Terms and Conditions

The Process

On returning the Letter of Authority LFS will forward it to the lender to validate the existence of PPI. This process can take up to 40 working days. Upon verification of PPI on the finance one of our Claims Handlers will contact you by telephone. If we believe that you have a valid claim we will assist you in completing the paperwork and send it to you for checking. After returning the paperwork we will then compose and forward the complaint to the lender. After acknowledgement by the lender the firm has up to 8 weeks in which to issue a final response to the complaint. Provided the firm has accepted the complaint an offer of acceptance will be sent to you. Once you have accepted the offer the firm has up to 4 weeks to make payment to you. If the firm rejects the complaint LFS will contact you to discuss the merits of sending the complaint to the Financial Ombudsman Service. The outcome from the Financial Ombudsman Service could take up to 2 years.

Before signing the Terms of Instruction you have been made aware of the following:

The right to cancel this agreement without charge within 14 days from the date of the signature; the right to pursue the claim yourself, to seek the assistance of another claims management company or seek independent advice; been made aware of the Financial Ombudsman Service; made aware of the true cost, as a percentage and an example in pounds for making a claim; clear understanding of what you are signing

I/We hereby appoint Legal and Financial Solutions Ltd Trading as LFS Claims ("LFS") to act on my/our behalf as my/our sole representative and claims intermediary in respect of my/our claim for any mis-sold Payment Protection Insurance ("PPI"). I/We shall provide all information required by LFS, as requested, by return. I/We shall not enter into any agreement with the Bank/Lender/IFA or any other company associated with my/our claim/s without first consulting LFS.

Compensation:

Compensation means the total monies and the full value of benefits offered by the Third Party financial institution (i.e. Bank/Lender/IFA or any other company associated with my/our claim/s) arising from any claim made by LFS on your behalf for any allegedly mis-sold PPI.
Compensation may be paid in various ways, for instance as a money payment or as a discount or reduction in the loan/credit card amount outstanding and/or as a reduction on any interest or capital outstanding).
Where an offer of Compensation from the Third Party is revised on appeal, then the higher amount shall be used in order to calculate the amount of the Compensation.
I/We understand that if the Third Party pays the Compensation other than as a straight money payment (e.g. if the Third Party reduces arrears on my loan or credit card or something similar) then the total fee will still be payable to LFS.

Responsibilities:

LFS will provide the following services. LFS shall:
a) Act in the best interests in pursuing any potential claim against the Third Party financial institution.
b) Provide you, using LFS's experience of payment protection insurance, with impartial advice on the risks and benefits of pursing a claim against the Third Party financial institution.
c) Advise you on the suitability of any offer of settlement on behalf of the Third Party financial institution

Your Responsibilities are that you shall:
a) Provide LFS with full and accurate information and not mislead it in any way.
b) Respond to any request from LFS for instructions or further information without delay.
c) In order to proceed with your claim you need to return the following documents signed and dated:
   1. Letter of Authority
   2. FOS Questionnaire
   3. Terms of Instruction
   4. Statutory Disclosure
d) Advise LFS of any change of address details or contact telephone numbers immediately.

Law & Jurisdiction:

The law applicable to this contract shall be the law of England and Wales and the parties consent to the jurisdiction of the English courts in all matters affecting this contract.
LFS makes no representation or warranty to the Client that compensation will be obtained or is in any way guaranteed.
LFS reserves the right at any time, at its sole discretion, not to pursue a claim for compensation and will notify you in writing if this should occur.

LFS fee for services:

LFS will endeavour to recover all monies owed to you. LFS's agreed fee is 27.5% + VAT (at the prevailing rate, currently 20%) of the Compensation.
(i) You hereby agree to pay the fee due to LFS within 7 days of receiving the compensation.

Fee Examples:

Example A: All compensation is "cash in hand" Example B: Compensation includes "cash in hand" award with loan and future instalment reduction Example C: Compensations is used to offset arrears consumer has on credit card or loan
Total compensation: £3,000 Total compensation: £3,000 Total compensation: £3,000
Of which cash £0 Of which cash £0 Of which cash £0
    Loan reduction £2,000 Set off arrears £3,000
Fee charged @ 27.5% + VAT £990 Fee charged @ 27.5% + VAT £990 Fee charged @ 27.5% + VAT £990
Consumer receives £2,010 Consumer receives £10 Consumer pays £990

Income Tax:

The Finance Act 2013 requires Lenders to deduct tax from the interest element of your compensation. LFS does not provide tax advice.

Cancellation:

LFS can cancel this agreement at any time and no fee will be payable by you if we think there are no grounds for a complaint or that your claim is unlikely to succeed.
LFS shall have the right to terminate the contract by giving you written notice if:
(a) there occurs any material breach by you of any terms of this agreement which is irremediable or if remediable is not remedied to LFS's satisfaction within 15 days of a written notice by the Company specifying the breach and requiring it to be remedied; or
(b) you (or either of you) are adjudicated bankrupt; or
(c) you do not follow a reasonable recommendation that LFS makes.
You have the right to terminate this agreement at any time by giving notice to LFS. Any Cancellation must be made by way of a cancellation notice or by a clear statement to LFS. You have 14 days after signing this agreement to cancel without charge. If you terminate this agreement after 14 days LFS reserves the right to make a cancellation charge that will reflect the work undertaken by LFS in pursuit of your claim. This cancellation charge could amount to the full fee at the time, if LFS has received an acceptance of liability or an offer of compensation which is in accordance with the Financial Conduct Authority and Financial Ombudsman Service guidance. This cancellation charge could be 27.5% + VAT of the claim.
You may request LFS to begin work within the 14 day cancellation period. In doing so the Client waives their right to cancel the authority instructing LFS to act on their behalf.

Legal and Financial Solutions Ltd trading as LFS Claims is regulated by the Claims Management Regulator in respect of regulated claims management activities. Our authorisation number is CRM 29565 and is recorded on the website www.claimsregulation.gov.uk

If you do not pay LFS's fee on the due date LFS shall be entitled to charge you a recovery fee and/or interest on the amount outstanding.

Complaints:

LFS has an internal complaints procedure, which can be seen at http://www.lfsclaims.co.uk/complaints.html

Declaration:

This agreement is a binding contract and by signing it you are accepting its terms and instructing LFS to act on your behalf.

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