1. What Ratio Money will do for you:
(a) We will assess your Payment Protection Policy and, if appropriate, pursue on your behalf, a claim for reimbursement of premiums paid plus statutory interest.
(b) We will provide this service on a "Contingency Fee” basis (except in certain circumstances see Section 5 below on “Cancelling this Agreement"). A "Contingency Fee” is a fee that is only charged if compensation is recovered and is assessed on an agreed percentage of the amount recovered. However, if you do not have your policy document we will require a cheque made payable to your Bank or Insurance provider for the amount of £10 (this consists of a £10 fee that the Bank and/or Insurer will charge us to make a Data Protection Act 1998 subject access request on your behalf for your policy or credit agreement details).
(c) We will correspond and negotiate with the defendant on your behalf in this action. We will require you to sign a ‘Letter of Authority’ to facilitate this.
(d) We will inform you of all offers that we receive from the defendant; evaluate them and advise you in writing whether we consider it to be in your interests to accept or to reject.
(e) We will forward to you the monies agreed in settlement of your claim with the defendant, as soon as possible after the deduction of our Fee as described in 3 (e) (iii) (iv) (v) and 3 (f).
(f) We will endeavour at all times to provide you with the professional and dedicated service that you deserve. We will use all reasonable skill and care in the processing of your claim for reimbursement. To include all premiums plus statutory interest for all Payment Protection Policies agreed or judged to have been mis-sold.
(g) We will always act in your best interests in pursuing your claim and obtaining for you the best results.
(h) We will return all your documents (including bank statements, policy or credit agreements) upon receipt of all monies owed in accordance with this agreement.
(i) We will assist you in completing all or part of our application, and/or any subsequent forms which you may be experiencing trouble with.
2. What Ratio Money will NOT do for you:
(a) We will NOT advise you to pursue a claim that in our opinion has no realistic chance of success, or where the amount in issue does not in our opinion justify the likely work involved, and we reserve the right to cancel this Agreement if we form this opinion.
(b) We will NOT advise you to accept an offer that we consider inadequate or to reject an offer that we consider to be reasonable, and we reserve the right to cancel this Agreement if you wish to accept an offer that we consider inadequate or to reject an offer that we consider to be reasonable.
(c) We will NOT accept an offer without your agreement.
(d) We will NOT give or offer you financial advice.
(e) We will NOT advise you whether there is a risk that your Insurer may cancel your Payment Protection Policy after reimbursing Payment Protection Insurance Premiums and whether you should consider alternative means of obtaining Payment Protection Insurance from any provider other than those approved by Ratio Money Limited. (i) We will NOT advise you to seek alternative Payment Protection Insurance in anticipation of its cancellation, but you may consider this to be a prudent step to take.
(f) We will NOT take steps to remove any negative credit entry that your Insurer may have registered against your name. (g) We will NOT offer Legal Advice directly in the event of your claim going to the court stage we will guide and assist you as far as we can and if needed refer you to our panel of qualified Solicitor for direct legal assistance.
3. What we expect from you:
(a) To provide us promptly with all relevant information and items we request to enable us to pursue your claim, including a cheque made payable to the defendant for the amount of £10 (which consists of the £10 fee that the defendant will charge us to make a Data Protection Act 1998 subject access request on your behalf for a copy of your policy or credit agreement).
(b) To provide us with clear instructions.
(c) To cooperate with us (including sending to us any correspondence you receive directly from the bank).
(d) Not to ask us to work in an improper or unreasonable way or to mislead us.
(e) To provide us with the exclusive authority (to the exclusion even of yourself):
(i) to pursue your claim;
(ii) to enter on your behalf into correspondence and negotiations;
(iii) to receive, bank and give valid receipt for your compensation payment;
(iv) to ask the defendant to make the cheque payable to ‘Ratio Money Limited so we can bank it, or (if the cheque is instead made payable to you but received by us) to pay it into a treasury account or to retain it pending receipt from you, payment in cleared funds of our fee agreed pursuant to this Agreement and;
(v) (If the cheque is made payable to us or is paid by us into a treasury account) to deduct our fee agreed pursuant to this Agreement before sending to you a Ratio Money Limited cheque for the balance.
(f) (If the cheque is instead sent by the defendant to you rather than to us) to pay within 7 days our fee agreed pursuant to this Agreement.
(g) To read all of our terms and conditions and to sign to say that you have understood them.
(h) To retain a copy of our terms and conditions for your own reference.
(i) pay any associated court costs (maximum £220.00 refundable at point of settlement) which may become due should you decide to take your claim through the small claims court, Ratio Money will not offer any Legal Advice, however we will offer you support throughout the process and our panel of Solicitors will of course represent you if needed.
4. Our Fee
(a) We will charge you 20% of the total amount paid to you in full and final settlement of the claim made against the defendant. For example, for a payout of £1000.00, we would charge a fee of £200.00 to you.
(b) At the outset of your claim, we may require from you a cheque for £10 made payable to your Insurer (which consists of administration charges that the defendant will charge us to make a Data Protection Act 1998 subject access request on your behalf for your Insurance Policy).
(c) If no payment is received, you pay us nothing except in certain circumstances (see section 5 below on "Cancelling this Agreement").
5. Cancelling this Agreement
(a) We can cancel this arrangement at any time and no fee will be payable by you, if we advise that your claim is unlikely to succeed and if you have not breached your duties set out at section 3 above.
(b) We can cancel this arrangement at any time, but we will have the right to charge you fees (details of which are set out below) for all our work done on your behalf pursuant to this Agreement.
(c) If you have breached your duties set out at paragraph 3 above or
(d) if you accept an offer that we consider inadequate or reject an offer that we consider to be reasonable.
(e) If the Agreement is cancelled in circumstances that entitle us to charge you for our work, those fees, if we elect to charge them, will be calculated by multiplying the number of hours (or part thereof) spent by us on your claim by the applicable hourly charging rate of £30 per hour, and time spent will be measured in units of six minutes. We will, however, warn you if we intend to charge such fees and how much they are likely to be.
(f) Cancellation of this Agreement by either party must be in writing.
(g) There is a 14 day cooling off period in which you may cancel the agreement without any charge other than the £10 Data Protection Act fee. |
