Q
How do you consider a claimant is eligible for compensation?
ATo be considered for compensation you must satisfy the parameters set by the U.S guidelines.These guidelines set out all factors that must be taken fully into consideration to see if a claim is eligible and how much money can be paid out. The particular type of compensation that may be claimed can be affected by the different types of claims.
Q
Do I have to pay anything to have my claim considered?
AIn regards to payment, it is essential that first the type of compensation is clarified. Once this has been satisfied then we will discuss costs. On most cases the company pays your compensation.
Q
Are there any legal time limits on making a claim?
AUsually the answer to this question is a simple “No”, but the are some instances and elements that may effect your ability to claim. There are occasions when a cut off time limit is placed, and if this may effect your claim we will make you aware of the situation.
Q
What does “in default” mean?
AIn default means “in default”. When this is the case a company in default has ceased trading and is not able to satisfy any monetary claims. If this is the situation, we will fully appraise it and establish the facts before continuing.
Q
How long will it take to complete my case?
AThe are many factors that have to be taken into account, and one of the biggest problems is trying to get information back from third parties that we have no control of. At the outset we will give approximate time expectancies.
Q
How long will it take to process my claim?
AThis is a similar situation to that of the above, a claim depends on numerous factors, the data that needs gathering, research and third party interactivity. Plus all necessary documentation must be completed as required by industry guidelines, it also needs to be filed as required and to meet good standing order requirements. After all this is done then we can go ahead and process, and in normal circumstances this can be achieved in five working days. If you are financially embarrassed then Spencer & Maclean Law will do our best to speed up matters as soon as possible.
Q
What happens if I am facing financial difficulties and need my claim processed quickly?
AIf you are suffering financially and have cash flow problems we will do the utmost to process your claim as quickly as possible.
Q
What do you mean by financial loss?
AFinancial loss must have occurred when filing for compensation because of previous dealings with an authorized or for that matter unauthorized financial services company. When filing for your claim, we consider the financial situation you would be in had you not invested.
Q
Can you compensate firms as well as people?
AFor a guideline (and only for deposit and investment claims) normally smaller firms are protected. But only if the company meets these two standards:- (set out in section 247 of the Companies Act of 1985 or section 382 of the Companies Act of 2006 as applicable).
Q
Will it affect my claim if all business was done over the internet?
ANot at all as long as the work carried out is allowed by US regulative bodies and is compliant under the required regulations.
Q
Law Firm says it cannot help me. Why not?
AWe are a fund of final resort, Spencer & Maclean Law can only look at cases if they cannot be funded by anybody else. If the firm is no longer trading it is doubtful that we will be able to assist claimants, even if the firm still holds assets to meet your claim. In such cases you need to contact the company direct, we will assist in locating the company if you cannot find them. In such cases you need to contact the Citizens Advice Bureau and put your case for assistance.