Please find below some Frequently Asked Questions relating to the services we offer. You can click on a question to see the answers which we hope will cover any queries you may have.
PPI was often sold to people when they took out credit such as loans, credit cards, store cards, overdrafts, car finance & mortgages. It was sold to cover the monthly repayments in the event that the individual was unable to pay. This included things such as redundancy or illness/injury which meant they were unable to work. However, PPI was often mis-sold, and many people weren’t even aware it had been added to their credit accounts.
If you have statements from any credit agreements you have had then you will be able to check for PPI payments on them. However, if you do not have any paperwork but can remember the names of the lenders with whom you had the credit, then we can check for you. If you have forgotten the names of your past lenders, there are numerous trusted credit reference agencies on the internet who will provide you with a copy of your credit report either for free or for a small sum. All lenders you have held credit with will be listed on this report.
You can start a claim on this website. Simply select the lenders from the list shown, answer a few simple questions, input your details and submit your claim to us. We will then begin work on your behalf and will be in touch with you to let you know of the next steps and any updates.
All claims are different, so it is difficult to provide a set expected timescale for completion. On average, we find claims take around 3-4 months to complete, however, if complexities arise within the claim or if there is a need to refer the claim to the Financial Ombudsman Service (FOS) then there may be a significant delay. You will be updated throughout your claim by our team.
There are no timescales for looking into PPI. This means Fast Track Reclaim can look at accounts that you held years ago and that are now closed down. Though PPI was largely sold during the 90’s, people also had this applied to credit agreements well before then, so it really is worth checking as you could be entitled to compensation.
You can make as many claims as you like. Many people have had several loans, credit cards, mortgages or other credit agreements in the past, therefore you are able to claim against each PPI policy that was attached to these products.
Fast Track Reclaim work on a no win no fee basis, meaning that we only charge our fee if our client receives compensation from the lender. For successful claims we charge 20% plus VAT (totalling 24%). More information regarding our fees can be found in our Terms & Conditions which are available to read in full on this website. We pay all fees to pursue your claim, so there is nothing to pay upfront.
A concealed commission claim is where at the time of the sale of the PPI policy an undisclosed commission was paid to the lender or broker. If this is the case it can be determined that an unfair relationship has arose if the commission paid exceeded 50% of the cost of the policy. This type of claim is based on a new Supreme Court legal ruling, which stems from the decision of the ‘Plevin v Paragon’ case and the changes made in 2006 to the Consumer Credit Act 1974.
If your PPI claim has been rejected for any reason by the bank/lender, or even the Financial Ombudsman, and was active after 2008, then Fast Track Reclaim may potentially be able to overturn your rejected claim and gain you compensation. Fast Track Reclaim will assess your rejected claim and if it qualifies, we will refer your case to Joseph James Law who are experts at overturning the lenders decision and getting clients a full refund of any PPI premiums paid.
Fast Track Reclaim are a highly experienced claims management company and we have successfully reclaimed over £250 million for our customers. We are fully authorised and regulated by the Financial Conduct Authority (FCA) and we hold a 4.6/5 rating on the eKomi review website, based on over 9,000 reviews.
You are able to make a claim yourself with the lender, however, at times complexities can arise which can be time-consuming. Fast Track Reclaim have the experience and knowledge required to reclaim your PPI for you, and we also have relationships and working agreements with numerous lenders, meaning your claim will be looked at within set timescales when it is submitted by us.
Packaged Bank Account (PBA) Claims
A Packaged Bank Account, or PBA, is an account with a bank where the customer is required to pay a fee each month. This fee usually ranges from £5 - £30 and provides the customer with certain benefits for paying it. These are things such as mobile phone insurance, travel insurance and vehicle breakdown insurance. These accounts were often given names such as Silver, Gold or Platinum Accounts to make them more attractive to consumers.
No, PBA and PPI are two different products which were sold to cover different things. Whereas a PBA is sold to customers through the various benefits it offers, PPI is an insurance product sold to customers with credit accounts to cover repayments should they be unable to make these due to things such as redundancy or illness. A PBA is a bank account which has been upgraded; PPI is an insurance product attached to a credit account.
If the name of your bank account is something such as Silver, Gold, or Platinum, then the chances are this is a PBA. You can also identify this by looking at your bank statements and checking if a monthly fee is charged to you from your bank; this could be for your bank account.
PBA’s were found to have been mis-sold for various reasons. One of the main reasons was that banks ran incentive schemes for their sales staff, meaning that the more PBA’s they sold, the higher the bonus they would be rewarded.
To make a PBA claim with Fast Track Reclaim you will be charged 30% plus VAT of the gross amount of any redress/compensation awarded to you. This fee covers all of the work that will be undertaken on your behalf.
Easy! Go to the PBA tab on the menu bar of our homepage, tell us the name of your bank, input a few details and click ‘Check Now.’ You can find our Terms & Conditions for PBA claims in the footer of this page; therefore, they can be read before any claim is made.
Fast Track Reclaim have years of experience dealing with lenders and banks. This means we have brilliant and reputable working relationships with these. At times claims can get complex and time-consuming, which is why we take the hard work out of making them for you.
Payday Loan (PDL) Claims
A Payday Loan is a loan of a relatively small amount that is designed to help ‘tide’ the borrower over till their payday. The loan will be paid into the borrower’s bank account and the full amount – including interest and any charges – must be paid back at the end of the month. Though these loans were and are highly convenient, they came with high interest attached and were also often mis-sold.
The lender has 28 days within which to acknowledge receipt of the claim, they are then required to provide a final decision within 12 weeks.
You can begin a claim on our website by entering the lender names and a few personal details. You will then be presented with a short questionnaire regarding your PDL. This questionnaire aims to identify information regarding the sale of the PDL and your circumstances at the time of borrowing. A Letter of Complaint (LOC) will then be created and sent to the lender who will acknowledge receipt of the complaint within 28 days. The lender will then aim to come to a final decision within 12 weeks. If for any reason the lender requires a longer time period to investigate your claim, we will inform you of this as soon as is possible.
The most common complaint points for PDL claims are:
- Income and expenditure and credit history were not thoroughly checked
- Vulnerabilities and mental health were not checked
- No checks were done when extending the loan to ensure this was affordable
- Not told how to make a complaint
Though these are the most common, the above list is not all complaint points that we hear from our clients.
Fast Track Reclaim work on a no win no fee basis. If we submit a claim for you which results in compensation being awarded, then our fees are 30% plus VAT of the gross amount you have received.
We are an experienced Claims Management Company with a reputable process. We posses the required skills and knowledge to deal with your claim, and we also have good working relationships with the majority of lenders.