Complete our form to see if you have a potential claim.
Frequently Asked Questions
What is PPI?Payment protection insurance (ppi) is an insurance added by lenders to loans & credit cards to continue paying your debt in the event of you losing your job or being off sick from work.
How do I know if my loan qualifies for a claim?If you are:
- self employed
- a student
- have an ongoing medical condition
- in the armed forces
- have a dangerous job
- receive long term sick pay from work
- had the insurance added without your knowledge
- or were pressurised by the salesperson into taking the insurance you will qualify to make a claim
How can I calculate my claim?On a loan simply multiply the number of months you have paid for the insurance by the monthly premium and this will give you a good idea of how much we will look to reclaim for you.
On a credit card application it is not a set amount that you pay each month for your insurance so it is harder to calculate. On credit card claims we always apply to your lender to request all your backdated statements so we can calculate an exact figure. On all claims we ask that interest at 8% is added to the refunded money.
How much will it cost?
We work on a guaranteed no win, no fee basis.
On loan or credit card claims we charge 25% + vat of the total money reclaimed, whether it be through reimbursement, refund of charges, debt reduction or monies recovered or paid following your acceptance of the agreement.
Example 1: All compensation is “cash in hand”
•Mr A is awarded £3,000 compensation. From this compensation payment Mr A will be charged a fee of 25% (£750) by the claims management company (CMC). He will also pay VAT at 20% (£150), making the total bill Mr A will pay to the CMC, £900. In this example Mr A will receive a compensation payment of £2,100.
Example 2: Compensation includes “cash in hand” award with loan and future instalment reduction
•Ms B is awarded £3,000 compensation. £2000 of this award will be deducted from the outstanding balance on her loan. Ms B will be charged a fee of 25% (£750) by the claims management company (CMC). She will also pay VAT at 20% (£150), making the total bill Ms B will pay to the CMC, £900.
• In this example Ms B will receive a compensation payment of £100 and a reduction of £2,000 off future loan repayments.
Example 3: Compensation is used to offset arrears consumer has on credit card or loan Mr & Mrs C are awarded £3,000 compensation. The whole sum of this award (£3,000) will be deducted from the outstanding balance on their loan. Mr & Mrs C will be charged a fee of 25% (£750) by the claims management company (CMC). They will also pay VAT at 20% (£150), making the total bill Mr & Mrs C will pay to the CMC, £900. In this example Mr & Mrs C will receive no cash payment. They will however, reduce their future loan repayments by £3,000. Mr & Mrs C will pay a fee of £900 to the CMC.
Can I change my mind?Yes. You can change your mind within 14 days of signing the agreement (the cooling off period) and you will not have anything to pay. If you wish to change your mind during the cooling off period please advise us in wriritng to Total Reclaim Ltd, Liverpool Business Centre, 23 Goodlass Road, Speke, Liverpool, L24 9HJ
What if I change my mind after the cooling off period?You can change your mind after the initial cancellation period by giving us written notice to Total Reclaim Ltd, Liverpool Business Centre, 23 Goodlass Road, Speke, Liverpool, L24 9HJ. If we have already untertaken work on your behalf we will make a charge of £250 + vat to cover our reasonable costs in processing your claim to the point of cancellation.
Will my credit rating be affected?You continue to pay for your loan or credit card for the duration of the claim so your credit rating will never be affected as you always keep to the terms and conditions of your loan or credit card.
How long does the claims process take?The duration of the claim will often depend on which lender we are dealing with. Non high street lenders tend to take longer than big high street lenders. Our average claim time for loans is approximately 10 weeks, for credit cards 16 weeks.
What do I need to provide in order to proceed with a claim?For loans we will require a copy of your loan agreement and a signed letter of authority for us to speak to your lender on your behalf. If you don't have a copy of the loan agreement, don't worry, we should be able to obtain a copy from the lender once we receive your authority to do so.
For cards we will require a copy of a card statement and a signed letter of authority. If you don't keep all your statements, as most people don't, we will need to apply to your lender for all the copies of statements they hold on file so we can calculate your claim. To do this we will need a £10 cheque payable to your lender.