Pre Contract Information
We pursue claims on behalf of individuals for the mis-selling of Payday and Guarantor Loans. Most loans were arranged online in minutes. The lenders were under a duty to carry out reasonable and proportionate affordability checks before approving the loans. The Financial Ombudsman Service have indicated that where the individual borrowed 5 or more loans with the same lender, it is harder for the lender to justify having carried out appropriate affordability checks. In relation to Guarantor loans we have set this at 1 or more loans with the same lender.
Illustration of fees
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 awarded a cash refund. Our fee will be 36% of the total compensation awarded inclusive of VAT.
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 some, or all, of your compensation is a reduction in your outstanding balance, we will not charge you a fee on that part of the compensation; we only charge our fee on the cash refund element.
|Compensation Amount||Our Fee (Inc VAT)||You Receive|
|£5,000.00 and a reduction in your balance of £1,000||£1,800||£3,200 and a reduction of £1,000 from your outstanding balance|
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. This means what you pay might be more or less than the illustrations shown above.
If you fail to cooperate or provide false or misleading information to your solicitor, you may be liable to pay any costs they incurred.
Alternative Ways to Claim
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.
Overview of key stages of a claim
|Stage 1||Initial online assessment of potential claim|
|Stage 2||Lender response|
|Stage 3||Advice on offer, lender rejection or potential referral to Financial Ombudsman|
|Stage 4||Offer accepted – compensation paid
Closure – claim is rejected on a valid basis
|Stage 5||Referral to Financial Ombudsman Service|
What you have to do
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.
If you wish to cancel this contract you can do so within 14 days at no cost. Just let us know.
If you cancel our service after 14 days and after we submit your claim you will be liable to pay our full success fee should your claim be successful.
What if am in an IVA or Declared Bankrupt
If you are subject to an IVA / are bankrupt then you must provide us with the IVA Supervisor / Trustee in Bankruptcy’s written consent to pursue the claim for you prior to instructing us. You also authorise us to pay settlement monies to your IVA Supervisor / Trustee in Bankruptcy after our fees have been deducted.
Should you have a complaint in regards to the service we have provided, we have a complaints procedure which you should follow. The full process can be found on our website or can be provided on request.