High Street Claims Fees
- No fees will be charged to you in respect of an unsuccessful claim. Where a claim is successful, High Street Claims will charge a contingency fee representing no more than 20% (plus VAT) in respect of the redress/compensation recovered on your behalf. The contingency fee of 20% plus VAT is calculated before any applicable tax payment / deduction of which you are liable. Under no circumstances will you be required to pay more than this amount.
- Should you receive and accept an offer for the balance of a credit agreement to be written off, or for redress/compensation to be offset against arrears the fees will be calculated at 20% plus of the write off or amount offset.Examples of the fee structure are set out below and can be explained further by contacting our office directly:
Example A: All compensation is “cash in hand” Example B: Compensation includes “cash in hand” award with loan and future instalment reduction Example C: Compensation is used to offset arrears consumer has on credit card or loan Total compensation: £3000 Total compensation: £3000 Total compensation: £3000 Of which cash £3000 Of which cash is £1000 Of which cash is £0 Loan reduction £2000 Set off arrears: £3000 Fee charged @ 20% (incl VAT) £600 Fee charged @ 20% (incl VAT) £600 Fee charged @ 20% (incl VAT) £600 Total Fee £720 Total Fee £720 Total Fee £720 Consumer receives £2280 Consumer receives £280 Consumer pays £720 (and no reduction in loan as it is already paid off in full) (and a reduction of £2000 in future loan instalments) (and a reduction of £3000 in their outstanding loan)
- You must notify High Street Claims if the account and/or credit card is in arrears. If example C above occurs in which the full award is applied against any arrears then High Street Claims will only be entitled to recover fees once the account/credit card has been paid off in full, unless otherwise agreed between High Street Claims and you. The amount you are required to pay High Street Claims will not exceed the monthly amount you were required to pay the original lender and/or credit card provider. You can choose to make additional payments to High Street Claims towards the fee.
- Where fees are paid either by credit or debit card High Street Claims reserve the right to add a 2.5% charge to the invoiced amounts to reflect the cost of processing such payments.
- Where fees remain unpaid and High Street Claims are forced to either take court action or appoint a debt collection agency to recover outstanding monies High Street Claims reserve the right to increase the amount owed by an amount equivalent to the cost of that recovery. A court may also award additional cost and/or statutory interest at the rate of 8% above the Bank of England base rate.
- High Street Claims will seek to recover interest on unpaid fees at the rate of 8% above the Bank of England rate.