Terms of Business
This agreement is formed between Redbridge Finance Limited a Company registered in England & Wales with Company Number 10625599 which has a Registered Office at 1 Forbes Business Centre, Kempson Way, Bury St. Edmunds, IP32 7AR. (Redbridge, Us, We, Our)
Redbridge Finance Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities. Our authorisation number is CRM43144.
Redbridge Finance Limited is registered with the Information Commissioners Office for Data Protection purposes with registration number ZA244805
Your name and address will be entered here on the actual agreement
When signed this Terms of Business form a contractual agreement between the parties detailed in Section 1 whereby:
Redbridge will represent You in making a claim against the lender(s) who have previously provided You with Payday Loans or other High Cost Short Term Credit Loans that You believe may have been granted irresponsibly.
You will remunerate Redbridge for providing this service, on a No Win – No Fee basis as detailed in Section 8 of this agreement.
Before signing this Terms of Business You should read Our ‘Pre Contractual Information’ document. This provides useful information including the process that will be followed, the obligations on You, and other information that will help You determine whether this agreement is suitable for Your needs. A copy of this information can be viewed by visiting http://www.redbridgefinance.co.uk/pre-contract-information at any time, or if You prefer You can request that this document is emailed to You.
When You instruct and authorise Us to make a claim on Your behalf You agree to Us contacting the 3rd parties that We need to in order to make and manage that claim. You agree to Us sharing with them the information You have provided to Us and also collecting and processing the information We receive from them.
During the process, We will need to make decisions on the best way to proceed and You give Your authority for Us to use Our skill and judgement to make such decisions on Your behalf.
Unless You have specifically provided details of loan agreements that You DO NOT want Us to make a claim on, if during the course of a claim, the lender reveals other loans that You have taken with them, We may, at Our discretion, extend the claim to cover these. In such circumstances, these loans will be covered by this agreement and the respective success fees will be payable.
All claims are undertaken on a No Win – No Fee (NWNF) basis. Our success fee will be 25% + VAT (30% including VAT) of any compensation offered, this includes any refund of loan capital, interest, charges, and any amounts written off of an outstanding debt as a result of the claim as well as any interest paid on the compensation amount.
Basic Example: Compensation amount £500.00. Our Fee £125.00 + VAT (£150.00 including VAT). You get £350.00
Where You refuse to accept a compensation offer You will still be liable for Our fees unless the case is referred to the Financial Ombudsman Service (FOS) for their arbitration. If an offer is rejected by You after the FOS have reviewed the case you will still be liable for Our success fee.
Important: Non ‘Cash ’ Compensation Awards
Where an offer of compensation includes amounts which are written off of outstanding loan debts rather than a ‘cash in hand’ payment, our fees are still payable. This may mean you may have to pay some, or all, of our fees from other sources. Examples of how this may affect you are shown in the Pre Contractual Information document – Section 3 “Non ‘Cash In Hand’ Compensation Awards”.
If we are representing you on multiple claims, either with the same lender or across multiple different lenders, we reserve the right to pay our fees owed by you on one claim with ‘cash in hand’ received from another.
Where we are due to pay you the balance of your redress on one or more claims, but you have one or more cases where an offer of redress has been made, we will hold back an amount equal to all of the fees that have become due (see below) but have not yet been paid. We will release this to you, possibly in stages, as the fees become paid on other cases. We will never hold back more than the total value of unpaid fees at this time. While we hold this money in our secure Client Account for accounting purposes, as this is to offset monies owed to us by you, but which we have voluntarily agreed not to collect at that stage, no interest will be paid to you on such monies.
For the avoidance of doubt, while we will not normally collect our fees until after an offer of redress is accepted and, if applicable, the funds have been paid out by the lender, as we work on a 'No Win - No Fee' basis and the redress has been won, our fees are due at the point that an offer is made. These may be recalculated at any point if the amount offered changes.
We will request that all compensation is paid directly to Us. We will then deduct Our fees and forward the balance to You within 5 working days.
Where a compensation payment is made directly to You by the lender You must notify Us within 10 days of knowing that payment is going to be made directly to your account. We will provide You with an invoice which must be paid within 5 days of receipt of payment from the lender.
If we are made aware or suspect, that a final response to a complaint has been issued, and the lender refuses to send us a copy, we will ask you to supply this in accordance with clause 6h of this agreement. If you refuse to do this we will assume that an offer of redress has been made. As we will not know the value of the redress offered we will not be able to calculate our fees based on the 25% + VAT (30% total) of that amount. In these cases, we will calculate our fees based on 25% + VAT (30% total) of the average of ALL offers received from ALL lenders over the preceding 12 months. An invoice will be raised and will become payable within 5 days. If you subsequently send us a copy of the final response received from the lender we will recalculate our fees based on the actual redress offered.
If you accept an offer directly with the lender and have the redress monies paid into your account, we will charge you for any time or money spent in recovering our fees. The hourly rate for this work will be at £25 per hour plus vat.
Your right to cancel.
You have the right to cancel your contract within 14 days without giving any reason.
The cancellation period will expire 14 days from the day we send you a copy of your contract.
To exercise the right to cancel, you must inform us of your decision to cancel this contract by a clear statement (e.g. a letter sent by post or email). You may use the Cancellation Form we will send you with our Welcome Letter, but this is not obligatory.
To meet the cancellation deadline, it is sufficient for you to send your communication concerning your exercise of the right to cancel before the cancellation period has expired.
Effects of cancellation (Within the 14 day period)
If you cancel the contract, we will reimburse you all payments received from you within the 14 day period. We will make the reimbursement without undue delay, and not later than 14 days after the day on which we are informed about your decision to cancel the contract.
We will make reimbursement using the same means of payment as you used for the initial transaction unless you have expressly agreed otherwise; in any event, you will not incur any fees as a result of the reimbursement.
Cancellations after 14 days but before an offer of compensation is made
If you cancel outside the 14 day period detailed above, but before a compensation offer is made, we will not charge you a fee for the work we have completed up to that point. We may require you to provide reasonable proof that no offer has been made at that time.
Cancellations after an offer is made
Provided the 14 days detailed above have passed, if you cancel after an offer of compensation has been made our success fee as detailed in Section 8 of this agreement will be payable.
Cancellation (ALL CASES)
If you cancel our services at any time:
We will contact each of the lenders (and where applicable the FOS) where there is a live claim in progress, by email, and advise them that You have cancelled Your agreement with Us and that We are no longer representing You in Your claim(s) against them.
We WILL NOT cancel or withdraw the complaint with the lender, or the FOS, and they should, therefore, continue to investigate the complaint and issue a final response. It is Your responsibility to manage any complaint with the lender or the FOS going forwards, including ensuring any deadlines that occur after the date of cancellation are observed.
If We receive any correspondence from the lenders or the FOS they will forward it to You at the email address You have provided to Us, or that You update from time to time. We will make no comment nor give any advice on such communications received and forwarded to You.
The notice of cancellation must be sent by post or emailed to [email protected]
If you breach any clause in this agreement the following will apply:
You have the right to complain about Our service at any time. If You are still unhappy after We have responded You have the right to refer the complaint to the Legal Ombudsman. Full details of Our Internal Complaint Procedure can be found at http://www.redbridgefinance.co.uk/complaints-procedure. If You would like a copy sending to You please contact Us and We will arrange this.
We shall not be liable for any costs or losses caused to You as a result of:
Before you sign this agreement you must read the terms carefully. You must also read our Pre Contractual Information document. If there is anything that you do not understand in either document you must ask us for additional information or clarification before you sign this agreement.
I confirm that I have given Redbridge Finance Limited all documentation, including that in electronic form, that I know about which is relevant to the claim.
In addition to the above please tick the boxes below if you give your consent that Redbridge Finance Limited may contact you about other products and services that we offer that we think may be of interest to you by:
[__] Email [__] SMS [__] Post [__] Telephone
I, ________ ________ agree to be bound by the terms of this agreement.
Signed ________ ________ Date ________