PPI 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 PPI / General Insurance Claim (for all customers who contract with us on or after 10th July 2018).
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 claim or claims made against the Company relating to the mis-selling of a payment protection insurance policy; or the application of unlawful charges to the account(s) of the Client.
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, Credit Card Company or Financial Advisor or any other entity which sold the policy or gave the advice to the Client, or applied the unlawful charges (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, reductions in borrowing and/or arrears, and repayment of premiums.
1.7 “Fee” means the fee of 24% inclusive of VAT – payable to Your Money Claim for the Services carried out by it. This is equivalent to £240 for every £1,000 compensation. For example, if Your Money Claim succeeds in obtaining Compensation of £1,000, the fee would be £240 inclusive of VAT. If Your Money Claim succeeds in obtaining Compensation of £3,000, the fee would be £720 inclusive of VAT. If Your Money Claim succeeds in obtaining Compensation of £10,000, the fee would be £2,400 inclusive of VAT.
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 on 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.
2. Conduct of Engagement
2.1 Notwithstanding clauses 6.1 and 6.2, by signing and returning the Letter of Authority the Client hereby agrees to be bound by the Terms of Engagement 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 available 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/or arrears 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, or the Financial Services Compensation Scheme that is calculated in accordance with redress guidelines set out by the Financial Conduct Authority and/or the Financial Services Compensation Scheme. Only where the Company has calculated the Compensation in line with guidelines, but have withheld Compensation by reason of an alternative policy being suitable may an offer be rejected by the Client;
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 discolsure 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 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 and/or the Financial Services Compensation Scheme or for the amount of any Compensation offered, unless the rejection of the claim is as a direct result of failings in is 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 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. In this event Your Money Claim will not invoice the Client for any costs and/or Fees.
An example of a Cancellation letter can be found by following this link
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 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 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 firstname.lastname@example.org 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 bill 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 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 Financial Ombudsman Service. The Financial Ombudsman Service 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 Financial Ombudsman Service this must be done within six months of Your Money Claim’s final response to the complaint. For more information about the Financial Ombudsman Service their contact details are as follows:
Email Address: email@example.com
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, or as a result of decisions made by the Financial Ombudsman Service. Any change in terms will not affect Client termination rights.
9. Governing Law
9.1 This Agreement shall be subject to the laws of England and Wales.