1. You do not have to pay anyone
You do not need to use a claims management company. You can complain directly to your lender for free, and if you are unhappy with their answer you can refer it to the Financial Ombudsman Service at no cost. Doing it yourself costs nothing and the Financial Ombudsman Service is free to consumers. We charge a fee for handling the claim on your behalf, and you should only use us if you decide that service is worth the fee to you.
2. Nothing to pay up front
- There is no charge for checking whether you have a claim.
- There is no registration fee, admin fee or file opening fee.
- If your claim is unsuccessful you pay us nothing at all, whatever work we have done.
3. What we charge if you win
Our fee is a percentage of the redress you actually receive, including VAT, and it is capped in each band. The band is decided by the total redress awarded across all of your agreements.
| Redress you are awarded | Our fee, including VAT | Maximum we can charge |
|---|---|---|
| Up to £1,499 | 36% | £420 |
| £1,500 to £9,999 | 33% | £2,500 |
| £10,000 to £24,999 | 30% | £5,000 |
| £25,000 to £49,999 | 24% | £7,500 |
| £50,000 or more | 18% | £10,000 |
The percentage shown includes VAT at the current rate. We confirm the exact band and percentage that applies to you in writing before we begin work, and we cannot change it afterwards without your agreement.
A worked example
Suppose we recover £1,658 across two agreements. That falls in the £1,500 to £9,999 band, so our fee is 33 percent including VAT, which is £547. You would receive £1,111. This is an illustration using published averages, not a quotation for your claim.
4. If redress is paid as a reduction rather than cash
Sometimes a lender reduces the balance on a live agreement instead of paying cash. Our fee is still calculated on the value of that reduction, because it is redress you have received. Where this leaves you with a fee to pay but no cash in hand, we will agree a payment arrangement with you rather than demand it in one sum.
5. Cancelling
Within the cooling off period
You have 14 days from signing our agreement to cancel for any reason at no cost. You do not need to give a reason, and we will not charge you for any work done in that period. Email claims@prophoenixsolutions.com or write to us at the address below.
After the cooling off period
You can still cancel at any time. If you cancel after the 14 days and we have already carried out work on your claim, we may charge £80 per hour plus VAT for the time actually spent, up to a maximum of the fee that would have applied had the claim succeeded. We will send you an itemised breakdown of the hours claimed. If we have done no chargeable work, there is nothing to pay.
If we cancel
We may close your file if a claim has no reasonable prospect of success, if we cannot obtain the information we need from you, or if continuing would not be in your interests. If we close a file, we do not charge you.
6. What the fee covers
- Tracing your finance agreements across lenders.
- Preparing and submitting the complaint to the lender.
- Corresponding with the lender and chasing responses on your behalf.
- Preparing and submitting a referral to the Financial Ombudsman Service where the lender rejects a complaint we believe is sound. There is no extra charge for this.
- Keeping you updated and answering your questions throughout.
7. What the fee does not cover
- Court proceedings. We do not conduct litigation. If a matter needs a solicitor we will tell you and you are free to instruct one independently.
- Claims about anything other than the finance agreement itself.
- Any charge from a third party that you agree to separately.
8. Nothing is deducted without telling you
When a lender pays redress, we invoice you for the fee set out in your agreement. We will always tell you the amount the lender has offered before any fee is applied, so you can see the full figure and how the fee is calculated from it.
9. If you think a fee is wrong
Tell us and we will review it. Our complaints procedure sets out how, and confirms your right to take the matter to the Financial Ombudsman Service if you remain unhappy.
10. Contact
Prophoenix Solutions Tech, 27 Old Gloucester Street, London, England, WC1N 3AX. Email claims@prophoenixsolutions.com, telephone 0161 000 0000.
Related policies
Questions about this policy? Email claims@prophoenixsolutions.com.