Terms
Terms & Conditions
This Agreement forms a contract between you the ‘Client(s)’ and Fast Track Reclaim (FTR). Fast Track Reclaim is a trading name of Quickly Finance Limited whose address is Christine House, Sorbonne Close, Thornaby, Stockton on Tees, TS17 6DA. You should not sign this contract until you have read the agreement and fully understand this Agreement and services that FTR provide, including any fees payable to them. Please note that you have a 14 day cooling off period to withdraw from the contract.
1. THE SERVICE PROVIDED
1.1 FTR will pursue a claim for mis-sold Payment Protection Insurance(‘PPI’) against the lender on behalf of you for all financial products. FTR will also provide updates on the progress of the claim which will be undertaken on a ‘No Win No Fee’ contingency basis. FTR will only progress claims which appear to have sufficient grounds to justify making a claim from the information provided to FTR by you.
1.2 In signing these terms and conditions you agree to instruct FTR to attempt to bring a claim for all products with the lender. FTR will be entitled to a continguency fee (as set out below) for all products with the lender including cases which you have not directly signed a seperate letter and/or terms and conditions.
2. PROCEDURE
2.1 Upon receipt of your completed claim pack FTR will instigate a complaint on behalf of you with the Lender/Broker responsible for the alleged claim. This complaint will be handled within the internal complaint procedures of the Lender/Broker which are governed by the Dispute Resolution Rules as specified by the Financial Services Authority (FSA).
2.2 FTR will pursue a complaint through such procedures until a decision is received from the Lender/Broker. This decision will be assessed in line with our assessment of the value of the claim and, if required, will be referred to the Financial Ombudsman Service (FOS) to act as arbitrator in any dispute arising from the decision, where their jurisdiction applies. Please note that the FOS is a free service available to you.
2.3 FTR will progress the claim until a final conclusion is reached. Where that conclusion is successful FTR will be entitled to charge
a fee in line with that agreed under clause 3 entitled ‘FTR Fees’ below.
2.4 FTR may be unable to progress your claim under certain circumstances. Where this is the case we will notify you in writing of our decision not to proceed and upon request will provide you with a concise explanation as to why we are unable to proceed further with your claim. FTR will not be liable for any losses incurred under such circumstances.
3. FTR FEES
3.1 No fees will be charged to you in respect of an unsuccessful claim. Where a claim is successful, FTR will charge a contingency fee representing no more that 25% plus VAT at the prevailing rate (currently 20%) in respect of the redress/compensation recovered on your behalf. Under no circumstances will you be required to pay more than this amount.
3.2 Should you receive and accept an offer for the balance of a credit agreement to be written off, or for redress/compensation to be offset against arrears the fees will be calculated at 25% of the write off or amount offset, plus VAT at the prevailing
rate. Examples of the fee structure are set out below and can be explained further by contacting our office directly:
Example A: All compensation is “cash in hand”
- Total compensation: £3000
- Of which cash £3000
- Fee charged @ 25% £750
- VAT@ 20% £150
- Total Fee to FTR £900
- Consumer receives £2100
(and no reduction in loan as it is already paid off in full)
Example B: Compensation includes “cash in hand” award with loan and future installment reduction
- Total compensation: £3000
- Of which cash is £1000
- Loan reduction £2000 Set off arrears:
- Fee charged @ 25% £750
- VAT @ 20% £150
- Total Fee to FTR £900
- Consumer receives £100
(and a reduction of £2000 in future loan installments)
Example C: Compensation is used to offset arrears consumer has on credit card or loan
- Total compensation: £3000
- Of which cash is £0
- Set off arrears: £3000
- Fee charged @ 25% £750
- VAT@ 20% £150
- Total Fee to FTR £900
- Consumer pays £900
(and a reduction of £3000 in their outstanding loan)
3.3 You must notify FTR if the account and/or credit card is in arrears. IF example C above occurs in which the full award is applied against any arrears then FTR will only be entitled to recover fees once the account/credit card has been paid off in full unless otherwise agreed between FTR and you. The amount you are required to pay FTR will not exceed the monthly amount you were required to pay to the original lender and/or credit card provider. You can choose to make additional payments to FTR
towards the fee.
3.4 Where fees are paid either by Credit or Debit Card FTR reserve the right to add a 2.5% charge to the invoiced amount to reflect the cost of processing such payments.
3.5 Where fees remain unpaid and FTR are forced to either take court action or appoint a debt collection agency to recover outstanding monies FTR reserve the right to increase the amount owed by an amount equivalent to the cost of that recovery. A court may also award additional cost and/or statutory interest at the rate of 8% above Bank of England base rate
3.6 FTR will seek to recover interest on unpaid fees at the rate of 8% above the Bank of England rate.
4. DOCUMENTATION AND DISCLOSURE
You must provide all documents which you may have in your possession from their Lender, Broker or Insurer which may assist in the preparation of the claim. You may also be required to provide proof of your identity and/or proof of address as required.
You must complete all documentation and disclose all relevant information which is pertinent to your claim in a truthful manner which is accurate to the best of their knowledge. You may be required to complete additional forms and information for the purpose of proceeding with a FOS claim.
5. THE RISKS OF MAKING A CLAIM
The procedure outlined in this document is intended to minimise the risk of making a claim against a third party. In the normal course of events if the claim is not pursued there is nothing for you to pay as any liability for fees only arises upon a successful outcome; however there are circumstances where risks may exist. You therefore acknowledge that the following risks are involved in making a claim:
(i) That you may lose your case or your case may be closed due to lack of evidence.
(i) In most successful cases where a claim relates to the alleged mis-sale of a PPI Policy and the PPI Policy is current you will be required by the firm to cancel their PPI. This will leave you without insurance cover on your credit agreement. Should you consider that having insurance cover on you credit agreement is of importance then FTR strongly encourages them to seek independent financial advice as to the availability of alternative cover. FTR also urges you to put such cover in place before the cancellation of your policy.
FTR cannot accept any responsibility for the loss of benefits under a payment protection insurance policy which is cancelled as part of a successful compensation claim.
6. REGULATORY BODIES
You acknowledge that Quickly Finance Limited is authorised and regulated by the Ministry of Justice in respect of regulated claims management activities (authorisation number CRM23552).
Quickly Finance Limited is not required nor is it authorised by the Financial Services Authority (F.S.A.). Quickly Finance Limited hold a UK Consumer Credit License No.0607053 as issued by the Office of Fair Trading (OFT) and can therefore provide debt counseling advice in respect of debt management products and/or credit advice to you.
7. CONCERNS ABOUT OUR SERVICE
FTR operates an internal complaints procedure for the resolution of complaints regarding services provided by our claims management department. In the event that you have a complaint about the service which we provide please write to:
Complaints Department: Fast Track Reclaim, Christine House, Sorbonne Close, Thornaby, Stockton on Tees, TS17 6DA.
Alternately you may register your dissatisfaction via email on complaints@fasttrackreclaim.com, or via the telephone on 0845 459 8895. We will endeavor to acknowledge your complaint within 24 hours and to advise you of how we plan to resolve your concerns at the earliest opportunity. A copy of our internal complaints procedure for claims management services is available upon request.
If you remain dissatisfied you may refer your complaint to the Claims Management Regulator, Monitoring and Compliance Unit, 57-60 High Street, Burton-on-Trent, Staffordshire, D14 1JS. You can refer your complaint by email to consumer@claimsregulation.gov.uk or by telephone 0845 450 6858
8. TERMINATION
8.1 You may terminate this agreement with FTR, in writing at any time. No cancellation will be charged if you decide to terminate this agreement prior to the claim being successful. Your claim is deemed successful if we send a letter of complaint and you receive an offer from the lender which you accept. Upon signing this agreement you will have 14 days to cancel the agreement without any consequence or charge. This process is known as ‘cooling off’ and where FTR are instructed to do so they will acknowledge that the agreement has been terminated in writing.
8.2 You acknowledge that once a claim has been upheld and/or you receive any benefit from instructing FTR to bring a claim you will be liable to pay the contingency fee as set out at clause 3 above. Termination of this agreement following such success will still incur the appropriate fee as outlined in point 3 of this agreement.
8.3 In some cases, FTR may decide that they are unable to continue to act for you. Examples of where this may occur are: if FTR cannot obtain clear instructions from you; if they believe that they will not be successful in your claim, or; if you have been given misleading instructions or information from you.
9. AGREEMENT
This agreement will be effective from the date that you sign the agreement. By signing below you agree to be bound by these terms and conditions until such a point that the agreement is terminated or your claim is brought to a final conclusion.
If you have any queries relating to these terms and conditions then please contact us on 0845 459 8895 before signing.
