Discretionary Commission Arrangements - Compaints and refunds
With Redbridge Finance you will be looked after by a small team of hugely experienced people, who truly understand Loans and the Claims Process. We are most definitely not the cheapest firm in the industry but we are probably one of the most seasoned, with many years of experience.
You do not have to use a Claims Management Company. You can make the claim directly to the lender yourself if you want to save the fee.
We don’t have any minimum charges, if the compensation is small so is our fee.
We do not charge any upfront fees, we take all the risk.
Illustration of Fees:
From 1st March 2020 fees charged by Redbridge Finance will be capped as per the table below. Further examples are shown below the table.
The figures quoted are only calculated on actual money sent to you. If you get a balance reduction, we do not charge any fees on the balance reduction element, just on money sent to you by the lender.
|
Band |
Redress awarded for a claim (£) |
The maximum percentage rate of charge |
The maximum total charge (£) |
|
1 |
£1-£1,499 |
30% plus vat |
£420 |
|
2 |
£1,500 - £9,999 |
28% plus vat |
£2,500 |
|
3 |
£10,000-£24,999 |
25% plus vat |
£5,000 |
|
4 |
25,000-£49,999 |
20% plus vat |
£7,500 |
|
5 |
£50,000 or above |
15% plus vat |
£10,000 |
These are some examples:
Band 1
Compensation amount £1,000. Our Fee £300 + VAT (£360 inc VAT). You get £640
Compensation amount £1,499. Our Fee £350 + VAT (£420 inc VAT). You get £1,079
Band 2
Compensation amount £5,000. Our Fee £1,400 + VAT (£1,680 inc VAT). You get £3,320
Compensation amount £9,999. Our Fee £2,083.33 + VAT (£2,500 inc VAT). You get £7,499
Band 3
Compensation amount £15,000. Our Fee £3,750 + VAT (£4,500 inc VAT). You get £10,500
Compensation amount £24,999. Our Fee £4,166.67 + VAT (£5,000 inc VAT). You get £19,999
Band 4
Compensation amount £30,000. Our Fee £6,000 + VAT (£7,200 inc VAT). You get £22,800
Compensation amount £49,999. Our Fee £6,250 + VAT (£7,500 inc VAT). You get £42,499
Band 5
Compensation amount £50,000. Our Fee £7,500 + VAT (£9,000 inc VAT). You get £41,000
Yes, you can make a claim directly to the lender.
You do not need to use a Claims Management Company, but we are here if you want to use one.
If you are not satisfied with the decision the lender makes regarding your complaint, you may ask for an independent review by the Financial Ombudsman Service. You have the right to refer your complaint to the
Financial Ombudsman Service, free of charge - but you must do so within six months of the date of the lender final decision letter.
For more information on the Financial Ombudsman Service, please follow this link