Good to know: You do not need to use a claims management company to make your complaint to a financial services company. If a complaint is not successful you can refer it to an Ombudsman service for free. If a financial services company has failed you may be able to refer the claim to the Financial Services Compensation Scheme for free.

0345 544 1563

Service Summary - Unaffordable Lending Claims

This page sets out information we are required to summarise in a one-page format by the Financial Conduct Authority.

Unaffordable Lending Claims Service Summary

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Allegiant Finance Services Limited (the company) will advise, investigate and represent you in order to investigate (and where relevant pursue) a complaint on your behalf against your lender (the claims management service). When providing the claims management service the company will take steps to establish a lending relationship, obtain relevant information to investigate the merits of your claim and, where merit is established, submit a claim to the lender on your behalf. The company will keep you updated on the progress of your claim by written correspondence (email / letter / SMS / website portal as appropriate) and/or orally by telephone. We will update you whenever there is a meaningful update, but in any event at least (i) when we submit a claim; and (ii) when the lender provides a final response. If the matter is referred to the Financial Ombudsman Service, we will update you: (i) when the claim is acknowledged; and (ii) when there is a meaningful development. We will also update you in line with regulatory requirements.

You must provide the company with all information and/or documentation likely to be needed to pursue your claim(s), complete the necessary paperwork required and promptly communicate all relevant information to the company throughout the claims process. This will include details of your financial circumstances at the time of borrowing and lending history.

Our fees are owed upon a successful claim and will depend on the amount of redress you receive in cash in hand compensation. This means we charge on what you actually receive, not debt or tax deductions. If income tax is deducted from 8% statutory interest received and sent to HRMC, we do not charge you on this deduction.

If successful, your fee will be calculated based on which band your redress falls into and will be charged by whichever is the lowest of:

a) the maximum percentage rate of charge for that band, or
b) the maximum total charge for that band.

The below table outlines the redress bands, the maximum percentage rate of charge and the maximum total charge is for each band.

 Band Redress % Charge (with VAT) Maximum charge (with VAT) (£) Maximum charge (without VAT) (£)
1 1 – 1499 36% 504 420
2 1,500 – 9,999 33.6% 3000 2500
3 10,000 – 24,999 30% 6000 5000
4 25,000 – 49,999 24% 9000 7500
5 50,000+ 18% 12000 10000
Examples of low and high redress and fee for each band in the above table:
1. You receive £100 in redress; our fee would be £36. You receive £1499 in redress; our fee would be £504.
2. You receive £1,600 in redress; our fee would be £537.60. You receive £9,999 in redress; our fee would be £3,000.
3. You receive £12,000 in redress; our fee would be £3,600. You receive £24,999 in redress; our fee would be £6,000.
4. You receive £30,350 in redress; our fee would be £7,284. You receive £49,999 in redress; our fee would be £9,000.
5. You receive £55,000 in redress; our fee would be £9,900. You receive £100,000 in redress; our fee would be £12,000.
If you owe your lender money (e.g., because you are in arrears or have an active loan), they may use some or all of your compensation to reduce what you owe them. If this happens, our success fee will be calculated on the actual cash in hand compensation that you receive, for example:
1 You recover £1,000 but owe the lender £800 for an outstanding loan, so receive £200 cash in hand. Our fee would be 36% inc. VAT of £200 which is £72.
2 You recover £8,000 but owe the lender £2,000 for an outstanding loan, so receive £6,000 cash in hand. Our fee would be 33.6% inc. VAT of £6,000 which is £2,016.
3 You recover £21,000 but owe the lender £9,000 for an outstanding loan, so receive £12,000 cash in hand. Our fee would be 30% inc. VAT of £12,000 which is £3,600.
4 You recover £40,000 but owe the lender £10,000 for an outstanding loan, so receive £30,000 cash in hand. Our fee would be 24% inc. VAT of £30,000 which is £7,200.
5 You recover £70,000 but owe the lender £17,000 for an outstanding loan, so receive £53000 cash in hand. Our fee would be 18% inc. VAT of £53,000 which is £9,540.
You would pay us the fee once you receive your cash in hand benefit from your lender, and your outstanding loan will also have been paid off at no additional charge.
Please note, the above fee examples are for illustration purposes only. They are not an estimate of the likely outcome or fee you will need to pay. Each claim depends on its own merits.

Outside 14 days, you can cancel for free but will need to pay a success fee if a settlement proposal has already been made.

if there has been a settlement proposal but you have not accepted it prior to cancellation, the success fee will apply to the lowest of either (i) the settlement proposal with the highest compensation received prior to cancellation; or (ii) the compensation that you achieve independently of us.
If you have already accepted a settlement proposal our success fee will apply in the usual way.
The success fee would not be due for payment until you receive cash in hand. You can communicate your cancellation by telephone, post, email or online as follows: By post: Allegiant Finance Services Limited, Freepost RTYU–XUTZ–YKJC, 400 Chadwick House, Warrington Road, Birchwood Park, Warrington, WA3 6AE; (b) by email: [email protected]; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/compliance/cancellation.

You do not need to use the company’s claims management service to lodge a complaint against the lender(s) and if your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.

Claiming for Free Yourself

Good to know: You do not need to use a claims management company to make your complaint to a financial services company. If a complaint is not successful you can refer it to an Ombudsman service for free. If a financial services company has failed you may be able to refer the claim to the Financial Services Compensation Scheme for free.