Below is some important information about the compensation contract (references to “we”, “us” or “LFL” means Lansdown Financial Ltd):
LFL’s identity and geographical address: See under “Supplier” in the attached contract.
LFL’s phone and email details: 0121 630 2040 and Info@LansdownFinancial.co.uk
Making a claim yourself: You can opt to make the claim yourself, free of charge, by using the statutory ombudsman scheme
Summary of our services / procedures: If you contract with us, we will help you to obtain compensation from resorts and/or creditors if we think you have a reasonable case. The main stages of the claim process are:
1. Making the initial claim to the resort and/or creditors.
2. Chasing responses and handling negotiations with them.
3. Agreeing a claim and getting compensation, where possible.
4. Referring your claim to the Financial Ombudsman for adjudication or to review (i.e. appeal) the adjudication.
5. Our services do not involve taking your case to court and we don’t guarantee that your claim will be successful.
What’s expected of you:
1. Answering questions from LFL regarding your claim and completing a questionnaire and other forms.
2. Supplying documents, where available, and generally co-operating with us.
3. Not corresponding with the resort.
4. Telling us and paying our fee once you have received compensation.
5. It is very unlikely that you will need to attend an official hearing.
Documents needed to pursue the claim:
1. Timeshare purchase agreement. Credit card / bank statements. Credit agreement. Brief written statement. Relevant correspondence and notes.
2. Any other documents which we think are necessary to support your claim once we have more information about your case.
“Cooling off”: Separately from your right to end the contract at any time (see below), you can cancel the contract (i.e. unwind the contract as if it never happened) within the 14-day cooling off period without any obligation to pay us a fee. Please see the “Cooling Off’ section in the attached contract (section 5).
Ending the contract after the cooling off period / fees for work done: You can end the contract at any time. If you do so after the cooling off period, we may charge you a reasonable fee at £240 per hour including any applicable VAT (capped at £2,400 including VAT) for work done after the cooling off period (but there’ll be no fee if you end the contract after 24 months and you haven’t received any compensation by then).
Where we end the contract for good reason / fees for work done: We may also charge you a reasonable fee at £240 per hour including any applicable VAT (capped at £2,400 including VAT) for work done if we end the contract for the following reasons: (a) we think you unreasonably reject a compensation offer; (b) you don’t fully co-operate with us; or (c) you pursue a compensation claim directly against the resort or creditor or through someone else.
Our total fee where you get compensation: We will charge you a fee of 40-45 % of any compensation you actually receive. VAT is payable in addition. Here is an illustration of our fee assuming recoveries of £1,000, £3,000 or £10,000. NB These standardised figures used for cost illustrations are not to be taken as an estimate and the fees charged in practice may vary:
|Compensation amount (£)||Our Fee @ 40%||VAT @ 20%||Total To Pay||Our Fee @ 45%||VAT @ 20%||Total To Pay|
Period of the contract and your obligations: The contract starts when signed by both of us and continues until your claim is concluded or the contract is otherwise ended by you or us as explained in the contract. Your obligations last for so long as the contract lasts (i.e. until there is a settlement or compensation award or you or we end the contract).
Time to perform the services: We will start your claim within 12 months after the start date. We don’t promise to perform the services within any particular timeframe but you can end the contract at any time (which may involve you paying us a fee – see above).
Referral fee: LFL will pay a referral commission of 20% of our fees received to our authorised agent, ABC Legal.
Complaints: Please see our Complaints Procedure, provided separately, which includes details of your right to complain to the Legal Ombudsman. From 1 April 2019, this will change to the Financial Ombudsman.
Relationship with a particular solicitor or panel of solicitors: None.
After-sale assistance: For assistance please contact us using the contact details above.