Please read this information carefully before agreeing to our Terms of Business. If you do not understand anything, or have a question, please contact us before you sign them.
Important - You do not need to use our services, or those of any Claims Management Company, to make a claim against your lender(s). You can do this yourself directly with the lender(s) and even if they reject your claim you can still take this to the Financial Ombudsman Service yourself. The Financial Ombudsman Service is available to all eligible complainants and provides a free alternative dispute resolution scheme for financial claims where the complainant does not agree with the decision made by the company they are complaining to.
We operate on a No Win – No Fee basis. If we do not win your case, you will not owe us anything unless:
You cancel our services after the expiry of the 14 day ‘right to cancel’ period AND after an offer of compensation has been made. In such cases our success fee of 30% (25% + VAT) of the amount offered will be payable.
You reject an offer made by a lender which we assess is fair and reasonable in that it complies with the Financial Ombudsman Service guidelines. You then do not allow us, or do not co-operate with us, in taking the matter to the Financial Ombudsman Service for their arbitration.
The Financial Ombudsman Service adjudicating on your case prescribes a compensation amount which you do not accept.
In the above cases you may not receive any compensation but will still need to pay our fees.
BEFORE you appoint us, if you have previously appointed another Claims Management Company to handle a claim for you against the lenders you should check that the appointment has been correctly terminated and that no cancellation or success fees are due to them. Otherwise you could be charged a fee by both us and them for the same claim.
Our success fee will be 25% + VAT (30% Including VAT) of any compensation awarded. This includes any refund of loan capital, interest, charges, and any amounts written off from an outstanding debt as a result of the claim, as well as any interest paid to you on the compensation amount. For Example:
Compensation amount £500.00. Our Fee £125.00 + VAT (£150.00 including VAT). You get £350.00
Non ‘Cash In Hand’ Compensation Awards
Where your loan has been fully repaid, any compensation awarded is likely to be a ‘Cash In Hand’ payment. This means that the lender will make a physical payment of the total compensation awarded and our fees will be payable from this amount.
Where your loan is still running, or where the loan is in arrears / default, some, or all of the compensation awarded may be retained by the lender to reduce the amount owed. You will however still be required to pay our fees based on the whole amount of the compensation awarded, which you may need to find from elsewhere, as you may not receive compensation as a physical payment (cash) from the lender. If your loan is still active or in arrears / default, you may wish to consider whether you could still pay our fees if we win the claim but you do not get any ‘Cash In Hand’ payment.
The following table gives some examples of how this would work:
|Example A: Your loan is fully repaid and you are awarded £500.00. All compensation is “Cash In Hand”||Example B: Your loan is in arrears and you have not repaid anything. The balance on your loan is £500.00 and the lender writes this off in full.||Example C: Your £500 loan is partly repaid. You have paid back £750.00 and the balance is £250. The lender agrees to write off all interest and charges on the loan.|
|Total Compensation||£500.00||Total Compensation||£500.00||Total Compensation||£500.00|
|Of Which Cash Is||£500.00||Of Which Cash Is||£0.00||Of Which Cash Is||£250.00|
|Set Off Arrears||£500.00||Set Off Arrears||£250.00|
|Our Fee @ 25%||£125.00||Our Fee @ 25%||£125.00||Our Fee @ 25%||£125.00|
|VAT @ 20%||£25.00||VAT @ 20%||£25.00||VAT @ 20%||£25.00|
|Total Fee||£150.00||Total Fee||£150.00||Total Fee||£150.00|
|You Receive||£350.00||You PAY||£150.00||You Receive||£100.00|
If we are representing you on multiple claims, either with the same lender or across multiple different lender, we reserve the right to pay our fees owed by you on one claim with ‘cash in hand’ received from another.
If you are claiming on loans that are still active, or which have fallen into arrears or default, we would recommend that you discuss this with us BEFORE you instruct us to claim. We will then be able to help you decide whether making the claim is in your best interest. Our service is designed to help you and therefore we do not want to put you into further financial difficulties by making a claim.
We will not, under any circumstances, insist that you take legal action, or appear in court.
Below summarises our service and the processes we will follow.
We will ask you some questions to decide if we feel that you have a valid claim.
If we agree that the loan(s) were inappropriate for you we will make a complaint to the lender(s).
We will correspond with you and the lender(s) throughout the claim to ensure that they have all the information that they need to investigate it.
We will help you fill in all of the necessary forms and documentation that are needed for the claim, and where appropriate will check the details you have provided. We will NOT ‘coach’ you to provide inaccurate information in order to maximise your compensation or success in the claim.
We will review the lenders findings and any compensation offered.
If accepted by you we will process the payment and forward your part of the compensation to you.
If we disagree with the offer we may challenge this with the lender and if necessary progress the case to the Financial Ombudsman Service.
We will keep you fully updated as the claim progresses.
You will need to sign our contract before we can commence a claim for you. You will not be asked to take out, or pay for, any insurances or loans as part of your claim.
In order to pursue the claim we will need you to supply some documentation to us. This includes:
The signed Terms of Business agreement.
A Letter of Authority (a document that allows and instructs the lenders to communicate and work with us).
Details of the lenders from who you have taken the loans.
All other documents, including those in electronic form, that are in your possession that are relevant to the claim, and which give evidence of the fact of the claim.
When we have located your loans we may ask you for further information about these loans or your circumstances at the time you took them.
All of the answers to questions or statements given by you are your responsibility. You must ensure that these are factually correct and accurate.
Any claims documentation that we send you, or which is received from the lender, must be read carefully and retained by you. If there is anything in this documentation that you do not understand or are unclear about you must ask us.
Should you have a complaint in regards to the service we have provided, we have an internal complaints procedure which you should follow. The full process can be found on our website, or will be sent to you on request.
You have a legal right to cancel the contract within 14 days of us emailing you a copy, without needing to give a reason or pay us anything. Full details of this right, and what you should do if you want to use it, can be found in the agreement.
You have the right to seek further advice, or shop around, before you sign the agreement. In some cases there may be regulatory time limits on making a claim and therefore if you are going to delay making a claim while you do this, you should ensure that these are not going to be exceeded.
We are regulated by the Claims Management Regulator in respect of regulated claims management activities. Our authorisation number is CRM43144