If you have discovered you have been a victim of financial mis-selling, the next thing you may wish to do is file a compensation claim.
Like many people, you might opt to pursue the claim yourself and discard the need for a legal input however, solicitors can often achieve financial compensation settlements that are much higher than their DIY comparisons.
In fact, finding the right financial mis-selling solicitors could be the difference between a successful claim or one that fails. In this guide we’ll explain why, and answer the top 5 questions people have before hiring one.
What Do Financial Mis-Selling Solicitors Do And How Will They Help Me?
A solicitor is a professional legal practitioner that is in charge of defending and/or representing their clients’ interest and also drafting legal records.
Solicitors usually specialise in a specific legal area e.g. litigation, tax, family, or finances etc.
In a nutshell, a solicitor’s work involves the following;
- Informing you about your legal rights
- Provide you with unbiased legal advice
- Communicate with the other party you are filing against
- Represent you in court
- Do their utmost to bring your case to a satisfactory conclusion/result
FAQ – Financial Mis-Selling Solicitors: 5 Key Questions Answered
1 Why Do I Need A Solicitor For My Financial Mis-selling Claim?
Apart from increasing your chances of winning your case, a solicitor will also help with the following:
1 To Deal With Technicalities
It might surprise you to learn that many compensation claims are rejected simply on the grounds of a technicality.
Sometimes, these technicalities can be as trivial as a missing detail or inadequate information about the claim. To worsen the situation, a proportion of these rejected claims are done in error.
Assuming this happens to your claim, it would be hard for you to know if your claim was legitimately rejected or not. And this is where a solicitor comes in.
Not only will your solicitor know if your claim was rejected in error, they can also ask for your claim to be reviewed. Better still, a hiring a solicitor should ensure that the courts accept your claim the first time you apply.
2 To Get You The Right Compensation Amount
Financial companies have been known to employ lots of tricks and subterfuge to avoid paying out compensation. And, even if they are unable to wriggle out of paying compensation, they may offer their victims a low amount.
The issue there is, without expert legal advice, you might think that it is the best offer available to you and accept it.
However, a financial mis-selling solicitor will be well aware of these tricks, and can prevent you from falling victim to them once again. With their experience, they will ensure you get the maximum payout that your claim deserves.
3 To Do The Heavy Lifting
Lawsuits are time-consuming. They require regular communication with the other party, attending court for briefings, adhering to court-appointed deadlines, and a host of other activities.
For the layman, the running around involved with these activities can be stressful and daunting. What’s more, it could be difficult to juggle them along with your regular job or responsibilities.
But when you hire a solicitor, you have authorised them to act in your place and on your behalf. As a result, your solicitor takes care of all the strenuous and often complex legal activities, allowing you to step back as your claim progresses.
4 To Give You Logical Advice
People generally have a lot invested in their compensation claim. That is why it is often easy for them to get frustrated if their claim doesn’t progress as planned.
This frustration can sometimes lead to irrational decisions being made that could jeopardise a claim. Fortunately, you can avoid this situation if you use a solicitor.
Solicitors have been trained to anticipate all manner of situations and will have experience in handling the range of emotions a client may go through.
Whilst it can be difficult for you to separate your emotions from your case, a solicitor can look at your case logically and give you the best advice based on their discovery.
2 What Should I Consider When Choosing A Financial Mis-selling Solicitor?
Before you hand over your claim to a solicitor, you have to look out for the following:
There are some legal firms that recruit unqualified staff to handle their workload. If you don’t do your due diligence, you might find your claim being handled by someone who has no idea about financial mis-selling.
To avoid this, look for solicitors that operate in the relevant field for your claim. So, where possible, go for one whose speciality is financial mis-selling cases like yours.
2 Track Records
Your solicitor should have represented clients in the past with similar cases to yours.
Ask them for testimonials from previous clients and go through their track record. Are the testimonials really what they claim to be or can you notice any discrepancies?
Remember, when your compensation is being calculated, your solicitor can use their experience to ensure you get the maximum payout.
Before anything else, ensure your solicitor is registered with the Solicitors Regulation Authority (SRA).
Members of the SRA are required to be eminently trained and qualified to represent their clients. In addition, the SRA has a code of conduct that all solicitors must follow when dealing with clients. Look out for the SRA badge when you are researching a solicitor.
In the course of your claim, you will be having lots of interaction with your solicitor. So it is a good idea to go for one you feel at ease with.
A good solicitor should be approachable and not aloof. You should feel comfortable asking questions and speaking your mind without fear.
3 Can I Get A Solicitor That Can Give Me Free Advice About My Claim?
Yes, it is possible. A solicitor may take a client on as part of their pro bono program, if they have one.
Pro bono work is usually done for free by solicitors as a way to give back to the community, especially for the less privileged. There is likely to be criteria to be accepted under such a scheme.
Many firms offer No-Win-No-Fee arrangements to their clients, and they may also be able to provide some free initial advice.
4 How Do I Prepare To Meet With A Solicitor?
Before you meet with a solicitor, you have to do some preparations on your part.
Go through the information you have gathered for your claim and jot down the main points. Consider your case from all angles. What particular details are you confused about? Is there an area you need clarification or extra information on?
Carefully think about the particulars of your case and pen down a list of questions you want answers to. Arrange all your evidence and paperwork in a manner that you can quickly refer to. When you do this, you make it easy for your solicitor to quickly understand your case.
5 Will It Be Expensive To Use A Solicitor For My Claim?
It is true that legal representation can be pricey. But that should not be a reason to turn you away from using them.
As mentioned above, there are many law firms that offer their clients the chance to claim compensation using a No Win No Fee arrangement. This means that you only pay your legal fees if your claim is successful. Otherwise, you are free to go without making any payments.
Also, your solicitor can help you find out if you are qualified for legal aid. If you are, this could cover a majority of your legal costs.
Where To Find Help Starting Your Claim
It might be tempting to process your claim yourself and, of course, you have the right to do so if you wish. After all, the internet is overflowing with tips on how you can make a claim.
But as this article has shown, there are a lot of good reasons to hire a financial mis-selling solicitor. And, if you would like to start your claim now and receive some free no-obligation advice from an experienced claims advisor, please use our form below to arrange a call today.