The Company will consider a claim from a Client for compensation in respect of a mis-sold product as written on the accompanied Letter of Authority and, if the Company believes that the claim has merits, act on behalf of the client to seek Compensation. The Company makes no representation or warranty to the Client that Compensation will be obtained or is in any way guaranteed. The Company reserves the right, at any time, and at its sole discretion not to pursue a claim for Compensation and will notify the Client in writing in such a case. The Company charges on a no win no fee basis, except that the Company reserves the right to make a charge in certain exceptional circumstances. Full details of such circumstances can be found in Conditions 5.1, 7.4, 7.5, 10.2, 10.5 and 15 of the Terms and Conditions.
The Company’s Service Charge for Payment Protection Insurance (PPI) 20% of any amount of Compensation plus VAT. For example, if the Company succeeds in obtaining Compensation of £1,000, the Service Charge would be £200 + VAT = £240. The Client would receive £760.00.
The Company’s Service Charge for Packaged Bank Account (PBA) is 30% of any amount of Compensation plus VAT. For example, if the Company succeeds in obtaining Compensation of £1,000, the Service Charge would be £300 + VAT = £360. The Client would receive £640.00.
The Company’s Service Charge for Endowment or Pension mortgage, Investment and Whole of Life is 35% of any amount of Compensation plus VAT. For example, if the Company succeeds in obtaining Compensation of £1,000, the Service Charge would be £350 + VAT = £420. The Client would receive £580.00.
1.1. ‘Benefit’ means all non-monetary benefits in whatever form including without limitation all benefits that will arise from any waiver, cancellation, reduction, saving, deduction or rescheduling of any outstanding or future loan or interest payments, credit repayments, premiums, charges or other interest or administrative payments (or any offsetting or relief against the same) or any other saving, inducement, discount, enhancement or rebate offered in relation to any other products or services offered by a Third Party or persons connected to the Third Party.
1.2. ‘Claim’ means a given claim for Compensation made by the Company on behalf of the Client in accordance with the terms of the Contract.
1.3. ‘Client’ means the person(s) for whom The Company has been instructed to provide the Services for as identified overleaf.
1.4. ‘Client’s Card’ means either the credit card which is the subject of a potential claim relating to PPI or, where this credit card is no longer active, the Client’s active credit or debit card, details of which have been provided by the Client and are set out in the letter of authority.
1.5. ‘Company’ means It IS Your Money Ltd (Company No: 7772518) whose registered office is Quay House Lansdowne Lane TORQUAY TQ2 5BS.
1.6. ‘Compensation’ means the total monies and the full value of Benefits (as defined above) offered by the Third Party whether as compensation, as a gesture of goodwill or otherwise arising from any claim made by the Company on behalf of the Client for financial mis-selling which could include alleged unreasonable or erroneous Loan Charges or Credit Card/Bank Charges and/or an allegedly mis- sold PPI (defined below), Packaged Bank Accounts, Investments, Endowments, Pensions and Whole of Life Policies. Where such an offer is revised on appeal, then the higher amount shall be used in order to calculate the amount of Compensation.
1.7. ‘Contract’ means the contract between the Company and the Client for the provision of the Services, comprising the signed letter of engagement and these terms and conditions.
1.8. ‘DPA’ means the Data Protection Act 1998, as amended from time to time.
1.9. ‘PPI’ means a Payment Protection Insurance policy or similar credit protection
scheme including without limitation schemes covering eventualities such as
accident, sickness, redundancy and/or unemployment.
1.10. ‘Services’ means the assessment of a potential Claim and the provision of advice
and the handling of the Claim for any losses sustained by the Client.
1.11. ‘Service Charges’ means the charges payable by the Client..
1.12. ‘Third Party’ includes without limitation the company or any other organisation
responsible for the sale of the contract.
1.13. ‘VAT’ means value added tax at the then prevailing rate.
The Contract shall commence on the date on which the Client’s signed letter of engagement has been received by the Company and unless terminated earlier as provided below shall continue until: Compensation is recovered for the Client by the Company and the Service Charges are paid by the Client; or
2.1. The Company advises the Client in writing that it is unable to recover Compensation; or
2.2. The Company exercises its right not to pursue a claim for Compensation but this is without prejudice to any rights the Client may have to make a claim.
The Company agrees with the Client:
3.1. That it will use its reasonable endeavours to pursue an application for
Compensation from the Third Party on behalf of the Client where the Company believes that it is reasonable to do so, having regard to the merits and the value of the Client’s claim;
3.2. To notify the Client promptly and in writing if it decides that it will not pursue an application for Compensation;
3.3. To use reasonable endeavours to keep the Client informed of the progress of the claim;
3.4. That it will not seek to recover the Service Charges should the application to the Third Party for Compensation prove unsuccessful, unless this is due to an act or omission on the part of the Client;
3.5. To act in the best interests of the Client at all times;
3.6. To promptly pay any Compensation received by the Company to the Client after
deducting the Service Charges;
3.7. To hold all Compensation monies received from a Third Party in a general client
account that is separate from the main bank account of the Company;
3.8. That the commencement of legal proceedings to recover Compensation is
outside the scope of the Services unless the Company elects otherwise.
The liability for the Client to pay the Service Charges and any other charges that may be payable by the Client under the Contract is (where the Client is more than one person) joint and several. This means that the Company can recover all of such charges from any person who is the Client. Service Charges will be payable on any part of any Compensation that is received by the Client or the Company as soon as it is recovered from the Third Party.
5. Debt Recovery
5.1. In the event the Company takes steps to recover any Service Charges due and unpaid by the Client to the Company, the Client shall pay to the Company the Company’s costs (including administrative costs) of taking such steps. The Client undertakes that it will at all times be responsible for all costs and expenses incurred by the Company, including but not limited to, Court fees, interest and debt recovery agents administrative fees in recovering from the Client any Service Charges due and unpaid from the Client to the Company.
5.2. All sums due from the Client which are not paid on the due date, (without prejudice to the rights of the Company under the Contract) shall bear interest from day to day at the rate of 8% per annum.
6. General Obligations of the Client
The Client agrees with the company:
6.1. To provide promptly all such information as the Company may from time to time
6.2. To ensure that all information sent to the Company is true, accurate, not
misleading and shall not contain any relevant omissions;
6.3. To authorise the Company to act on its behalf to contact the Third Party or such
other persons, firms or companies as the Company considers necessary to perform the Services and to authorise the release of any such information as the Company deems appropriate;
6.4. To authorise the Company on an exclusive basis to negotiate on the merits of the Client’s claim;
6.5. To deal with all correspondence from the Company promptly, including without limitation to return to the Company either the Third Party’s acceptance form or a letter rejecting the Third Party’s offer as soon as reasonably practicable and in any event within 28 days;
6.6. To accept these terms and conditions as binding on the Client and to be responsible to the Company for any breach by the Client including the payment of the Service Charges;
6.7. Not to appoint any other claims handling company or other person firm or company to provide the Services during the term of the Contract without the prior written consent of the Company;
6.8. Not to pursue the claim during the term of the Contract personally and not to contact the Financial Ombudsman Service;
6.9. Not to contact or correspond or communicate with the Third Party without the consent of the Company, as this may prejudice any ongoing negotiations;
6.10. To immediately copy to the Company any correspondence it receives from the Third Party;
6.11. To promptly notify the Company of the full names of all joint policy holders and any further relevant information that the Client has in its possession;
6.12. That it has not previously claimed or received compensation or an offer of compensation from the Third Party.
7. Payment Obligations of the Client and the Company
7.1. The Client agrees that the Company may collect on its behalf any Compensation due from the Third Party if placed in a designated “clients account”.
7.2. The amount of the Service Charges payable by the Client to the Company is set out in the signed letter of engagement relating to the Services. The Client agrees that it is liable to pay the Service Charges to the Company if the Compensation is paid directly to the Client by the Third Party as set out below:
7.2.1. All Service Charges and other fees due to the Company under the Contract shall be paid by the Client within 14 days of the Company’s invoices for such charges or (if stated) by such later date stated in the Company’s invoice;
7.3. Where Compensation is paid directly to the Company by a Third Party, the Client agrees that the Company may take payment for its Service Charges from any Compensation it receives on the Client’s behalf before transferring the balance of the Compensation to the Client. The company will pay this within 2 working days of the receipt of cleared funds. The Company shall issue a receipted VAT invoice for such payments to the Client on the date on which payment was taken.
7.4. When an offer for Compensation is obtained from the Third Party on behalf of the Client which is in accordance with the guidelines set out by the Financial Conduct Authority and Financial Ombudsman Service, the Company reserves the right to charge a fee equal to the amount of the Service Charge which would have been payable in the event that the Client had accepted that offer.
7.5. The Client agrees to pay to the Company the Service Charge and is deemed to have accepted an offer for Compensation obtained from the Third Party on behalf of the Client which is in accordance with the guidelines set out by the Financial Conduct Authority and Financial Ombudsman Service which has been sent either by the Company or the Third Party to the Client.
The Company will use all reasonable endeavours to perform the Services within a reasonable period from the date of receipt of the letter of engagement signed by the Client. The Company cannot be held responsible for delays due to circumstances beyond its control, such as delays caused by the Third Party or the Client. Reasonable delays in performance or delays due to circumstances beyond the Company’s control shall not entitle the Client to terminate the Contract. The Company will return to the Client any bank statements supplied by the Client, free of charge, if requested by the Client. Otherwise, the Company will dispose of the paper copies securely. The Company will use all reasonable endeavours to minimise any inaccuracies.
9.1. The Company’s liability in respect of the Services is to provide the same with reasonable skill and care, and within a reasonable time. The Company does not make any other promises or warranties about the Services.
9.2. The liability of the Company to the Client in contract, tort (including negligence for breach of statutory duty) or otherwise howsoever under or in connection with the Contract shall be limited as follows:
9.2.1. For death or personal injury resulting from the Company’s negligence or fraud, no limit shall apply.
9.3. Any claim by the Client for compensation for loss caused by the Company’s negligence or breach of contract must be notified to the Company as soon as practicable after the damage is discovered.
10.1 The Company may terminate this Contract at any time where it believes that, due to material changes to circumstances surrounding the Claim or regulation changes, the case is unlikely to succeed.
10.2 Where the Client fails to meet any of the General Obligations of the Client set out in paragraph 6, the Company may terminate the Contract and reserves the right to charge its reasonable costs.
10.3 Where the Company terminates the Contract under 10.1 or 10.2, it will inform the Client in writing.
10.4 The Client shall have the right to terminate the Contract within 14 days of signing the Terms of Engagement and in that case shall not incur any fee from the Company. Notice should be made by telephone, email or in writing to the Company and will be effective from the date posted by the Client. The Client should obtain and retain proof of postage to verify the date posted.
10.5 If the notice to terminate is received after 14 days of signing the Contract and before the Third Party makes any offer of Compensation, the Company shall charge reasonable costs associated with the Claim, including costs for work performed by the Company. If the notice to terminate is received after any offer of Compensation is made or receipt of any notification that the Claim has been upheld, the full fee as stated in the terms of engagement will be payable. The Company will confirm its charges on receipt of notice to terminate.
11. Force Majeure
The Company shall not be liable for any delay or other failure to perform any services by reason of any cause whatsoever beyond its reasonable control and the time for performance shall be extended by the period of any such delay.
12.1 Both parties agree to keep confidential the subject matter of the Contract and any information (whether written or oral) acquired by that party in connection with the Contract and not to use any such information except for the purpose of performing its obligations under the Contract.
12.2 Both parties agree that the provisions of Condition 12.1 shall not apply to information already in the public domain other than as a breach of Condition 12.1.
12.3 The restrictions contained in Condition 12.1 shall continue to apply following the termination of the Contract without limit in time.
Conflict of Interest
The Client agrees that the Company shall not be required to disclose to the Client or account to the Client in respect of the Company’s interests, such as in relation to advice on marketing or other matters, provided that the Company does not contravene any applicable rules, regulations or codes of conduct.
14.2 The Company agrees to comply with any written Data Subject Access Request under the DPA made by the Client for the personal data that it holds subject to any exemptions that may apply from time to time. The Company charges an administration fee that will not exceed the maximum fee permitted under the DPA for providing this information. This is currently £10.
14.4 The Client acknowledges and agrees that its personal data may be submitted to a credit reference agency and processed on behalf of the Company in connection with the Services.
The Company reserves the right to charge the Client for any costs incurred by the Company if any information provided by the Client is misleading or contains material omissions which result in the Company providing the service to the Client, which it would have declined to do, if it had been in possession of the full information.
The Contract is personal to the Client and is not assignable except to the personal representatives of the Client.
Rights of Third Parties
A person who is not a party to the Contract will have no rights pursuant to the Contracts (Rights of Third Parties) Act 1999 to enforce the Contract.
Any notice to be given in accordance with the Contract and these terms and conditions must be in writing.
If any provision of the Contract is held by any court or other competent authority to be void or unenforceable in whole or part, the other provisions of the Contract and the remainder of the affected provisions shall continue to be valid.
No variation to these conditions shall be binding unless agreed in writing between the Company and the Client.
The Company operates a complaints mechanism, full details of which can be obtained on our website, by email, telephone or in writing from The Customer Relations Manager. The contact details are overleaf.
No failure or delay in exercising any of the Company’s rights shall constitute a waiver of the same or any other of its rights.
Law and Jurisdiction
The law applicable to the Contract shall be English law and the parties consent to the jurisdiction of the English courts in all matters affecting the Contract.