Terms of Engagement (No Win No Fee) between Olton Alexander Limited and primary claimant:
The service provided by Olton Alexander Limited includes:
- Initial assessment of your case and any potential claim.
- We will complete pre-administrative work and request a data subject access or information request from your provider/lender.
- Once we receive the relevant information from your lender, we will review the finance agreement and associated terms and conditions.
- Where we believe there is a genuine cause for a valid claim/complaint, we will represent your claim for redress from a provider/lender.
- We will calculate an estimated amount of loss based on information within the credit agreement, if we believe you have grounds to proceed with a complaint/claim.
- Negotiating on your behalf to obtain an offer of redress for you if you were mis-sold.
- Where appropriate and deemed unavoidable we will pursue the case through the Financial Ombudsman Service (FOS).
- If the case is rejected by both the lender and FOS, and we believe there are legal grounds to proceed with litigation we can refer your case to a legal partner to pursue down the court litigation route.
- We make no representation or guarantee that a redress payment is assured.
Olton Alexander Limited Costs
- Olton Alexander Limited will act on a ‘NO WIN NO FEE’ basis, and there are no administration charges or hidden fees payable. Only if an offer of redress is received will a fee be due, which meets the FOS guidelines. In such a case, if you choose to reject the offer, or you attempt to rescind after an offer has been made, then our full fee would be due and payable.
- In successful cases we are entitled to receive a percentage of redress which is inclusive of VAT where applicable, of any redress recovered in relation to any accounts with your lenders, even if received after the initial settlement no matter if the redress was in part or whole by way of a refund of premiums, loan/arrears reduction and/or cash. The fee is calculated before any relevant tax deduction/payment which you may be liable for. This fee may be shared with introducers involved in the process.
- If your finance agreement with the lender is still active and unresolved, and your successful complaint or claim results in compensation in the form of a reduction in the amount you owe, such as for loan arrears or outstanding balance, you will still be required to pay Olton Alexander Limited’s fee. This means that even if you do not receive cash compensation and your outstanding balance is reduced, you may still have an obligation to pay a fee to Olton Alexander Limited.
Example of Cost: For example, if the agreed fee is 24% inclusive of VAT where applicable and the redress we receive for you is £1000, then the fee payable to us in successful cases would be £240 inclusive of VAT where applicable. Upon receipt of the redress, the fee should be paid without hesitation.
Success Fee Charging Table
At Olton Alexander Limited, we prioritize our clients as our top concern, assisting numerous individuals in reclaiming what is rightfully and legally theirs if they have been a victim of mis-selling. In contrast to many other firms, we take pride in ensuring fair treatment of our customers. To alleviate the financial burden on our clients, we have set our fees in line with the FCA guidelines on compensation refunds.
| Compensation Payout | Success Fee Percentage (Inc. VAT) | Maximum Success Fee in Band (Inc. VAT) |
|---|---|---|
| £1-£1,400 | 36% | £504 |
| £1,500-£9,999 | 33.6% | £3,000 |
| £10,000-£24,999 | 30% | £6,000 |
| £25,000-£49,999 | 24% | £9,000 |
| £50,000 + | 18% | £12,000 |
Examples of Fees
| Band | Lower Example Compensation | Success Fee | Higher Example Compensation | Success Fee |
|---|---|---|---|---|
| 1 | £100 | £36 | £1,499 | £504 |
| 2 | £1,600 | £537.60 | £9,999 | £3,000 |
| 3 | £12,000 | £3,600 | £24,999 | £6,000 |
| 4 | £30,350 | £7,284 | £49,999 | £9,000 |
| 5 | £55,000 | £9,900 | £100,000 | £12,000 |
- Upon completion of your claim(s) in successful cases we have the right to reduce the percentage (%) charged to you. We will notify you if this applies to your claim(s).
- We will continue to represent you to make sure the correct amount of redress is paid. If you receive any further payment from the lender, any additional payments are subject to the same terms as stated above.
- You are contractually obligated to notify us of any payments made to you by your finance provider in relation to any accounts held.
- Olton Alexander reserve the right to charge late payment fees as follows:
- Payment within 21 days: fees due only.
- Over 21 days: + £50 administration charge.
- Over 30 days: + £50 admin + 8% per annum interest calculated daily.
- If escalated to County Court: all above + court fee.
Important Information
- You fully understand that the Financial Ombudsman offers free support, and you can make a complaint yourself without the involvement of Olton Alexander Limited or seek independent advice.
- If you are unhappy at any stage throughout the process, please contact our customer service team at customercare@oltonalexander.co.uk. Please refer to our website for our complaint procedure https://oltonalexander.com/.
- You have a 14-day cooling off period which starts from the date you sign/e-sign the Letter of Authority. During this time, you can cancel without charge. After 14 days, cancellation may incur charges depending on work completed.
- By signing this agreement, you authorise us to carry out a soft credit search, verify identity, and liaise with relevant third parties as required.
- You give permission to Olton Alexander Limited to contact you regarding other financial claim types and to share your data with associates, sub-contractors, and replacement providers as necessary.
- You agree our obligations may be transferred to another regulated provider or law firm, with notice.
- You confirm you have not previously made a claim on these matters, are not insolvent, and are not in a debt management plan.
- By signing this agreement, you agree any redress will be payable to Olton Alexander Limited to settle fees.
By signing this document, you confirm that you have read and agree to the Terms of Engagement outlined by Olton Alexander Limited. You acknowledge that in the event of a successful claim, a fee will be due. You grant Olton Alexander Limited authority to lodge a complaint with your lender, submit subject access requests, escalate to the Financial Ombudsman if needed, and refer your case to a partner law firm if appropriate.