PBA Terms of Engagement
Terms of Engagement for the appointment of Your Money Claim to act on the Client’s behalf in all aspects of the administration & negotiation of the Packaged Bank Account Claim for all customers who contract with us on or after 1st March 2022 (If you contracted with us prior to this date please refer to the Terms of Engagment provided to you).
1.1 “Agreement” means these Terms of Engagement and/or the Letter of Authority. The agreement is between Your Money Claim and the Client for the provision of Services which shall be carried out in accordance with these Terms.
1.2 “Your Money Claim” means Your Money Management Ltd trading as Your Money Claim having its office address at: Victory House, The Sidings, Whalley, Clitheroe, Lancashire, BB7 9SE
1.3 “Claim(s)” means the Client(s) claim or claims made against the Company relating to the mis-selling of a packaged bank account or accounts.
1.4 “Client” means the policyholder(s)/account holder(s), whose details are set out in the Letter of Authority and who have appointed Your Money Claim to provide the Services.
1.5 “Company” means the Financial Institution, Bank, Building Society, or any other entity which sold the packaged bank account(s) or gave the advice to the Client (including, for the avoidance of doubt, any employee, director, agents, representatives and associates of the said entities or any other entity and/or any of their predecessors).
1.6 “Compensation” means the total of any sums reasonably offered by the Company as a result of a Claim, including but not limited to, tax deductions, gestures of goodwill, interest and reductions in borrowing.
1.7 “Fee” means the payment due to Your Money Claim for the Services carried out by it. Our fees are subject to Regulatory Change and will be charged at the maximum prevailing rate. Our Fees are variable based on the Compensation award; however we will never charge in excess of 36% inclusive of VAT. Examples of our Fees are for illustrative purposes only and are not an estimation of the amount likely to be recovered.
Example Band 1
Compensation of: £1 – £1,499
Maximum % Fee: 30% + VAT
Maximum £ Fee: £420 + VAT
If we succeed in obtaining Compensation of £1,250 our Fee would be as follows:
Total Compensation: £1,250
Fee (36% inclusive of VAT): £450
Remaining Compensation: £800
You receive: £800
Example Band 2
Compensation of: £1,500 – £9,999
Maximum % Fee: 28% + VAT
Maximum £ Fee: £2,500 + VAT
If we succeed in obtaining Compensation of £5,000 our Fee would be as follows:
Total Compensation: £5,000
Fee (34% inclusive of VAT): £1,700
Remaining Compensation: £3,300
You receive: £3,300
Example Band 3
Compensation of: £10,000 – £24,999
Maximum % Fee: 25% + VAT
Maximum £ Fee: £5,000 + VAT
If we succeed in obtaining Compensation of £20,000 our Fee would be as follows:
Total Compensation: £20,000
Fee (30% inclusive of VAT): £6,000
Remaining Compensation: £14,000
You receive: £14,000
Example Band 4
Compensation of: £25,000 – £49,999
Maximum % Fee: 20% + VAT
Maximum £ Fee: £7,500 + VAT
If we succeed in obtaining Compensation of £35,000 our Fee would be as follows:
Total Compensation: £35,000
Fee (24% inclusive of VAT): £8,400
Remaining Compensation: £26,600
You receive: £26,600
Example Band 5
Compensation of: £50,000 +
Maximum % Fee: 15% + VAT
Maximum £ Fee: £10,000 + VAT
If we succeed in obtaining Compensation of £50,000 our Fee would be as follows:
Total Compensation: £50,000
Fee (18% inclusive of VAT): £9,000
Remaining Compensation: £41,000
You receive: £41,000
Example – Arrears
We obtain Compensation of £3,000 of which £0 is cash in hand and £3,000 is used to pay off arrears you have on your packaged bank account. Our Fee would be as follows:
Total Compensation: £3,000
Fee (28% inclusive of VAT): £840
Amount used to pay off arrears: £3,000
You receive: £0
You pay us from your own funds £840
Warning: In this example, please be aware that you will have to pay our Fee from your own funds as the compensation you would have received has been used to pay off your arrears. Arrears mean that you are not keeping to the agreed terms of your packaged bank account
1.8 “Letter of Authority” means the letter included in the claim pack to be sent to the Company authorising Your Money Claim to act for the Client.
1.9 “Reasonable Expenses” means only in the event of cancellation of this agreement, fees to pay include any costs incurred by Your Money Claim in obtaining the necessary details in order for the Claim(s) to be pursued/advanced. Furthermore, an initial assessment fee for each Claim of £30 inclusive of VAT, letter to the Company at £18 inclusive of VAT, letter to the Client of £18 inclusive of VAT. Any other work undertaken will be charged at a rate of £30 inclusive of VAT per hour.
1.10 “Services” means the services provided by Your Money Claim including assessing the viability of, preparing, submitting and negotiating the Claim(s).
1.11 “Terms” means the Terms of Engagement.
1.12 “Unsuccessful Claim” means one where no compensation is offered by the Company and/or the Financial Ombudsman Service and/or the Financial Services Compensation Scheme.
1.13 “VAT” means Value Added Tax to be charged at the applicable rate.
1.14 ”We, our, us” means Your Money Claim
1.15 “You, your” means the Client
2. CONDUCT OF ENGAGEMENT
2.1 Notwithstanding clauses 6.1 and 6.2, by signing and returning the Terms of Engagement the Client hereby agrees to be bound by the Terms and appoints Your Money Claim to provide the Services.
3. THE CLIENT’S OBLIGATIONS
The Client agrees:-
3.1 to provide Your Money Claim with their consent and full authority to deal with the Company on the Client’s behalf and to obtain all available and relevant information from whatever source by completing and signing the letter of authority.
3.2 to provide all available necessary and complete information and documents to Your Money Claim in order that Your Money Claim may assess and pursue any Claim and in so doing expressly warrants that all information and documents provided to Your Money Claim will be accurate;
3.3 to deal promptly, and in any event within 28 days, with all reasonable requests by Your Money Claim for authority, information, documents and further instructions that Your Money Claim may from time to time require. In the event the Client breaches this term and/or 3.4 and/or 3.5 below, the agreement will fall under term 6.4;
3.4 to promptly, and in any event within 28 days, inform Your Money Claim of any relevant matters affecting the Claim and forward any documentation from the Company in respect of the Claim;
3.5 to give Your Money Claim the right to deal exclusively with the Claim unless otherwise agreed in writing by the Client and Your Money Claim.
3.6 to authorise the Company to remit the Compensation to Your Money Claim and for Your Money Claim to retain the Fee before paying the Client. Notwithstanding such agreement, the Client agrees that in the event the Company pays the Compensation directly to the Client, the Client will pay Your Money Claim the Fee within 14 days of receipt of such payment. In the event that the Compensation is used by the Company to reduce borrowings and does not pay a cash award that is able to settle the Fee, the Client agrees to propose an agreeable payment arrangement with Your Money Claim for the fee.
3.7 to pay any additional costs associated with any action deemed appropriate by Your Money Claim in the recovery of any Fees that remain unpaid by the Client. Your Money Claim reserves the right to refer debts to a collection agency and/or to pursue legal action which may result in the Client being charged further fees. Your Money Claim reserves the right to charge interest at the rate of 8% per annum on all Fees that remain unpaid by the Client;
3.8 to accept any reasonable offer of Compensation made by the Company that is calculated in accordance with redress guidelines set out by the Financial Conduct Authority and/or the Financial Ombudsman Service.
4. YOUR MONEY CLAIM’S OBLIGATIONS
Your Money Claim agrees:-
4.1 to assess the viability of, prepare, submit and negotiate the Claim. In so doing Your Money Claim will, at all times, act reasonably and will be entitled to use its discretion in determining whether or not to proceed with the Claim (this does not affect the Client right to cancel);
4.2 to notify the Client, as soon as is reasonably possible, of the outcome of the Claim;
4.3 to pay the Client the balance of Compensation after deduction of any outstanding Fees due by the Client to Your Money Claim, following the settlement of a Claim and the payment of Compensation by the Company to Your Money Claim;
4.4 to preserve the Client’s confidentiality, including the Client’s personal information (even when this Agreement has terminated and the Client is no longer a Client),save as to expressly or implicitly authorised to the contrary including where disclosure is made at the Client’s request or with the Client’s consent in relation to pursuing the claim or where otherwise required by law;
4.5 to promptly notify the Client if the Claim is not to be pursued. It is at Your Money Claim’s sole discretion to decide whether or not to proceed with the Claim at any time during the process;
4.6 to promptly notify the Client in writing if the Agreement is to be cancelled, and to provide reasonable grounds and explanation as to the reason for the cancellation.
5. LIMITATION OF LIABILITY
5.1 Your Money Claim does not accept liability where a Claim is rejected by the Company and/ or the Financial Ombudsman Service or for the amount of any Compensation offered, unless the rejection of the claim is as a direct result of failings in its legal requirements by Your Money Claim.
5.2 Your Money Claim will not be liable for the accuracy of the information or documents provided by the Client.
5.3 Your Money Claim does not audit, test or check information or documents provided by the Client save for in circumstances it is under legal obligation to do so.
5.4 if the supply of our Service is adversely affected by or prevented or delayed by any act or omission of the Client or Company, Your Money Claim shall not be liable for any costs, charges or other losses sustained or incurred by the Client or for any failure in negotiating the settlement of a Claim or Claims in full or in part arising directly or indirectly from such prevention or delay.
6.1 Within 14 days of signing the Terms of Engagement (The Cooling Off Period), the Client may cancel this Agreement by notifying Your Money Claim in writing by email to email@example.com or by recorded post to Your Money Claim, Victory House, The Sidings, Whalley, Clitheroe, Lancashire, BB7 9SE or by making any other clear statement. An example of a cancellation letter can be found here. In this event Your Money Claim will not invoice the Client for any costs and/or Fees.
6.2 The Client may also cancel this Agreement at any time after the Cooling Off Period by advising Your Money Claim in writing by email to firstname.lastname@example.org or by recorded post to Your Money Claim, Victory House, The Sidings, Whalley, Clitheroe, Lancashire, BB7 9SE or by making any other clear statement and paying all Reasonable Expenses incurred by Your Money Claim within 28 days of Cancellation.
6.3 In the event the Client cancels after the receipt of an offer of Compensation, the fee remains due in full and payable by the Client to Your Money Claim as set out in term 3.6.
6.4 if the Client fails to remedy any breach within 28 days without good reason explained in writing, after being served with proper notice Your Money Claim will be entitled to cancel this Agreement and the Client will be liable for all Reasonable Expenses incurred by Your Money Claim in dealing with the Claim(s), which will be due and payable within 28 days of cancellation.
6.5 if Your Money Claim cancels the Agreement it will promptly notify the Client in writing and provide reasonable grounds and explanation as to the reason for cancellation. Your Money Claim will also provide the Client with an invoice to cover its Reasonable Expenses incurred for the work undertaken in processing the Claim(s) up to the date of cancellation which will become due within 28 days and payable by the Client to Your Money Claim.
7. COMPLAINTS & DISPUTE RESOLUTION
7.1 Complaints can be made verbally by calling 01254 822 880 or in writing via email to email@example.com or by post to Your Money Claim, Victory House, The Sidings, Whalley, Clitheroe, BB7 9SE.
7.2 If at any point the Client becomes unhappy with the service Your Money Claim provides or the Client has concerns about their Fee(s) then the Client should inform Your Money Claim immediately so that Your Money Claim can do its best to resolve the problem. Your Money Claim has a procedure in place which details how complaints are handled which is available at https://www.yourmoneyclaim.co.uk/complaints. Your Money Claim has eight weeks to consider a complaint. If Your Money Claim is unable to resolve the complaint then the Client can have the complaint independently looked at, free of charge, by the Claims Management Ombudsman. The Claims Management Ombudsman can investigate complaints up to six years from the date of the problem happening or within three years of when the Client found out about the problem. If the Client wishes to refer the complaint to the Claims Management Ombudsman this must be done within six months of Your Money Claim’s final response to the complaint. For more information about the Claims Management Ombudsman their contact details are as follows:
Email Address: firstname.lastname@example.org
Telephone Number: 0800 023 4567 or 0300 123 9123.
Address to Write to: Financial Ombudsman Service, Exchange Tower, London, E14 9SR
8.1 The Client is aware that they could complain directly to the Company at no cost, with the ability to take matters further with the Financial Ombudsman Service yet in signing and returning the Letter of Authority, still wishes Your Money Claim to pursue the Claim(s).
8.2 Your Money Claim is a trading name of Your Money Management Ltd and is authorised and regulated by the Financial Conduct Authority.
8.3 Your Money Claim reserves the right to change these Terms to reflect changes or predicted changes in legislation, taxation or regulation. Any change in terms will not affect Client cancellation rights.
8.4 Your Money Claim reserves the right to assign this Agreement and all rights under it and to subcontract to others all or any of their obligations under it. This Agreement is personal to the Client and is not assignable by the Client except to the Client’s personal representatives
9. Governing Law
9.1 This Agreement shall be subject to the laws of England and Wales.