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Resolving different types of financial disputes and dispute resolution methods that can be used
Financial disputes arise when you believe a person or a business owes money you are eligible to receive. Such disputes can be frustrating to deal with, being aware of the options open to you, should a dispute arise and how it can be satisfactorily resolved and how Giambrone & Partners can assist in reaching an acceptable conclusion.
Here, we look at the types of financial disputes that commonly arise and how the disputes can be resolved.
Click on a link to that section:
Learn the different types of insurance disputes, why insurance claims are commonly rejected and how they can be resolved.
Find out how tax disputes can occur, how to appeal against a tax decision and your options for resolving a dispute.
Understand the common types of fraud disputes, how to report a suspected fraud and where seek legal advice.
Read our guide to the benefits of using negotiated dispute resolution to resolve a financial dispute.
Find out how we can help you in resolving a financial dispute utilising our expert advice.
Insurance disputes
There is a wide range of insurance disputes that an individual or business can become involved with – from home insurance to business interruption insurance disputes.
An insurance company may reject your claim if:
- They feel the value of the claim has been over-estimated
- Insurance fraud is suspected.
- There is insufficient evidence of the detriment caused to support your claim
- Payments have been missed against your insurance policy.
- In certain circumstances the insurers may cancel your policy.
Disputing a rejected insurance claim
If you feel an insurance claim has been unfairly rejected, you should first thoroughly check your policy documents wording to ensure that you are justified in your belief that you are entitled to claim.
Policy wording can be confusing and it may be valuable to consider seeking legal advice from an insurance lawyer to advise you at this stage. Professional advice will establish that your policy does relate to the issue under review.
If you are certain your claim is valid – you can then clearly set out why you believe your insurer should reverse their decision. It is possible that you may require expert witness evidence to support your claim.
If you feel an insurance claim has been wrongfully rejected? Contact us for assistance.
How are insurance disputes dealt with?
Insurance disputes are often dealt with through using arbitration, which enables you to discuss the situation amicably with your insurance provider and with an impartial third party to assist in keeping the focus on a solution.
It is strongly recommended that you attempt negotiated dispute resolution (NDR) first before considering court action, to avoid both the legal costs and the length of time involved. If arbitration fails and you cannot reach an agreement – your next course for resolving the issue is litigation in a court of law where the judge will hear the two sides of the argument through each party’s legal representatives, after which the judge’s decision will be final.
Read our full guide to resolving insurance disputes here.
Tax disputes
Tax disputes can take various different forms, you may believe you have been charged too much tax, or you may be refused a tax refund. In other cases, you may have been refused tax relief that you are think you are entitled to. Alternatively, you may have been subjected to double taxation.
Appealing against a tax decision
If you have received an unduly high tax bill or have been refused a tax refund, you will receive a letter from HMRC which will set out whether or not you may appeal. You will normally need to do this within thirty days, unless stated otherwise. When you submit your appeal, you must include documents and information to support your contention. Your appeal must include:
- Your name (or the name of your business)
- Your tax reference number
- A brief account as to why you are appealing
- What you believe the correct amount of tax is, together with your reasons
Your appeal must also be signed. You can find out more about making an appeal against a tax decision here.
Dealing with a tax dispute
If your appeal is rejected, you can then choose to pursue a method of negotiated dispute resolution (NDR) to resolve the situation.
If you decide to choose mediation, this will enable you to discuss the dispute directly with HMRC in the presence of an impartial mediator. The mediator should calmly guide you and ensure that the focus is on the dispute. They cannot make a legally binding decision. However, if you decide on arbitration, the arbitrator is able to provide a legally binding decision.
As a last resort, you may need to proceed to litigation if NDR has proven to be unsuccessful.
Are you dealing with a tax dispute? Giambrone’s tax lawyers and litigation lawyers are highly skilled and have years of experience related to tax disputes. We will also advise on whether you have a valid claim and how to contact your tax authority. We will be able to outline your rights and guide you through the steps required.
Contact us today to find out how we can help.
Read our full guide to dealing with tax disputes here.
Financial Fraud disputes
Financial fraud is a rising problem – and many of the fraudsters aim to target individual people rather than businesses. Common types of financial fraud disputes involving individuals include:
- Identity theft
- Investment fraud
- Romance fraud
- Facility takeover
- Mandate fraud
- Push payment fraud
Read more about these types of disputes in our guide Resolving fraud disputes.
Reporting the incident
If you’ve been a victim of financial fraud – immediately report the incident. You should report directly to Action Fraud at www.actionfraud.police.uk, in addition to letting your bank or financial service know if the scam has involved someone accessing your accounts. If an investigation is opened, you’ll then need to provide evidence and co-operate with authorities.
Seeking legal advice
Our banking and financial fraud litigation team will make every effort ensure you will receive the compensation you deserve, and we will also provide advice on preventing financial fraud from occurring in the future. With extensive experience in financial disputes, our expert team are well-placed to help people get their money back following financial fraud.
If you would like to know more about how you can obtain compensation for financial fraud, please contact us here.
The benefits of using negotiated dispute resolution
Negotiated dispute resolution (NDR) provides a confidential and alternative method of tackling legal disputes which avoids going to court. Negotiated dispute resolution methods reduce the time and costs.
Negotiated dispute resolution involves instructing a third party - a mediator or arbitrator - to orchestrate discussions between the parties with a view to resolving the dispute, thereby avoiding litigation.
Negotiated dispute resolution can often be a swifter process than litigation, and as the discussions do not take place in a court setting, it can feel less confrontational and is not conducted in public as in a court of law. The less heavy-handed approach can help you to maintain a positive relationship with the other party. Find out more about the benefits of negotiated dispute resolution here.
How Giambrone can help
Getting expert legal guidance can be a vital part of a financial fraud dispute. Giambrone can help you by examining your claim and clarifying a) whether your challenge is valid and b) what the likely outcome of your dispute will be. Before embarking on a lengthy legal dispute Giambrone’s lawyers will guide you as to what your expected legal costs may be.
If you have a disputed claim you can get in touch to discuss your case and requirements today.
Related content
Negotiated dispute resolution for tax disputes
Resolving financial disputes through NDR