Terms of Business

PPI Specialists is a trading style of Debt Specialists Limited registered in England and Wales (5809220). Registered office address: Phoenix House, 100 Brierley Street, Bury, England BL9 9HN.  The following constitutes the Terms of Business of Debt Specialists Limited in acting on your behalf in all aspects of the administration and negotiation of your claim, which you should read carefully. Debt Specialists Limited is authorised and regulated by the Financial Conduct Authority. Debt Specialists Limited is authorised and regulated by the Financial Conduct Authority. FRN 838008.

 

1. Definitions:

For the purposes of these Terms of Business;

1.1    References to “we”,” us” and “our” are Debt Specialists Limited or its staff.

1.2    References to “you” and “your” are to the client whose details are set out in the Letter of Authority and who have appointed Debt Specialists Limited to act on an exclusive basis with regard to the Claim.

1.3    The “Claim” means a pursuant action for compensation, redress or refund, including all interest, with respect to a single mis-sold Payment Protection Insurance (PPI) policy, also known as a Personal Loan Protection (PLP), Accident, Sickness and Involuntary Redundancy/Unemployment cover (AS&IR/ASU) or Life and Accident, Sickness and Unemployment (Life & ASU).

1.4    “Compensation Payment” means any sum of money paid as compensation redress payment or refund amount agreed to be paid by the product provider or lender, bank, building society or selling agent.

1.5    “Letter of Authority” means the letter to be signed and returned by yourself in order to authorise Debt Specialists Limited to act on your behalf in all dealings in respect of your claim against a product provider or lender and confirming acceptance of these Terms of Business.

1.6    “Product Provider or lender” means an insurance company, bank, building society, independent financial adviser or other financial institution, their broker or sales agent.

 

2. Services:

2.1    Debt Specialists Limited shall act in your best interests in pursuing any claim for compensation from the mis-selling of any product as in 1.3 above.

2.2    Debt Specialists Limited will assess and pursue your claim(s) on your behalf.

2.3    Should any justifiable claim be unsuccessful, Debt Specialists Limited may refer the case to the Financial Ombudsman Service on your behalf. There are time restraints relating to this process so full and accurate information supplied by you is crucial.

2.4   You are not required to use a claims management company to make a complaint to the lender.  You are able to pursue the lender directly. If your complaint is not successful, you can refer it to the Financial Ombudsman Service yourself for free. 

2.5   Any further action not relating to a specified claim will be deemed outside the scope of these Terms of Business.

 

3. Fees Payable if we are successful with your claim:

3.1  You agree to pay us a fee equal to a total of 20% plus VAT at the current rate (This equates to 24% including VAT), of any compensation amount recovered on your behalf net of tax. Fees are deemed payable at the time any single or multiple payment of a claim is issued to you or us by any PPI provider or lender. Examples of fees are displayed below:

 

The following fees illustration is not to be taken as an estimate of the amount likely to be recovered for you. The fee illustration is also based on net amount of compensation received from the Lender(s).

 

Compensation Received Our Fee Payable (20% + VAT = 24%) You Will Receive
£1,000 £240 £760
£3,000 £720 £2,280
£10,000 £2,400 £7,600

3.2   You agree that we may receive the compensation payment from the product provider or lender on your behalf. Any payments received on your behalf will be held in our Client Account until payment is made to you.

3.3    You agree that upon receipt of any single or multiple payment of compensation paid directly to you, our fees will become payable. You agree to notify Debt Specialists Limited upon receipt of any compensation by you, whether in part or full, made to you directly by a product provider or lender, in connection with a claim. You agree to pay the invoice within 14 days.

3.4    You understand that the product provider may credit compensation payment(s) to your outstanding debt(s).  In such circumstances this will be considered a successful claim and you agree to pay us our fee from your own funds as outlined above. We however appreciate that you may be unable to pay the funds immediately and an agreement may be made to pay the fees.

3.5 Should you be in any form of debt payment arrangement such as a Debt Management Plan (DMP) or Individual Voluntary Arrangement (IVA) you should advise us at the outset and certainly before agreeing to these Terms of Business. You will be advised on the most appropriate course of action in these circumstances. An IVA is a formal and legal agreement and you must consult with your Insolvency Practitioner before you enter this agreement.

3.6 Important: You should not enter into an agreement without being sure that you have sufficient funds to pay our fees. In any case, non-payment of our fees may result in the commencement of debt collection and/or legal proceedings against you in order to recover our fees and any recovery costs incurred.

3.7 8 weeks after an invoice becomes due; if we still have not received a payment, we may instruct a third party company to collect the debt.

 

4. What happens if your claim is unsuccessful?

4.1    If we are not successful in achieving an offer to pay compensation following your claim you do not have to pay a fee to us.

4.2    Debt Specialists Limited makes no guarantee as to the success, whether wholly or partially, of any claim.

5. Communications:

5.1    We will act in absolute good faith and rely on the information and documents you provide us with as being true, correct and complete. You should let us know immediately of any changes that might affect the service and advice we give you.

5.2    Unless otherwise instructed, we may communicate with you at your home address, by letter, telephone, email, SMS text messaging or FAX.

5.3    We will make reasonable endeavours to ensure that any e-mails that we send to you are free from viruses and any other material that may cause inconvenience or harm to any other computer system, and you undertake to do likewise with any e-mails you send to us.

6. Complaints:

At Debt Specialists Limited, we do everything we can to make sure our customers get the best possible service. However, sometimes we don’t get things right first time. If you’re not completely happy with our service we’d like to hear about it so that we can do something to put it right.

 

6.1 You can tell us about your concerns by any of the following:

a) in writing to:

The Complaints Manager

Debt Specialists Limited

Phoenix House

100 Brierley Street

Bury

Lancashire

BL9 9HN

 

b) By email to info@thedebtspecialists.co.uk

 

c) By telephone on 0161 762 7591 (lines are open Monday to Thursday 10am to 7pm & Friday 9am to 3.30pm)

 

6.2 We will send you a written or electronic acknowledgement of a complaint within 5 business days of receipt, identifying the person who will be handling the complaint. Wherever possible, that person will not have been directly involved in the matter which is the subject of the complaint, and will have authority to settle the complaint. If we are able to resolve the issue and make an offer of redress within this time the acknowledgement letter may also contain our offer.

 

6.3 We will provide you with our final response to your complaint within 8 weeks.

 

6.4 Where we decide that redress is appropriate, we will provide you with fair compensation for any acts or omissions for which we are responsible and will comply with any offer of redress which you accept. Appropriate redress will not always involve financial redress.

6.5 If you are not satisfied with our response, or if a complaint is not resolved after eight weeks, you may refer the complaint to:

The Financial Ombudsman Service

Exchange Tower

London

E14 9SR

 

Tel: 0300 123 9 123 or 0800 023 4567 (Lines are open Monday to Friday 8:00 to 20:00 and Saturday 09:00 to 13:00)

Email: complaint.info@financial-ombudsman.org.uk 

Visit: www.financial-ombudsman.org.uk/consumer/complaints.htm

 

6.6 The Financial Ombudsman Service can tell us to:

a) refund or reduce fees

b) pay you compensation

c) carry out extra work needed to put things right

d) apologise

e) give back documents

7. Data Protection Act:

7.1 During the time of our engagement we shall request information about your personal and financial situation from you. All data is held in accordance with the Data Protection Act 2018.  Please see enclosed Information Notice.

7.2 Our Privacy policy is viewable at www.thedebtspecialists.co.uk/privacy.php. Alternatively, we will email or post a copy to you upon request.

 

8. Liabilities:

8.1    Debt Specialists Limited will not be liable for such losses incurred due to the provision of false or misleading information provided by you.

8.2    Nothing in these Terms of Business shall exclude or restrict any liability arising from fraud or dishonesty or other liabilities which cannot lawfully be limited or excluded.

8.3    By signing and returning the Letter of Authority you are agreeing that we will be allowed to provide our services for such a period as to allow for completion of the claim, and that no definitive time period has been stated or guaranteed.

8.4    In the event that a joint account is found, any applicable refund would be shared between both parties. This means that the creditor letter will always refer to the joint refund in total, which may be more than you would receive, as a joint refund is split.

 

9. Cancelation / Termination of Contract:

9.1   You have the right to cancel your instruction to us, without any cost to you, within 14 days of signing these Terms of Business.

9.2   You may also terminate this agreement any time after the 14 day cooling off period described in 9.1 above. You may be charged a fee that is reasonable, justifiable and reflects the work completed on your behalf.  This will be calculated as follows:

 

For substantiation and referral of your claim(s) to the lender, Financial Ombudsman Service or the Financial Services Compensation Scheme  the charge is £36, inclusive of VAT; for each manual communication e.g. an outgoing or incoming call/letter/email to or from either You or the lender, we will charge You £29, inclusive of VAT; for each automated communication to You, we will charge You £11 inclusive of VAT.

 

If you terminate this agreement after an offer of reasonable compensation is due to you, then we will issue you a cancellation charge equal to the Fee(s) that would be payable under section 3 above.

 

9.3  The contract will automatically be terminated upon successful recovery and payment of all claims, submitted by us on your behalf.

 

10. Third Party Rights:

A person who is not a party to this agreement has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any terms of this agreement.

 

11. Commencement:

We will commence work on your claim only upon receipt of your signed Letter of Authority and these Terms of Business.

 

12. Invalidity:

If any provision (whether in whole or in part) of these Terms of Business is held to be illegal, invalid or unenforceable under any enactment or rule of law, such provision or part shall be deemed not to form part of these Terms of Business, and the legality and enforcement of the remainder of these Terms of Business shall not be affected.

 

13. Governing Law:

These Terms of Business shall be governed by, and constructed in accordance with relevant UK Law.

 

Website design and content copyright © 2020 Debt Specialists Limited. PPI Specialists is a trading style of Debt Specialists Limited. Registered in England and Wales (5809220). Registered office address: Phoenix House, 100 Brierley Street, Bury, BL9 9HN. Debt Specialists Limited is authorised and regulated by the Financial Conduct Authority. FRN 838008. All rights reserved
Tel : 0161 762 7591
info@thedebtspecialists.co.uk
Company Reg No. 5809220 DPA License No. Z9631445

VAT Registration No. 923433539