ABC Lawyers have been using a third-party agent, Lansdown Financial Ltd, to claim back on mis-sold timeshares that have been sold using pressurised sales as well as other contractual issues for some time now. Lansdown do not only make claims against timeshare companies, but they also help in other areas of claims for mis-sold products. A recent influx in claims against financial institutions involving solar panel mis-sales has been noticed by the Financial Ombudsman.
Banks are businesses just like any other, however, they are dealing with your money! Making money from your earnings and a lot of the time, try to get you to take out some sort of loan, investment product, mortgage etc. All these products are sold to you as a benefit, supposedly to you, but the banks also have sales targets and deadlines that they must meet. Most of the time they are not thinking about what helps you, but what may help them make their targets for the month end.
Loans are offered to people whom may not be able to pay back the credits, which eventually will help the bank, as the interest will increase, and charges will be applied. Credit Cards are offered to young adults that have just turned 18, a lot of whom are not ready for the responsibility of having credit. Many will use the card until it is at its limit and then do not pay the balance back, hence accumulating interest which the bank benefits from eventually. These cards can ruin the credit of a lot of young adults for their whole life.
Bank products are ever adapting to keep up with the times. Many of us may have been asked if we want solar panels in the last couple of years. The solar panel companies will use pressurised sales techniques to lure their clients to purchase energy providing panels for their homes. The pitch for the sale will normally include the fact that the solar panels will ‘quickly pay for themselves’. This is not always the case, as the high interest rates attached to the finances that are used to purchase the panels, are so high. Also, in Britain there is not enough solar energy to provide entire houses with heating, electric, hot water etc. Therefore, most homes will have both solar and electric and/or gas, normally increasing the amount spent on energy. The interest rates of the loan that has been used to purchase the panels are also questionable. The banks have seemingly been adding extra large interests onto the repayments of these loans.
This year the Financial Ombudsman (FOS) has seen over two thousand complaints in respect of mis-sold solar panels, with over half of these having been financed by a Barclays bank partner, Barclays Partner Finance. The FOS has recognised that there have been pressure sales techniques used, which are normally from the Solar Panel company. The fact that Barclays financed these sales, even though they are not involved in the sales pitch, they are liable for them.
The first claims that have been finalised by the FOS have been a success, where the clients are receiving monies back for the mis-sold panels. A spokesperson from the FOS has said that they are expecting an influx of these claims and are finding them in favour of the claimants.
Lansdown Financial can assist in these claims if you are uncertain of what you need to do to make a claim against your financial institution. You will need to have enough evidence that the interest on the finance used to purchase the panels is extraordinary. Please give Lansdown Financial a call on 0800 524 4573 to see if we can help you claim some money back for your solar panels.