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What fees will be charged?
|
Our Fee |
Solicitor's Fee |
|
| Initial Review fee | None | None |
| Where the claim is greater than £5,000 | A contingency fee of 10% of any compensation amount offered. We will also receive a proportion of the solicitor’s fee only if the claim is successful | A Conditional Fee Agreement will be entered into with you whereby the solicitor acts on a “no win no fee” basis. The other party pays their fees. |
| Where the claim is less than £5,000 | A contingency fee of 25% of any compensation amount offered | n/a |
Initial Review Fee
Upon receipt of a completed questionnaire from you and the loan/PPI agreement we will perform an initial review of the documentation and, where appropriate, arrange for one of our panel member solicitors to perform a further assessment/audit of these documents in order to advise whether of the prospects of asserting a claim. NO FEES ARE CHARGED FOR THIS SERVICE.
| WARNING |
|
Beware using firms who request a fee for auditing/assessing your agreement(s). The Office of Fair Trading and Ministry of Justice have issued a joint Alert warning consumers to beware of dealing with such firms |
Where the claim is greater than £5,000
In the event that you have a good claim of £5,000 or more the case will be referred to one of our panel member firms of solicitors who will agree to act on your behalf in pursuing the claim on a “no win no fee” basis.
This will involve you entering into a conditional fee agreement. The solicitor will also arrange suitable insurance to ensure that no fees are payable in the event the case is lost. In the event the case is successful the other side will have to pay the solicitors fees. The solicitors will pay us a proportion of their fee in respect of the work we have done.
In these circumstances, you will receive 100% of any compensation paid by the financial institution less our contingency fee of 10%.
| WARNING |
|
Beware using firms who request a contingency fee of 25% or more based on compensation amount offered where claims are in excess of £5,000 |
Where the claim is less than £5,000
Where claims are less than £5,000 we may act on your behalf in raising a complaint with the financial institution with a view to reaching an agreement to pay compensation. We may refer the matter on your behalf to the Financial Services Ombudsman with a request that they assess the matter.
A contingency fee agreement will be entered into with you on the basis that we shall be entitled to a fee of 25% of any compensation amount offered.
In these circumstances, our fees will be payable from any compensation paid by the financial institution. Where the loan is reduced by any compensation payment we shall request payment of our fee directly from you.
Debt Restructuring Solutions is a trading name of DRS (GB) Limited, Company Reg No 4281157, Consumer Credit Licence No 511357, Registered office address York House, 4 Sheepscar Way, Leeds, LS7 3JB. Regulated by the Ministry of Justice in respect of regulated claims management activities. Registration No CRM17994; its registration is recorded at the website http://www.claimsregulation.gov.uk/
