfully managed 3 claims to date returning over 3k in returned cash and written off debt but they have also advised a couple of other claims did not merit further chasing, they have been incredibly honest with me at all times and they have hugely impressed me with their integrity and fairness.  They are very effective communicators and they are always working hard in my best interest.”

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.