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PPI Terms & Conditions

This Agreement forms a contract between you the ‘Client(s)’ and Fast Track Reclaim (FTR). Fast Track Reclaim is a trading name of Quickly Finance Limited whose address is Fast Track Reclaim, Fast Track House, Pearson Way, Thornaby, Stockton on Tees, TS17 6PT.

By completing, signing and returning the Letter of Authority (LOA), You agree to be bound by these Terms of Engagement (“Agreement”).

1. DEFINITIONS

a. “Claim(s)” means Your Claim(s) against the Company relating to the mis-selling of a payment protection insurance (PPI) policy(ies) on any account with that Company, and/or failure to disclose commission or other sums paid by the Company to third parties in connection with PPI policies.

b. “Claims Services” means:-

i) conducting a PPI Check to ascertain if You have/had PPI with each Company You tell Us You have dealt with; and

ii) Preparing and Submitting Your Claim(s) to/with the Company, in the event that FTR locate PPI.

c. “Company” means the business to whom the Letter of Authority (LOA) is addressed, who provided/sold the PPI policy and/or failed to disclose commission charges, including any associates and/or their predecessors.

d. “Compensation” means any sums offered, given and/or paid in respect of settlement, including goodwill gestures, any interest payments and associated charges. For the avoidance of doubt, Compensation also includes any sums used to reduce any outstanding balances/debt.

e. “Cooling-off Period” means any time up to 14 days from the date Your Claim(s) are submitted by FTR to the Company until which time You may cancel this Agreement and any Claim(s) free of charge.

f. “Fee(s)” means the amount You will have to pay to FTR for the Claims Services, namely 24% inclusive of VAT, of the Compensation, in accordance with clauses 1(b)(ii), 2(ii) and as set out in clause 3.

g. “FOS” or “FOS Questionnaire” means the Financial Ombudsman Service who can review the Company’s decision to defend your Claim(s). FTR will use the information You have provided during the Free PPI Check and/or Claims Services process to complete a FOS Questionnaire, where applicable. Your Claim(s) will not be referred to the FOS without Your knowledge.

h. “Free PPI Check Period” or “ PPI Check” means the process by which FTR will endeavour to identify whether PPI existed on any account(s) provided to You by the Company. The service undertaken during the Free PPI Check Period is limited to submitting a Pre-Submission or Data Subject Access Request (DSAR) only, on Your behalf, to the Company, upon receipt of Us receiving Your signed LOA. The Free PPI Check Period will immediately end on the date FTR is notified by a Company that PPI has been identified on any account(s). You will never be charged a Fee(s) during the Free PPI Check Period.

i. “FSCS” means the Financial Services Compensation Scheme who can review a Claim(s) against a Company which is unable, or likely to be unable, to pay a Claim(s) against it.

j. “Instruction” means You authorising Us to undertake the Claims Services. Your Instruction is given when You sign and return an LOA.

k. “Letter of Authority (LOA)” means the document to be sent to the Company containing Your authority for FTR to act on Your behalf.

l. “FTR/Us” means Quickly Finance Limited Trading as Fast Reclaim, Company No. 06304563, who are regulated by the Claims Management Regulator in respect of regulated Claims Management Activities (CRM23552). This registration is recorded on the website www.gov.uk/moj/cmr.

m. “Terms” means the Terms of Engagement (“Agreement”).

n. “You/Your” means the account/policy holder(s) whose details are set out in the LOA and who have appointed FTR to act on their behalf and also includes an Executor(s) or Administrator(s) of a Deceased Person’s Estate.

2. CLAIMS SERVICES

i) Free PPI Check Period

a. FTR will use reasonable endeavours to request the Company confirm whether PPI existed on any account(s) which You held with them, by making a Pre-submission or DSAR.

b. If no PPI is identified, this Agreement will come to an end, but this Agreement will continue on any accounts where a Company has confirmed You had PPI.

ii) Preparing and Submitting Your Claim(s)

a. Once PPI is identified, the Free PPI Check Period ends and You authorise FTR to continue to provide You with the Claims Services.

b. FTR will review, and if appropriate, based on the information You provided during the Free PPI Check Period, Prepare and Submit Your Claim(s) to the Company and/or the FOS and/or the FSCS on Your behalf.

c. If further information is required from You prior to submitting a Claim(s), FTR will endeavour to contact You and You agree to provide reasonable assistance and information to allow Us to submit a Claim(s) on Your behalf.

d. Where we believe that a PPI policy may have been mis-sold to you or is a Plevin eligible claim(s), we will submit a detailed claim to the Company and/or the FOS upon your instruction(s).

In certain circumstances where we consider it is in your best interests to do so we may refer your claim to Solicitors, Joseph James Law, Solicitors Regulation Authority number 628597, for them to instigate legal proceedings on your behalf. Your Solicitor will act on a ‘No Win No Fee’ agreement providing the case meets their criteria. Please note, your agreement with FTR would terminate at this point.

e. You understand that by completing one LOA, the Company may investigate all accounts where PPI has been applied, under the Instruction(s) provided.

f. Any successful Claim(s), will be subject to a Fee(s), as set out in clause 3.

g. You will ensure that any information provided is true, accurate and completed to the best of Your knowledge. FTR will not check such information except where it is under legal obligation to do so.

h. You will deal promptly with requests by FTR for authority, information or documents that FTR or the Company might make.

i. The Company may contact You directly and You will inform FTR promptly of this and any relevant matters affecting Your Claim(s).

j. FTR will use reasonable endeavours to obtain Compensation for the Claim(s) pursued.

k. You agree to FTR dealing exclusively with Your Claim(s) and acknowledge that You could complain directly to the Company at no cost.

3. FTR FEES

3.1 No fees will be charged to you in respect of an unsuccessful claim. Where a claim is successful, FTR will charge a contingency fee representing no more than 24% inc. VAT in respect of any redress/compensation/goodwill payment recovered on your behalf. The contingency fee of 24% inc. VAT is calculated before any applicable tax payment/deduction of which you are liable. Under no circumstances will you be required to pay more to us than this amount.

3.2 Should you receive and accept an offer for the balance of a credit agreement to be written off, or for redress/compensation to be offset against arrears, the fees will be calculated at 24% inc. VAT of the write off or amount offset. Examples of the fee structure are set out below and can be explained further by contacting our office directly.

3.3 In the event that a fee due to us by you remains unpaid after 21 days then an administration charge of £50 will be added to the outstanding balance and late payment interest will be calculated at 8% per annum from the date that the fee became due until the date payment is made. Should FTR have to take steps to recover any due fees from you, then you will be liable to pay any third party recovery costs incurred.

3.4 Where fees remain unpaid and FTR are forced to either take court action or appoint a debt collection agency to recover outstanding monies, FTR reserve the right to increase the amount owed by an amount equivalent to the cost of that recovery. A court may also award additional cost and/or statutory interest at the rate of 8% above Bank of England base rate.

Example A: Compensation is paid in full

  • Total compensation: £3000
  • Of which award is £3000
  • Fee charged @ 20% £600
  • VAT@ 20% £120
  • Total Fee £720
  • Consumer receives £2280
    (and no reduction in loan as it is already paid off in full)

Example B: Compensation includes redress amount awarded to claimant with loan and future installment deduction (tax chargeable on 8% interest)

  • Total compensation: £3000
  • Of which award is £1500
  • Loan reduction £1500
  • Fee charged @ 20% £600
  • VAT @ 20% £120
  • Total Fee £720
  • Consumer receives £780
    (and a reduction of £1500 in future loan installments)

Example C: Compensation is used to offset arrears consumer has on credit card or loan

  • Total compensation: £3000
  • Of which award is £0
  • Set off arrears £3000
  • Fee charged @ 20% £600
  • VAT@ 20% £120
  • Total Fee £720
  • Consumer pays £720
    (and a reduction of £3000 in their outstanding loan)

4. DOCUMENTATION AND DISCLOSURE

You must provide all documents which you may have in your possession from the Lender, Broker or Insurer which may assist in the preparation of the claim. You may also be required to provide proof of your identity and/or proof of address as required. You must complete all documentation and disclose all relevant information which is pertinent to your claim in a truthful manner, which is accurate to the best of your knowledge. You may be required to complete additional forms and information for the purpose of proceeding with a FOS claim.

If the Company offers or pays Compensation to You directly, You agree to notify FTR immediately (and within 7 days at the latest) and to provide the details FTR needs to calculate Your Fee(s). For the avoidance of doubt, should You reject a reasonable offer of Compensation and/or refuse to sign a Company’s Acceptance. FTR reserve the right to charge a fee of £500 per PPI complaint sent to the 'Company' if a request for disclosure of the offer is not received within 7 days of notification.

5. THE RISKS OF MAKING A CLAIM

The procedure outlined in this document is intended to minimise the risk of making a claim against a third party. In the normal course of events, if the claim is not pursued, there is nothing for you to pay as any liability for fees only arises upon a successful outcome; however, there are circumstances where risks may exist. You therefore acknowledge that the following risks are involved in making a claim:

(i) That you may lose your case or your case may be closed due to lack of evidence.

(i) In most successful cases where a claim relates to the alleged mis-sale of a PPI Policy and the PPI Policy is current, you will be required by the firm to cancel their PPI. This will leave you without insurance cover on your credit agreement.

Should you consider that having insurance cover on your credit agreement is of importance, then FTR strongly encourages you to seek independent financial advice as to the availability of alternative cover.

FTR also urges you to put such cover in place before the cancellation of your policy. FTR cannot accept any responsibility for the loss of benefits under a payment protection insurance policy which is cancelled as part of a successful compensation claim.

6. REGULATORY BODIES

Quickly Finance Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities (CRM23552).

7. CONCERNS ABOUT OUR SERVICE

FTR operates an internal complaints procedure for the resolution of complaints regarding services provided by our claims management department. In the event that you have a complaint about the service which we provide, please write to: Complaints Department: Fast Track Reclaim, Fast Track House, Pearson Way, Thornaby, Stockton on Tees, TS17 6PT.

Alternatively, you may register your dissatisfaction via email to complaints@fasttrackreclaim.com, via the telephone on 0333 212 1265 or in person. We will acknowledge your complaint within 5 working days and advise you of how we plan to resolve your concerns at the earliest opportunity. A copy of our Internal Complaints Procedure can be found in our Customer Information, and is also available upon request.

If you remain dissatisfied, you may refer your complaint to the Legal Ombudsman, PO BOX 6804, Wolverhampton, WV1 9WG.

Email: cmc@legalombudsman.org.uk
Telephone: 0300 555 0333

8. TERMINATION

8.1. You may cancel Your Claim(s) at any time, up to 14 days from the date Your Claim(s) are submitted to the Company (“Cooling-off Period”) at no cost to You, unless You or FTR have received a reasonable offer of Compensation within the Cooling-off Period.

8.2 After the 'cooling off' period has expired you may terminate this agreement with FTR verbally by telephone number 0333 212 1265, in writing to Fast Track Reclaim, Fast Track House, Pearson Way, Thornaby Stockton-on-Tees TS17 6PT or in person. No cancellation fee will be charged if you decide to terminate this agreement prior to the claim being successful however if we send a Letter of Complaint and you go on to receive an offer from the lender our fee will be due. If You cancel Your Claim(s) after an offer of reasonable Compensation is due to You, then FTR shall be entitled to issue the Fee(s) that would be payable under clause 4

8.3 You acknowledge that once a claim has been successful or you receive any benefit from instructing FTR to bring a claim, you will be liable to pay the contingency fee as set out at clause 3 above. Termination of this agreement following such success will still incur the appropriate fee as outlined in point 3 of this agreement.

8.4 In some cases, FTR may decide that they are unable to continue to act for you. Examples of where this may occur are: if FTR cannot obtain clear instructions from you; if they believe that they will not be successful in your claim, or; if they have been given misleading instructions or information from you.