View more on these topics

ASA rules against complaint that claims firm advert was misleading

The Advertising Standards Authority has rejected a complaint about an advertisement from a financial claims management company.

A Claim4Refunds television ad viewed in November 2011 stated: “This is an important announcement. If you’ve taken out a loan, credit card or mortgage in the last six years you could be owed thousands.”

It went on to say: “Even if your loans and credit cards are paid off and your account is now closed Claim4Refunds could still help and we could settle your claim in just three weeks.

“There are no upfront fees and if we don’t win your claim you don’t pay a penny, guaranteed. You could be owed thousands and remember time limits may apply so don’t delay.”

One complainant challenged whether the claim of no upfront fees was misleading because he understood that a £1 refundable deposit had to be paid by customers.

He also challenged whether the ad’s claim that it would settle the claim in just three weeks was misleading and could be substantiated because he did not believe this to be the case.

In its defence, Claim4Refunds says it does not charge any upfront fees for work carried out on a client’s behalf but asks clients to pay a £1 goodwill payment at the outset of their claim.

The firm also says it has submitted evidence to the Ministry of Justice in June 2011 that it could settle some claims within three weeks.
The ASA therefore concluded that the claims could be substantiated and were not misleading.

Recommended

bob_hunt.gif

Interest-only changes belie MMR intention

Interest-only mortgages are at a crossroads. Ten years ago 15% of purchase loans were interest-only, doubling to 32% in the next five years.

MPC holds both QE and rates at March meeting

The Bank of England’s Monetary Policy Committee voted to keep interest rates on hold at 0.5% and to maintain the size of the asset purchase programme at its March meeting. The committee boosted the size of its asset purchase programme by £50bn in its February meeting, taking it to a total of £325bn. Vicky Redwood, […]

RAY_BOULGER.gif
4

SVR increases add to borrowers’ woes

Despite base rate remaining at 0.5% for three years Bank of Ireland yesterday became the second lender in less than a week to announce an SVR increase.

Bob Young

Avoid past mistakes and B2L is a good bet

It is no secret that buy-to-let is showing strength at present and the latest data on rates from Moneyfacts.co.uk shows just how promising the picture is.

Newsletter

News and expert analysis straight to your inbox

Sign up