PPI Terms and Conditions
This Agreement forms a contract between Consumer Savings Network (CSN) Ltd and you . You should not sign the Letter of Authority until you have read the Terms of Business and services that CSN provide, including any fees payable to them
1. YOUR ASSESSMENT
In making your claim you will not put yourself at any financial risk. Nor will a successful PPI refund from the lender adversely affect your relationship with that lender, if you continue to bank or have loans or credit cards with them. If you are still uncertain please contact us for any further explanations which you need before making up your mind.
We will gather information from you and from your bank or Credit Company and use this to forward a carefully prepared claim with supporting documents based on the broken Financial Conduct Authority principles we have determined in your case. We will contact you when we have received a refund offer from the lender sometimes in the form of a Settlement Agreement Form for you to sign and return. We generally settle your claim quickly and without court action. Compensation payments are generally made directly to you from the lender.
Consumer Savings Network will seek to reclaim any and all PPI policy payments made by you thus far on the loan or credit card, plus interest. In most cases we will also get you compensatory interest of 8% for the time they have had your money in their possession.
We will also have the PPI removed from your existing loan or credit card (if any) which should lower your monthly re-payments to the lender moving forward.
Consumer Savings Network charges 30% (VAT included) of the total compensation awarded to you, the client, for this service, For example, if you win £5000 in compensation, you will need to pay Consumer Savings Network £1500 in total for our service. (£1250 plus £250 for the VAT).
There is no charge for our service if we are not successful with your case.
In instances where the client is in arrears on an active loan or credit card or in a Debt Management or IVA plan, the compensation awarded may be used to reduce the outstanding debt, rather than paid directly to you, In such instance, CSN will accept interest free repayments of our fee for up to 12 months.
Unless such a condition exists and a payment plan is needed, the 25% fee must be paid to Consumer Savings Network within 14 days after receiving your refund.
All we require you to sign are; 2 Letters of Authority Forms to accept our Terms of Business and enable us to act on your behalf. You may consider making a copy of these documents for your own records.
We operate an in-house complaints procedure. In the event you feel the need to make a complaint you may lodge this by letter, telephone or email. Your complaint will be investigated wherever possible by a person who was not directly involved in the subject matter of the complaint. We will acknowledge your complaint within 5 business days of receiving it and at that stage we will provide appropriate details of our ongoing complaints procedure
You may cancel this contract by notice in writing, email or telephone at any point without any charge within a cooling off period of 14 days. You will be responsible to notify the bank or credit company of the cancellation of the claim. No letters, documentary materials or evidence provided by CSN will be allowed to be used to support your claim.
A cancellation form is available at http://consumersavingsnetwork.co.uk/cancellation_form
If after the cancellation period, we receive written or verbal notification of a successful claim because of the work we have presented to the Lender/Creditor on your behalf, you will still be liable for payment of our commission fee of 30% of the compensation awarded to you, as stated in section 3.
7. YOUR RESPONSIBILITIES
· You should carefully read all documentation we supply to you.
· You should ask for assistance from us in explaining anything you do not understand.
· You should take care to make sure that all information you provide to us is accurate to the best of your information and belief.
· You must be aware that once a claim is successful and compensation is awarded, you will no longer have Payment Protection Insurance with that provider, and therefore will not be covered by its provisions.
· You will also be responsible for contacting Consumer Savings Network to pay our fee once you have received compensation either directly from your lender or after your case has been overturned by the Financial Ombudsman’s Service.
8. OUR RESPONSIBILITIES
· We will keep you informed when we have progress on your claim.
· We will write to you if we have any correspondence from your lender/creditor requiring further action or information.
· We will seek to get the full compensation you deserve plus the associated compensatory interest based on the available details of your case.
· If your case is rejected and we feel the case merits it, we will send you a further questionnaire and upon its return, write up an Addendum to Claim of why we feel your case should be overturned and forward all details to the Financial Ombudsman’s Service for review.
9. DATA PROTECTION
You authorise us to use and discuss information concerning you in the furtherance of your claim. All information will be held and controlled in accordance with the Data Protection Act with information only being forwarded to those who are registered with the Information Commissioner or a recognised authoritative body.
10. CLAIMS REGISTRATION
Consumer Savings Network Ltd is Regulated by the Claims Management Regulator in respect of regulated claims management activities; its registration is recorded on the website www.claimsregulation.gov.uk. Our Claims Regulation Authorisation number is CRM 40139.
By signing and returning the Letter of Authority you agree to be bound by these terms of business and appoint CSN to provide Services for such a period as to allow CSN to assess and pursue the Claim (subject to your right to terminate under section 6 above).