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Home / Case Studies / Case Study: How a claim helped one customer clear his debts and put some money away for his retirement fund

How Mr B was able to clear his name of his debts and put some money away for his retirement fund

The Problem

“…a guy come round about the mortgage originally and then they said well we can get a pension review…”

Mr B was contacted by Cherish Wealth Management who were acting as appointed representative of Shah Wealth Management to review his current mortgage situation initially and was then offered a pension review. 

“They told me to go into a SIPP, then obviously Cherish Wealth Management went bust.”

Mr B was advised to transfer three of his personal into a SIPP with Novia and then invest into a variety of high risk, unregulated investments. When Cherish Wealth Management collapsed it only added insult to injury to Mr B’s situation.

The Solution

“I’m not really financially minded if you know what I mean. This is when you guys came on board and sorted it all out”

GetClaimsAdvice got involved with Mr B’s and he was provided with a dedicated case manger, Alex to assist him in making a claim. Cherish had already folded by the time Alex and Mr B were working together so the only option was to claim with the Financial Services Compensation Scheme (FSCS) rather than go directly to the firm.

“Alex rang me a couple of times to let me know how it was going and then a couple of letters I think and just said it’s still going ahead”

Alex stayed in constant contact with Mr B and provided him with regular updates as and when she received them just to let him know that we were still actively working on his case. “Service was brilliant that I got from you”. 

The Result

“They said it could be anything up to 6-8 months, it was more like 3 months…  …It was quicker than I expected”

The FSCS has paid out over £20.4 million in mis-sold pension claims against Cherish Wealth Management and received over 1,973 complaints. Mr B’s complaint took around 3 months from submission to decision and he was awarded £35,677.49. 

“Then to be honest with you, I had another one a few months ago or about 3 grand or something like that I think.”

Alex’s work wasn’t finished, and after one of his other investments also ran into difficulty she was able to also assist Mr B in claiming another £4,698.13

“It came at a good time because there was a few debts here …”

When he found out that he was being awarded the money he only had one thing on his mind “I think I went out for a beer. I might have had a couple…”. Mr B was able to put the money to good use and clear some debt but is keeping hold of the rest of the money for now.