Case Studies
  Open Testimonial |
Michael O`Leary - Won £67,500
BuryMichael O`Leary from Bury was aged 66 and semi retired when he inherited a portfolio of shares from his late mothers estate worth over £150,000.
Mr and Mrs O'Leary met with a bank financial adviser to discuss the best way of investing this money to secure their future. The shares had been held in the Oleary family since the early 1900`s and Mr O'Leary made it very clear to the adviser that it was important the money was `looked after properly`. The adviser suggested that the shares be cashed in and placed into a managed portfolio which would `take away the hassle`.
Mr O'Leary recalls a brief discussion about the risks involved but nothing could have prepared him for the shock of receiving a statement a few years showing the value of his investment had dipped by over £35,000. `We were distressed as we had no idea that this could happen` said Mr O'Leary. `We decided we could not afford to lose any more money and cashed in our investment`.
After reading an advert about the service offered by Credit Claims the O'Learys contacted our office and had a meeting with one of our team to discuss the advice they had been given at the time. It was clear from the discussions with our client and the paperwork we retrieved from the bank, that their circumstances and appetite for risk had not been assessed properly.
Our report to the bank resulted in a payout of £67,500 for a delighted couple. Mr O'Leary says in his thankyou letter to us `......you have really turned our lives back onto track.` He goes on to say `if anyone ever asks, or if I can, I will promote your business to the best of my ability. Please use this in your testimonials and once again our heartfelt thanks`
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William Thornley - Won £21,500
BoltonWHEN Mr William Thornley received a cash windfall from his late mother’s estate he wanted to invest it wisely and safely.
Mr Thornley, from Bolton, was 64 at the time in 2007 and working as a driver. His wife Frances, then 54, was unable to work due to ongoing severe health problems.
Mr Thornley went to the bank he had always used and a financial adviser there suggested investing a lump sum over five years. ‘I explained to him that we definitely didn’t want to gamble this money as it was very important to us, being from my mother’s estate and meant to secure our future.’
The financial adviser assured Mr Thornley that it was not a gamble, not in stocks and shares but in ‘commercial lettings.’ Interest was promised every quarter and that the capital would grow.
As Mr Thornley was approaching retirement, he felt this was a safe move and invested £50,000. However, when the couple got their statement 12 months later, they realised that their investment had fallen in value by £4,000.
When he went back to see the financial adviser, Mr Thornley was reassured that the investment would ‘come back up again’, so he left it for another 12 months. ‘Then, we were shocked to discover that the value now was just over £31,000,’ he said. ’We just couldn’t believe it.’
Unable to get hold of the financial adviser for a further fortnight, the couple decided to cut their losses and cash in their investment rather than lose more money ‘although we were extremely upset.’
By chance, Mrs Thornley spotted CreditClaims’ advert in a local magazine and Mr Thornley rang the office. Mike Jordan there explained that the couple could have a claim and started investigations.
The result was that the company was able to arrange a refund of £21,624 – ‘and needless to say, we were absolutely overjoyed,’ commented Mr Thornley. ‘Without CreditClaims we would have had to just write off the money for good.’
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John Kulyk - Won £10,500
ManchesterA working life as a business manager had taught Mr John Kulyk respect and trust for fellow professionals. But Mr Kulyk, from Prestwich, found his confidence tested when he decided to put both an inheritance from his late wife and his own 'golden handshake' in an investment he had been reassured was secure.
Mr Kulyk was 59 then in 2003 and his wife had recently become ill and died in a very short time from a brain tumour. He had a mortgage of £20,000, and a total of £35,000 to invest, but the experienced adviser at the multi-national financial services'company who spoke to him didn't suggest paying off his mortgage. Instead, he suggested to Mr Kulyk that he put his money into bonds, one which matured after a year and another which earned 7.25%.
'I was confident about the investment because I trusted the company,' he stated. A year later when the first bond matured, Mr Kulyk was contacted again and advised to invest a further £15,000 in the other bond which was designed to provide an income every six months to supplement other income he received. Unfortunately, subsequent income did not live up to the amount promised. When Mr Kulyk received a statement in June, 2011, he was 'disappointed and shocked' to see the value of his investment had dropped by nearly £9,000. 'I was told this was a result of the world economic situation and, like many people I suppose, I just accepted this,' he stated. 'I also felt there was no way I could take on such a big corporation.'
Then a friend of Mr Kulyk's told him how CreditClaims had helped recover some money for him, and he contacted their office. Mike Jordan there explained that Mr Kulyk had been wrongly advised on the type of investment, and that he should also have been advised to pay off his mortgage before investing.
The company took up the case for Mr Kulyk. 'And the marvellous news is that today I've just had my investment returned, together with interest and compensation of an additional £10,500,' said Mr Kulyk. "As you can imagine, I'm delighted.
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Michael Buczynski - Won £21,000
ManchesterWhen Mr Buczynski from Salford was 56 he was forced to retire from his job as a self-employed builder because of ill-health. Hi sole income then was his invalidity pension but, when he received £70,000 from the sale of his late mother’s home, he and his partner Romanna decided to put it in the best bank account possible to provide a steady income for the years ahead. A bank financial adviser arranged a Personal Investment Plan. “I made it clear that I was an inexperienced investor with very limited financial knowledge, and I didn’t want anything risky,” recalled Mr Buczynski. Little did he realise it but 51% of his money had been placed in shares. While he was on holiday in Tenerife just 10 months later, a glance at the financial news back home revealed his investment was failing. Ultimately, the result was a £13,000 loss. He made several unsuccessful attempts to contact his bank adviser, and when he finally did he was told “these things happen” and nothing could be done. “But just seeing the paperwork there at home niggled with me constantly,” he said. “I felt that I’d been done over and the future was not great.” Our Senior Claims Adviser, Mike Jordan, by talking to Michael and Romanna, realised that they had not been given the time or information to understand the possible risks involved, and had not appreciated their categorisation as “cautious/medium” investors. Mike sent his report into the bank concerned, and they agreed. The result, over £21,000 for a highly pleased couple who had felt their money was lost forever |
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Annie Greenhalgh - Won £8,000
BoltonMrs Greenhalgh was 70 and had retired from a long career in light engineering and catering.
She was living on a fixed income when an unexpected but very welcome lump sum of £30,000 came into the family. The mother of seven, grandmother and great-grandmother decided to put it into a high interest account at the bank where she’d been a customer for 50 years to underpin her retirement. A financial adviser there suggested she put it instead into another account that would give her a better return. “I didn’t really understand investments,” she explained, “but I knew I didn’t want to be involved with stocks and shares, and I said so.” The adviser insisted she make up her mind at this initial meeting, and Mrs Greenhalgh, who had a £25,000 interest-only mortgage on her Bolton home, agreed. It was only much later that she realised her money had gone into an ISA (Individual Savings Account) and unit trust account – involving stocks and shares. By the time she realised her investment was actually losing money, and decided to cash in both accounts, she was £3,500 down. “I was angry and heartbroken,” she said. Mike Jordan, Senior Claims Adviser at Credit Claims says that Mrs Greenhalgh should not have had to make up her mind at that first meeting, and should have been advised anyway to pay off her mortgage first. “He should have found out much more about her circumstances, and realised that the investment he suggested was not right for her,” he said. After taking a detailed report about Mrs Greenhalgh, her situation and what had happened, Mike approached the bank asking for both compensation and interest. They admitted they had been wrong. The result, more than £8,000 for a delighted Mrs Greenhalgh. |
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Arthur and David Sandiford - Won £24,000
BoltonTwins Arthur and David Sandiford hoped to double their investment to give them a better retirement when they asked their local building society for help.
The twins, from Bolton and the youngest of six children, had been diligent and hardworking all their lives. They wanted to get a better interest rate out of their individual savings of around £16,000, so they opted for ISAs on the advice of building society staff. They each invested £7,000 initially, set to mature in 10 years' time. “We had to make up our minds at that meeting so I don’t think either of us really understood the details properly,” said Arthur, now 61. “And when we were told that the investment could go up or down, we understood that this related to the interest only.” When the 10-year term was up, their worst fears were realised. They were both angry and horrified to discover that their £14,000 was now worth around £260 less than when they first invested it. “We felt cheated, that we’d been lured into something that was dodgy,” said Arthur. Mike Jordan, Senior Claims Adviser started working on a claim against the building society, not only on the basis of the cash amount lost but also on the larger figure of unrealised potential investment earnings. “They had been sold a financial product that was totally unsuitable for them,” explained Mike. “Then, to make matters worse, the paperwork referred to them as ‘speculative’ investors when plainly all their savings’ history showed them to be cautious and careful.” The bank agreed with this assessment, and Arthur and David each received a cheque for almost £12,000 to give them a more secure future. Commented Arthur: “We’d given up on the money and were definitely not happy about it. Then Credit Claims turned a nightmare into a dream, and we’re both very grateful.” |
