You can raise a complaint directly to your lender without a Claims Management Company.
If your complaint is rejected, you can send your claim to the Financial Ombudsman Service without charge.
What happens after your instruction
Once you've signed your instruction forms, you enter a 'cooling-off period' allowing you to cancel within 14 days without charge.
Letter Of Complaint
We prepare your complaint and where necessary, look to obtain further evidence in support from you lender.
We will provide your lender our letter of complaint which is typically acknowledged within 7 days.
We will confirm acknowledgement of the complaint by email.
Your lender has 56 days to investigate our complaint and findings. In some cases, additional time may be provided.
We will notify you when we expect a decision.
We will review your lenders decision and any evidence provided.
This will confirm whether the complaint has been; upheld, upheld in part or rejected.
We will notify you of their decision by email.
If your lender rejects your complaint and hasn't addressed the evidence provided, we will look to highlight this and provide further arguments in support of the complaint.
Where necessary, we will prepare your claim for the Financial Ombudsman Service.
Financial Ombudsman Service
The Financial Ombudsman Service can review complaints where we disagree with the lenders Final Response.
It may take 12 months for an initial decision. We will provide updates by email as the claim progresses to a decision.
Financial Ombudsman Service Assessment
Once we've received your instruction, where necessary we will request additional information from your lender to support our claim. We'll then provide our findings to your lender.
Financial Ombudsman Decision
Where we or your lender rejects the Assessment by an Adjudicator within FOS, the case is passed for a Final Decision by an Ombudsman.
This Final Decision is legally binding with the lender required to adhere to the decision.
This process can take up to 6 months from an Assessment depending on your circumstances..
Where a claim is successful, a success fee will be payable.
For more information, please see read our fees & charges.
Fee Table Example
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The table above includes VAT the current rate of 20%.
As specialists in irresponsible lending complaints, we have years of industry knowledge, experience and understanding in handling these types of claims on behalf of consumers.
We’ve compiled some of our most commonly asked questions about payday loan claims below;
Sanderson Drake Limited is a Private owned claims management company, registered in England & Wales.
We specialise in assisting consumers establish potential irresponsible lending claims and also handle & process these claims on their behalf.
Yes, we provide a free, no obligation assessment to anyone whom uses our services.
This allows the consumer to see whether or not we believe they have a claim.
There is no cost for this part of our service.
A Payday Loan is a short term loan usually taken to cover a short-fall of funds until ‘payday’.
This is often used as a result of an unexpected bill.
A high cost unsecured loan is a form of credit taken with a higher than normal APR rate.
This type of loan can often be door-step loans, bad credit loans and guarantor loans.
A guarantor loan is a form of credit taken with a secondary person responsible for the payments should the borrower not maintain their payment arrangements.
There are many reasons you could be eligible to make a payday loan claim including;
- The loan was unaffordable
- You were irresponsibly borrowed to
- You had a cycle of borrowing
- The lender failed to comply with their regulations
- Many other reasons
Yes – you do not need to use a Claims Management Company to make a complaint to your lender.
You can make a complaint to your lender free of charge.
It is important to ascertain the facts when submitting a complaint as only you can only make one complaint about the same issue.
Where rejected, you can refer the complaint to the Financial Ombudsman Service free of charge.
When establishing the basis of a complaint, we look to review evidence of indicators of irresponsible lending and/or unaffordable borrowing.
To do this, we look at your credit report, lending history, repayment history and determine if the loan was affordable at the time.
We recommend a checkmyfile report which comprises 3 credit reference agencies into a single report.
This will also display evidence of any arrears, defaults and financial borrowing.
This report comes with a 30 day free trial which can be cancelled at any time.
Through our bespoke system, we are able to review 6 years of credit reporting data in a way that allows to establish indicators which your lender ought to have been aware of before providing the finance.
When consolidated together, we analyse the data to establish a cycles of borrowing (multiple loans with the same lender in a short duration), cross-pattern lending (borrowing from multiple lenders in a short duration of time), borrowing and lending history which identifies if you are becoming reliant on finance.
We further look at additional data including; payment history (to identify signs of difficulty), debt level (to identify whether your debt is becoming unsustainable), borrowing and repayment history (which can demonstrate a lack of checks conducted by a lender).
Once reviewed, we will email you our initial findings with a questionnaire to complete. This allows us to better understand in your own words the circumstances at the time of applying for finance.
We understand that you may not remember every detail about your application for finance, however we look to better understand your circumstances at the time of applying for finance, what you were asked to provide and how repaying the finance affected you.
Where we are successful (we do not guarantee that we will be), we aim to recover compensation;
This may include;
- Removal of the interest applied to your account (meaning you would only pay the principle amount borrowed)
- Obtain a refund of interest paid
- 8% interest (applicable where you’ve paid more than the principle amount borrowed)
- Removal of adverse credit history or the loan from your credit file
- Removal of the guarantors responsibilities (only applicable on guarantor loans)
Yes- if you wish to instruct Sanderson Drake to handle your complaint, we will provide you with documentation to read and complete.
These include; Pre-contractual disclosures, Conditional Fee Agreement, Key Facts & Summary and a Letter Of Authority.
As a business, we charge a fee based on a percentage of the Total Redress Award we obtain in an offer from your lender.
For more information on the fees we charge, please see our Fees and Charges.
We aim to provide customers with realistic timescales when dealing with complaints with third parties. With this in mind, a lender has 56 days (8 weeks) to investigate a complaint in accordance with the Financial Conduct Authorities rules & regulations.
Whilst a lender should aim to provide a response to a complaint at the earliest possible opportunity, they may sometimes exceed the 56 days. Where this happens, the lender will provide Financial Ombudsman Referral Rights.
Where a claim is rejected and pursued through the Financial Ombudsman Service, we would expect a complaint to be reviewed within 12 months, however this varies from case to case due to the factors outside of our control.
If however the lender has entered into administration, the timescales will differ and are not set like a complaint with a lender. This can often take up to 18 months.
No. No company can guarantee success when handling complaints as there are many variables which must be considered.
Where a complaint is rejected, we review the evidence and findings provided by the lender to determine whether or not our position has changed.
Where we do not agree with their decision, we will look to provide them with our response.
There are times where the lender does not agree with our findings and we may look to take further action on the complaint through the Financial Ombudsman Service.
Where this happens, we will ask you to complete a referral form to further proceed in submitting the complaint along with our case file to the Financial Ombudsman Service for their independent decision.
Yes, You cancel your claim at any time with Us.
If you can cancel Your claim within Your 14 day cooling off period (from the date You instruct us) We will cancel Your claim without charge.
If You cancel your claim outside of Your cooling off period, however a fee may be charged depending on the stage of Your claim;
- If a Final Response has not been provided and/or there has been no settlement offer/proposal, no fee will be due; or
- If a settlement offer/proposal has been made and deemed acceptable, with no acceptance provided, a Success Fee will apply; or
- If You have accepted a settlement offer/proposal and cancel after acceptance, a Success Fee will apply; or
- If You withdraw Our authority and We have reason to belief that a Settlement Offer/Proposal has been made, a Success Fee will be charged based upon the average claim value for the last 12 months. This will be amended where a copy of the Settlement Offer/Proposal is received with the lesser value or where we are reinstated to confirm the final response by Your Lender.
Please refer to your Conditional Fee Agreement for more information.
We provide professional claims management services with a fee calculated based on a percentage of the Total Redress Awarded.
This can include; a cash award, a balance reduction, or a combination of the two.
We work on a Conditional Fee Agreement, with a fee payable which is calculated based on a percentage of the Total Redress Awarded.
Upon the completion of a claim, we will raise an invoice payable by you following the services provided.
Whilst we have set payment terms of 21 days, where we are aware that the lender has not payment during this period, an extension will be provided.
Where you do not receive a Cash Award or where the Cash Award is less than the invoice, we provide the option for a repayment plan however this must be requested within 21 days of the invoice being raised. We will notify you if you are eligible for a repayment plan by email at the time of receiving an offer and when an invoice is raised.
Typically our invoices are payable within 21 days.
Cash Refunds / Combination with Cash More than Invoice:
Where a cash refund takes place, we will not expect payment until the funds are received by you.
Not received your cash refund?
If you are to receive a cash award and you haven’t received the refund by your invoice due date, please contact us.
We will also ask that you arrange a payment plan with us where one is required within 21 days.
Combination with Cash Less than Invoice:
If you are to receive a balance reduction with a cash award which is less than the invoice payable, we will require payment of the cash award towards your invoice upon receipt of funds.
We will also ask that you arrange a payment plan with us where one is required within 21 days.
Balance Reduction (No Cash Award Received):
Where you do not receive any cash award, this is known as a balance reduction.
Where this takes place, we will provide you with the option to arrange a payment plan with us. This is required to be requested within 21 days.
Please note that bank statements may be required.