Terms of Business

1

Interpretation for the purposes of these Terms of Business

1.1

“Company” “We” “Us” and “Our” are reference to DRSP Limited ("DRSP").

1.2

“Client” “You” and “Your” are references to the person to whom our Terms of Business are addressed.

1.3

“Compensation is defined as the amount paid to the client in respect of redress awarded to you and means the total cash received, or the total refund set-off against any arrears or removed due to tax, or a combination of all.

1.4

“Letter of Authority” means the letters signed and returned by you to us authorising us to act as your representative in respect of your claims(s).

1.5

“Contract” refers to the obligations between the company and you as set out in these Terms of Business.

1.6

“Claim” refers to a formal complaint brought about by us on your behalf against Your Bank.

1.7

“Bank” means the bank, building society, finance provider, product supplier, broker/intermediary, credit card company or other such company.

2

What we agree to do

2.1

Assess your case and if appropriate, pursue a Claim for the recovery of your losses on your behalf.

2.2

Deal with all areas of your Claim, including correspondence with relevant Banks and/or institutions and all negotiations. It may also be necessary for us to obtain further signed documentation from you to make this possible.

2.3

If needed, we will pursue your claim with the Financial Ombudsman Service ("FOS"), the Financial Services Compensation Scheme ("FSCS") or any other regulatory or other body at no additional cost to you.

2.4

Inform you of any/all offers of settlement we receive, evaluate them and inform you whether we consider you should accept or reject the offer.

2.5

Always act in your best interests when pursuing your claim and achieving for you the best results realistically obtainable.

2.6

You have been advised that you are able to bring this claim(s) yourself and have been made aware of the Financial Ombudsman Service ("FOS") and that other legal options may exist.

3

Obligations of the Client. You agree to:

3.1

Promptly supply us with any and all documentation and supporting information, as reasonably requested by us to progress your claim.

3.2

Ensure that any information supplied to us will be accurate and not deliberately misleading.

3.3

Inform us promptly and supply us with any communication from your bank including when you receive compensation payments for claims made by us on your behalf.

3.4

If payment is made directly to you by your bank you pay us our fee within 7 days of receipt of payment.

3.5

You authorise us to refer your claim to the FOS or FSCS if we believe it is in your interests to do so.

3.6

You agree not to enter into any agreement directly with your bank without first consulting us.

3.7

To provide us with, and ensure that we have the exclusive authority to act for you (a) to pursue your claim and (b) to enter into correspondence and negotiations with your bank on your behalf. The removal of this exclusive authority will be dealt with in accordance with Section 7 of this agreement.

3.8

Be bound by the terms of Section 7 - Cancellation in the event that you remove or cancel our authority to deal with your bank.

3.9

Be bound by the terms of Section 7 - Cancellation in the event that you instruct another third-party to act for you on any claim in which you have instructed us to act.

4

Fees

4.1

We operate on a No Win, No Fee basis.

4.2

Our fee, for Payment Protection Insurance (PPI) claims, is 20% plus VAT of the gross redress we achieve for you which may be subject to tax deductions by HMRC.

4.3

Compensation may be paid to you in cash or used to repay arrears you may have. We will calculate our fee as follows:

 

(Example (1), claim award of £1,000. Our fee at 20% + VAT@20% (total charge 24% inclusive of VAT) equals fees payable to us of £240 and you receive £760.)

(Example (2), claim award of £1,000. Our fee at 20% + VAT@20% (total charge 24% inclusive of VAT) equals fee payable to us of £240 and you receive £760. Bank deducts £200 (due to arrears or tax) meaning you receive cash of £560 and you are still liable for our fee of £240.)

(Example (3), claim award of £1,000. Our fee at 20% + VAT@20% (total charge 24% inclusive of VAT) equals fee payable to us of £240 and you receive £760. Bank deducts £1,000 (due to arrears or tax) meaning you receive no cash and you are still liable for our fee of £240.)

4.4

In the event that we win your claim and you reject an offer of compensation which we deem reasonable (in accordance with the FCA and FOS guidelines) then you acknowledge that our fee may still be payable and calculated on the value of the offer as per 4.3.

5

Payment of Fees

5.1

Where your bank makes payment to you, you agree to pay our invoice within 7 days of you receiving the cleared compensation payment in your account.

5.2

We accept payment by cheque and electronic direct bank transfer at no cost. Payments made by debit card or credit card may be liable to a surcharge of up to 3% depending on your card issuer. Payments by other methods may be accepted but may also be subject to a surcharge depending on the specific payment method which we shall advise you of at the time of payment.

6

Non-payment of Invoice and collection activity

6.1

All invoices must be paid within 7 days of your receiving payment from your bank.

6.2

Invoices which remain unpaid after 30 days without agreement may be subject to further cost for telephone calls and invoice reminders and these may be added to the outstanding debt:

· £10 plus VAT second and subsequent written reminder

· £12 plus VAT second and subsequent telephone reminder

· £50 plus VAT Solicitors Letter Before Action (LBA)

6.3

If we are required to take steps to recover the debt (e.g. via County Court, collections agencies or bailiffs) the costs of such recovery action may be added to the outstanding debt.

7

Cancellation

7.1

We can cancel this agreement at any time. There will be no fee payable if we advise you that your claim is unlikely to succeed provided you have fulfilled your obligations (as laid out in section 3 of these terms of business).

7.2

You may cancel your contract with DRSP Limited at any time.

7.3

Cancellation of the contract can be made by any clear medium and is not required to be in writing. A copy of a cancellation form is enclosed within your claim pack and is also available via our website for your convenience.

7.4

We shall have the right to give written notice to you at any time, to immediately terminate the contract if you (a) are adjudicated bankrupt, (b) enter into a voluntary arrangement with your creditors or (c) have a receiver appointed under the Mental Health Act 1983.

7.5

Failure by you to co-operate with reasonable requests by us during your claim (as per Section 3 of the terms of business) will be treated as if you have cancelled this contract and may incur cancellation costs as per section 8. We will write to you giving 14 days’ notice of this happening and allowing you the opportunity to co-operate with our request.

7.6

If cancellation takes place once the bank has made an offer of compensation, we shall have the right to charge a fee equivalent to the fee that would be payable if the offer was accepted in accordance with clause 4.3.

8

Effects of cancellation

8.1

If you cancel the contract within 14 days of us receiving your returned agreement to the terms of business then there will be no charge to pay.

8.2

If cancellation is made after the initial 14 day period but before any offer is made by the bank, we reserve the right to charge a reasonable fee to cover the costs incurred by us in performing the services under the contract up to the date of cancellation.

9

Performance

9.1

We shall only be liable for our actions and performance in carrying out the services described under the terms of business. Specifically we are not liable for the performance of the bank, FCA, FOS or FSCS and other such 3rd parties.

9.2

We shall perform the services as described in Section 2 with reasonable endeavours. We cannot guarantee that you will win your claim.

10

General Data Protection Regulation (GDPR)

10.1

We may request information in connection with your personal and financial situation from your bank which may constitute “personal data” or “sensitive personal data” under GDPR. If requested by you, we shall provide you with all of the information held about you within 30 days and without charge.

10.2

We will communicate with you by letter, email and SMS and contact you by telephone.

11

Force Majeure

11.1

We shall not be liable for any delay or other failure to perform any services by reason of any cause whatsoever beyond our reasonable control and the time for performance shall be extended by the period of any such delay.

11.2

All audited agreements are based on the information supplied by you or third parties; we accept no responsibility for the accuracy of information provided or received from you or third parties.

12

Law and Disputes

12.1

The contract and your relationship with us shall be governed by the Laws of England and Wales.

12.2

We aim to provide you with a high quality service to meet your needs but at any time you wish to make a complaint about any aspect of our service; please contact the Complaints Handler at DRSP Limited.

12.3

We have supplied you with a copy of our complaints procedure which is also available online at www.drspclaims.co.uk/complaintsprocedure

Our fee is 30% plus VAT of the gross redress we achieve for you which may be subject to tax deduction by HMRC