Terms & Conditions – Payday loans

Terms of Business (Web Copy For Information Only)

Parties

Impakt Claims is a trading style of The Claims Experts Ltd a Company registered in England & Wales which has a Registered Office at Pioneer House, Pioneer Business Park, North Road, Ellesmere Port, CH65 1AD (Us, We, Our)

Impakt Claims are authorised and regulated by the Financial Conduct Authority (FRN 836692). Data Protection Registration number ZA477153.

Impakt Claims is registered with the Information Commissioners Office for Data Protection purposes with registration number ZA477153.

This agreement is formed between Impakt Claims and, you Our Customer

Purpose

When signed this Terms of Business form a contractual agreement between the parties detailed in Section 1 whereby:
Impakt Claims will represent you in making a claim against the lender(s) who have previously provided you with Pay Day Loans or other High Cost Short Term Credit Loans that you believe may have been granted irresponsibly.

You will remunerate Impakt Claims for providing this service, on a No Win No Fee* basis as detailed in the section of these Terms and Conditions covering Fee Structure.

Pre Contractual Information

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 the Pre Contractual Information for Pay Day Loans at any time, or if you prefer you can request that this document is emailed to you.

Making Your Claim

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 including reaching a full and final settlement on your behalf where we judge that to be the most appropriate conclusion. You hereby waive any rights to challenge that settlement with us or with the lender at any time after payment has been made to you.

Additional loans

By providing us with a signed Letter of Authority, authorising us to make claims for the mis-selling of high cost short term credit to you by the lenders that you nominate, we shall proceed to investigate loan products that you held with these lenders solely and whether mis-selling was evident.

Your Obligations

During the claim you will be asked to provide us information about you, your circumstances and your loans. You must ensure that this information is accurate and honest. Knowingly providing fraudulent or incorrect information at any time may jeopardise your claim and will put you in breach of this agreement.

You will, at the start of the claim, be asked to provide us with documents relevant to the claim. This includes as a minimum a signed letter of authority and any of the following which you hold or can acquire, historical bank statements, credit reports, lender emails to you and lender loan statements.

You will provide us with any of this information which we reasonably request from you in order to pursue the claim. As a minimum, the details of the lenders from who you have taken the loans (including their name, the loan amount, the date you took out the loan and the purpose for taking it out).

We may ask you to complete a form so that your case can be escalated to the Financial Ombudsman Service, you will sign and return this form on receipt.

You will read any documentation that we, or the lender, sends you and retain these documents in your safe keeping.

You will advise us immediately of any changes to the details you have provided or if you realise that information previously provided has changed or contains errors.

If an offer of compensation is sent directly to you, you will notify us of this within 7 days, unless we notify you that we have received this information too.

You authorise the lender to make payment of any compensation directly to us. We will then deduct our fee and forward the balance to you.

You agree, unless a legal or statutory requirement dictates otherwise, to receive all written communications from us by email to the email address supplied by you. We may also use post to send such communications.

You will not, at any time throughout the term of this agreement, withdraw from any lender our authority to act on your behalf and/or work with them, without first cancelling this agreement in accordance with the terms detailed below.

Our Obligations

We will manage your claim with reasonable care and diligence to ensure that where there has been a case of irresponsible lending, We maximise the possibility of you getting what you are entitled to. Where it is advisable to accept a reduced full and final offer from the lender we will write to you advising of the reasons for this and seeking your approval.

We will assist you to fill in any necessary forms and where appropriate check the details you have provided, however we will NOT “coach” you on how to fill in these in in order to maximise the claim value where this would result in inaccurate information being entered. All answer, statements or declarations are your responsibility.

We will keep you updated on the progress of your claim as it progresses.

If we do not feel that the claim has sufficient merit to be continued we will advise you of this. We will then release this loan from this agreement to allow you to proceed with the claim yourself if you wish. (Please note, if we do this only that loan is released from this agreement any other loans not notified under this clause will still be pursued by us and a success, or cancellation, fee is payable.)

We have an obligation to ensure that we avoid any conflicts of interest. We therefore have the right to refuse to take on a claim, or where a claim has been started, terminate this agreement, if we suspect that this would be the case. We will provide details to you or why we are unable to continue with the claim.

Payment – No Win No Fee

What is No Win No Fee*?

No Win No Fee* means you don’t need to worry about paying fees upfront. Quite simply, if we manage your case on your behalf and you don’t win any compensation, you don’t pay us any fees. There’s no catch. If your claim is rejected, you don’t pay a fee.

How does No Win No Fee* work?

If we are successful in representing your claim, we take a percentage of the final compensation that you’ve been awarded. For Pay Day loans our percentage (or fee) is typically 30% plus VAT of the final compensation.

If your claim is not successful, or even if the lender only agrees to write off some or all, of any outstanding debt you might have, you don’t pay any fees for the work we’ve carried out on your behalf.

Fee Structure

Examples of refund offers and fee structure**:

Scenario 1 – Lender offers balance write off

Where an offer of compensation is solely for write off or balance reduction of an outstanding debt with a lender, rather than a ‘cash in hand’ payment, there is NO FEE payable to us. E.g. Where the lender determines that you are due a refund of £1000 but where you still have an outstanding balance greater than or equal to the £1000 with them, they will apply the £1000 against that balance to reduce that. No cash refund is made and no fee payment due to us.

 

Scenario 2 – Lender offers a cash refund

Our normal fee will be 30% + VAT of any compensation offered. This means, for example, if we succeed in obtaining Compensation of £1000, Our fees would be £360. You would receive £640. (As per the example in the first scenario below).

Lender offer value of £1000 –   Fee £300 – VAT £60 – Resulting in net customer refund of £640

Lender offer value of £3000 –   Fee £900 – VAT £180 – Resulting in net customer refund of £1920

Lender offer value of £10000 – Fee £3000 – VAT £600  – Resulting in net customer refund of £6400

**These figures above are shown for illustrative purposes only and not an indication or estimate of the amount that might be recovered. Depending on the value of your claim, your refund may be more or less than that shown in the examples above.

 

Scenario 3 – Lender offers a cash refund and a balance write off

If Compensation of £1000 is awarded but £500 is used to reduce your outstanding balance with that lender, we will charge you either 70% of the cash amount you receive (inclusive of VAT) or 30% + VAT of the total refund (including the offset against an outstanding balance) whichever is the lower amount. In this instance, our fee would be £350. You would then receive £150 – the £500 cash refund minus our fee of £350. (In this scenario our fee would be 70% of the cash refund of £500 which is £350, as this is lower than 30% plus VAT of the overall refund of £1000 which is £360).

 

 

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.

You authorise the lenders to pay all compensation due to you directly to us. We will then deduct our fees and forward the balance to you within 2 working days.
Where a compensation payment is made directly to you by the lender you must notify us immediately. We will provide you with an invoice which must be paid within 24 hours.

Cancellations

You have a 14 day ‘cooling off’ period from the day that you sign this agreement in which to cancel it without charge. If you choose to do this then:

We will cease all work on your claim(s)

We will notify all of the lenders that we have made contact with that we are no longer managing your claim.

We will not make any charges to you for the work already undertaken.

If the 14 day ‘cooling off’ period has passed you can still cancel the agreement at any stage, verbally by telephone on 03300 165808, in writing to Impakt Claims, Pioneer House, Pioneer Business Park, North Road, Ellesmere Port, CH65 1AD or e-mail address claims@impaktclaims.co.uk

You are able, but not obligated, to use the cancellation form available on our website at any time to cancel this agreement at any time.

No cancellation fee will be charged to cancel the agreement after the cooling off period, however if you go on to receive an offer from the lender as a result of a claim, our fee will be due.

Similarly, if the contract is cancelled AFTER a compensation offer is received then the success fee of 30% + VAT is payable.

Breaching this Agreement

If you breach any clause in this agreement the following will apply:

We will notify you of what you have done to cause the breach and what needs to be done by you to fix it. We will give you a period of 14 days to carry out the actions needed in order to resolve it. If this is not going to be possible you must contact us so that we can agree a mutually suitable plan to allow us to continue to represent you under this agreement.

If you fail to resolve the breach within the period specified in (a) above we will deem this to be a cancellation of the agreement and cease all work on claims under your name.

Complaints

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 Financial Ombudsman Service, Exchange Tower, Harbour Exchange, London E14 9SR. E mail address: complaint.info@financial-ombudsman.org.uk Telephone 0300 0234567

If you would like a copy of our full internal complaint procedure sending to you please contact us and we will arrange this.

Limitations of Liability

We shall not be liable for any costs or losses caused to you as a result of:

  • Delays caused by you in providing information or documentation requested by Us.
  • Delays in the transmission or delivery of information or documentation caused by email service providers or the postal service.
  • Claims settlement amounts later found to be lower than the maximum achievable.
  • Failure of information or documentation sent between you and us to arrive with the other party.
  • Any other matter which is outside of Our control.

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, please ask us for additional information or clarification before you sign this agreement.

You must also carefully read the Privacy Policy as displayed on our website here. This contains details of what we will do with your data, the consents you are giving by entering this agreement, and also your rights under the Data Protection Act. If you do not understand any part of this document you must ask us for additional information or clarification before you sign the agreement. By signing this agreement you agree to your personal data being stored and processed in accordance with this policy.

By signing this you also declare that you have read and accept the terms included within our Privacy Policy, as displayed on our website (https://impaktclaims.co.uk/privacy-policy/). This contains details of what we will do with your data, the consents you are giving by entering this agreement, and your rights under the Data Protection Act. Under those terms, we will process your personal data under the lawful basis of consent and where necessary for the performance of a contract, we will process your data to assess and submit your claim to the lender and will share your data with that third party as part of the claim process. For full details of how your data will be used, please refer to the privacy policy.

I confirm that I have given Impakt Claims all documentation, including that in electronic form, that I know about which is relevant to the claim.