FAQs
If you have an enquiry, we have a convenient list of answers to the most common questions here.
Absolutely! Our interests are completely aligned. If you don’t win, then neither do we. In addition, our business model ensures you receive the majority of any compensation.
Our fee is contingent upon your success. We only charge if you win, and our fee is 40% of the total compensation sum awarded.
These things can happen. Rest assured, if you are unsuccessful, you will not be required to pay anything to us, the bank or AFCA. Also know that, if you don’t get paid, then neither do we!
This can depend on a variety of factors such as what you may be willing to accept from a bank by way of settlement – or what AFCA may award in a final decision based on what has happened. Sometimes, you may be compensated for your loss, plus interest. Please be aware that AFCA is not able to award punitive damages.
We will let you know right away after you have completed your form!
Where you are unable to resolve your financial services complaint (e.g. with your bank), then you are entitled to have your complaint reviewed and determined by AFCA.
AFCA is the ‘Australian Financial Complaints Authority’, which is a financial services complaints resolution scheme paid for and funded by financial services providers and regulated by the federal government to ensure impartiality.
Claims can take anywhere from a week or two to resolve (where a quick settlement is agreed with the bank without a final AFCA decision being needed) up to 6 months depending on available AFCA resources.
In our experience, we find that many people become overwhelmed when making a complaint or are too busy in their lives. As a result, the majority suffer in silence. You too may be busy with daily life, looking after kids or working hard to pay the bills. You may also be made to feel that the problem was your ‘fault’, or that it is too small an amount to bother with or that you do not know how to fight against a big financial institution. Whatever the case, Equiclaim has your back.
Absolutely not. Exercising your right under Australian Consumer Law and AFCA will not affect your credit rating
Rest assured, your refund will not impact your relationship with your financial firm. In fact, under Australian Consumer Law (ACL), you have the right to claim back your money if you've been treated unfairly. In the wake of the Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry, lenders have allocated significant funds to rectify mis-selling practices. This means that your refund is part of their obligation to uphold fair and ethical standards. Therefore, you can proceed with your refund claim confidently, knowing that it won't strain your relationship with the financial firm
Certainly. Simply log your claim with us, and we'll take care of obtaining the necessary paperwork on your behalf.