We will act on a “no win no fee” basis which means that you only pay our fees in the event you are successful and at least part of the award includes a cash refund.
Where you have an outstanding balance with your lender, they might seek to offset any compensation against your outstanding liabilities. This means that you may not receive the actual cash in your hand. In the event that ALL of your compensation is a reduction in your outstanding balance, we will not charge you a fee. The amount you will pay us will never exceed the total cash compensation you receive but it is calculated based on the amount of “Total Compensation” you are awarded
The amount we are entitled to deduct will be based on the “Total Compensation” You receive and will be calculated by reference to the Charging Table below and will either be a sum equivalent to the ‘Maximum % Rate of Charge’ or a sum equivalent to the ‘Maximum Total Fee’, whichever is the lesser. However, the amount You pay us will never exceed the total cash compensation you receive.
'Total Compensation' means any direct monetary payment or balance reduction made by your opponent in respect of your claim. It includes both the cash and balance reduction elements of a refund. For Example, if you are awarded a £1000 refund but have a £500 balance and as a result receive £500 cash plus a reduction in your balance of £500, we will charge our fee based on the £1000 figure as the “Total Compensation”.
| Band | Total Compensation Received | Maximum % rate of charge (Inc VAT) | Maximum total fee (Inc VAT) |
|---|---|---|---|
| 1 | £1 - £1,499 | 36% | £504.00 |
| 2 | £1,500 - £9,999 | 33.6% | £3,000.00 |
| 3 | £10,000 - £24,999 | 30% | £6,000.00 |
| 4 | £25,000 - £49,999 | 24% | £9,000.00 |
| 5 | £50,000 or above | 18% | £12,000.00 |
The standardised figures used above are for cost illustrations only and are not to be taken as an estimate of the amount likely to be recovered for you. The fee you will have to pay will be based on your compensation award which will vary based on the amount you borrowed, length of time and overall cost of the lending. This means what you pay might be more or less than the illustrations shown above.
Full Cash Refund
This provides you with worked examples where you receive 100% of your Total Compensation in cash.
| Example | Cash Refund Received | Maximum % rate of charge (Inc VAT) | Maximum Fee You Will Pay | Amount you will receive after our fee |
|---|---|---|---|---|
| 1 | £749.50 | 36% | £269.82 | £479.68 |
| 2 | £4,999.50 | 33.60% | £1,679.83 | £3,319.67 |
| 3 | £12,499.50 | 30% | £3,749.85 | £8,749.65 |
| 4 | £24,999.50 | 24% | £5,999.88 | £18,999.62 |
| 5 | £50,000.00 | 18% | £9,000.00 | £41,000.00 |
This provides you with worked examples where you receive only part of your Total Compensation in cash and the rest pays off your outstanding balance.
| Total Compensation | Cash Refund Element | Balance Reduction Element | Maximum Cash Fee You Will Pay | Amount you will receive after our fee |
|---|---|---|---|---|
| £749.50 | £374.75 | £374.75 | £269.82 | £104.93 plus 100% write off your remaining balance |
| £4,999.50 | £2,499.75 | £2,499.75 | £1,679.83 | £819.92 plus 100% write off your remaining balance |
| £12,499.50 | £6,249.75 | £6,249.75 | £3,749.85 | £2,499.90 plus 100% write off your remaining balance |
| £24,999.50 | £12,499.75 | £12,499.75 | £5,999.88 | £6,499.87 plus 100% write off your remaining balance |
| £50,000.00 | £25,000.00 | £25,000.00 | £9,000.00 | £16,000.00 plus 100% write off your remaining balance |
| £1,499.00 | £149.90 | £1,349.10 | £149.90 | £0 plus 100% write off your remaining balance |
If We recover a cash refund on Your behalf of £5,000 (Total Compensation) then you will be responsible for our fees of £1400 plus VAT (£1680 - 33.6% of the Total Compensation of £5,000).
If We recover a cash refund of £2500 plus a balance reduction of £2500 (Total Compensation of £5,000) on Your behalf you will be responsible for our fees of £1400 plus VAT (£1680 - 33.6% of the Total Compensation of £5,000).
If We recover a cash refund of £500 plus a balance reduction of £2500 on Your behalf ordinarily you would be responsible for our fees of £840 plus VAT(£1008). However, we will agree to cap our fees at a sum equivalent to the total cash refund you receive and therefore your will be responsible for our fees of £500 inc VAT.If We recover a cash refund of £500 plus a balance reduction of £2500 (Total Compensation of £3,000) on Your behalf then ordinarily you would be responsible for our fees of £840 plus VAT(£1008 – 33.6% of the Total Compensation of £3,000). However, we will agree to cap our fees at a sum equivalent to the total cash refund you receive and therefore You will be responsible for our fees of £500 including VAT.
If You lose Your claim You do not have to pay Us anything for our fees as described above. You will not have to pay any expenses and disbursements we may have incurred on your behalf.
You do not need to use our services to make a claim against your lender(s). It's free to claim compensation from financial companies if you have lost money from a mis-sold financial product. 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 http://www.financial-ombudsman.org.uk/. If you aren't sure how to make the claim, you can get free, impartial advice from consumer organisations.
If you wish to cancel the contract outside the 14 day cooling off period, you may still be charged. Please refer to the Contingency Fee Agreement for more information.