Terms and Conditions

Terms and Conditions

1. Interpretation. For the purposes of these Terms of Business

‘Company’ ‘We’ ‘Us’ and ‘Our’ are references to Quandrance Finance Ltd (QFL) also trading as Fund Recovery.

‘Client,’ ‘You’ and ‘‘Your’ are references to the person to whom our Terms of Business are addressed.

‘Compensation’ is defined as the amount paid to the client in respect of redress awarded to You and is calculated as the total cash received, or the total refund before any offset: (a) against any arrears, (b) due to tax, or both.

‘Letter of Authority’ means the letter signed and returned by You to Us authorising Us to act as Your representative in respect of Your claim(s).

‘Contract’ refers to the obligations between the company and You as set out in these Terms of Business.

‘Claim refers to a formal complaint brought about by Us on Your behalf against Your Bank.

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

2. What we agree to do

2.1 Assess your case and, if appropriate and in your interest, pursue a Claim for the recovery of losses o your behalf. 

2.2 Deal with Deal with all areas of your Claim, including correspondence with relevant Banks and/or institutions and all negotiations. It may 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 other regulatory body) at no additional cost to you, should You wish Us to do so. 

2.4 Inform You of any/all offers of settlement we receive and whether we consider You should accept or reject the offer. 

2.5 Always act in Your best interests when pursuing Your claim. 

2.6 If the recovered amount is paid directly to Us then We will deposit the payment in Our client account, deduct Our agreed fee and forward the rest of the amount awarded to You as per 5.1. If the payment is made directly to You, we will forward an invoice to You for Our fees for payment. 

2.7  You have been advised that You are able to bring this Claim(s) Yourself and via the Financial Ombudsman Service (FOS) or via the Financial Services Compensation Scheme (FSCS) for free. 

2.8 All your questions and queries in respect of the Claims Management Services as described under Section 2 shall have to be submitted to the Company electronically to [email protected], or to another email address communicated to you by the Company, in this respect, so as to serve your needs better and make the Claims Management Services to you more efficient and effective. 

2.9 If the Claim is rejected by the financial institution, the Client should immediately send a scanned copy of the official rejection letter to [email protected] so that the Company can investigate the reason. Once the letter is received, the Company will discuss the possible options with the Client within 14 business days before deciding whether to proceed with further action. 

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 should You receive any communication from Your Bank including when You receive Compensation payments for Claims made by Us on Your behalf.

3.4 You authorise Us to refer Your Claim to the FOS or FSCS if we believe it is in your interests to do so, should You wish Us to do so.

3.5 You agree not to accept any offer of Compensation from Your Bank in relation to a Claim brought about by Us without first communicating that offer to Us.

3.6 You authorise and request Us to investigate all agreements You may have had for financial mis-selling if we believe it to be in Your interest, including additional agreements that we identify as part of our investigations. You may request Us not to investigate claims should You wish Us not to.

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 correspondence and negotiations with Your Bank on your behalf.

3.8 Not to remove or cancel from Your Bank Our authority to act for You. If You do so We may treat this as an act of Termination under section 7 of this agreement, which may result in a Termination fee being charged.

3.9 Promptly update Us if you change your contact details.

4. Fees

4.1 We operate on a No Win, No Fee basis, except where the agreement is Terminated by You after 14 days or You fail to fulfil Your obligations set out in Section 3 of this agreement.

4.2 We will only charge You a fee if We achieve some Compensation award for You.

4.3 Fund Recovery Fees to be 30% of the net compensation payment, plus VAT at the prevailing rate.

4.4 Examples of fees deducted for differing compensation amounts No arrears present.

Example A: Total Compensation Received: £1,000, Fees Charged @30%: £300, VAT @20%: £60 Consumer Pays the Company: £360.

Example B: Total Compensation Received: £3,000, Fees Charged @30%: £900, VAT @20%: £180 Consumer Pays the Company: £1,080.

Example C: Total Compensation Received: £5,000, Fees Charged @30%: £1,500, VAT @20%: £300 Consumer Pays the Company: £1,800.

4.5 Examples of fees deducted for differing compensation amounts, Arrears within the clients account. Potential for offset.

Example A: Total Compensation Received: £1,000, Arrears Present: £1,000+, Fees Charged @30%: £300, VAT @20%: £60, Total Fee Payable: £360, Consumer receives: £0, Total Reduction in Arrears Achieved: £640.

Example B: Total Compensation Received: £3,000, Arrears Present: £1,000 Fees Charged @30%: £900, VAT @20%: £180, Total Fee Payable: £1,080, Consumer receives: £920, Total Reduction in Arrears: £1,000. *Please note: If previous liabilities exist, any sum recovered may be offset against these existing liabilities. In the instance that the arrears present exceed the sum recovered – you will, where necessary, be liable to pay Our Fee from your own funds.

5. Payment of Fees

5.1 Where Your Bank makes payment to Us/Our Client Account We will deduct Our fees from the Compensation and pay the remainder to You within 3 working days of funds being cleared in Our account.

5.2 Where Your Bank makes payment to You, you agree to pay Our invoice within 30 days of receiving Compensation.

5.3 We accept payment by cheque and electronic direct bank transfer. 

5.4 What to do if you think an invoice is wrong: If you think an invoice is wrong, please contact us immediately to let us know.

6. Non-payment of Invoice and collection activity

6.1 All invoices must be paud within 30 days of You receiving payment from Your Bank unless payment plan has been in place.

6.2 Invoices that remain unpaid after 30 days may be referred for a solicitor’s transmission of Pre-Action Protocol, in which case your fees shall be increased by ten percent (10%) plus VAT. 

6.2 In addition to the fees recited in Section 6.2 herof, if We are required to take additional steps to recover the debt (e.g., via Country Court, collections agencies), the costs of such recovery action may be added to the outstanding. 

7. Cancellation and termination

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 this agreement). 

7.2 You may cancel the agreement at any time.

7.3 To exercise the right to cancel, you must inform us of your decision to cancel this contract by a clear statement (e.g., a letter delivered by hand, post, fax, telephone, or email). 

7.4 We shall have the right, by giving written notice to the Client at any time, to immediately terminate the contract if: You are adjudicated bankrupt, enter into a voluntary arrangement with Your creditors or 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 this agreement) will be treated as if You have terminated this agreement and may incur cancellation costs as per section 6.2.

7.6 We will write to You giving 14 days’ notice of this happening and allowing You the opportunity to co-operate with Our request.

7.7 If Termination 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 and 4.4.

7.8 Should You choose to Terminate Your contract We shall have 5 days from the date We receive Your Termination request to action and process this.

8. Effects of cancellation and termination

8.1 Your statutory right to cancel the Contract: You have a legal right to cancel the Contract by no later than the end of 14 calendar days from the day the Contract was entered (see clause 3.1). This means that if you change your mind or for any other reason you decide that you do not want us to provide the Services to you, you can notify us of your decision to cancel the Services. You do not have to give us a reason for exercising your right to cancel referred to in this clause; If termination 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 this contract up to the date of cancellation.

8.2 Our charges where You terminate after the 14-day cooling off period are currently £75.00 Per Hour plus VAT: charges are applied on a time served basis, charges will accrue in units of 30 minutes. Any Termination fee we issue shall have a breakdown of the termination fee.

9. Performance

9.1 We shall only be liable for our actions and performance in carrying out the services described under this agreement. Specifically, we are not liable for the performance of the Bank, FCA, FOS, or FSCS and other such third 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. How we use your information

10.1 We share your personal information with financial institutions, named financial partners, ombudsman services and third-party suppliers to administer your case and as part of providing services to you.

10.2 We may collect and use information (including personal data as defined by Data Protection Legislation) from you during our relationship with you. How we collect, store, use or share your personal data is explained in our Privacy Policy, which is published on our website at www.fundrecovery.co.uk/privacy-policy-2/. Our Privacy Policy sets out types of personal data which we collect about you, additional ways in which we safeguard and use such personal data including but not limited to the details of the legal grounds of processing, and your rights under the Data Protection Legislation such as access, withdrawal of consent, erasure, restriction, transport, and object to the processing of your personal data. If you would like a copy of some or all of your personal information, please email [email protected] or write to us at: The Data Protection Officer, Quandrance Finance Ltd, Chenies House, 21 Bedford Square, London, WC1B 3HH.

10.3 All countries in the European Economic Area (EEA), which includes the UK, have similar standards of legal protection for your personal information. If so, we will ensure that any of your information held is to be protected to at least UK standards.

11. Liability

11.1 Nothing in the contract shall exclude or limit Our liability for (i) fraud (ii) death or personal injury caused by its breach of duty, (iii) any breach of the obligations implied by Sale of Goods Act 1979 or Supply of Goods and Services Act 1982 or (iv) any other liability which cannot be excluded or limited by applicable law.

11.2 Before we can evaluate Your claim, we are required to hold and process information about You. 

11.3 We are not legal or financial advisers and, as such, none of Our employees may give clients financial or legal advice at any time, either verbally or in writing. 

11.4 Should a Bank deem it necessary to close an account of a client We accept no liability, consequential loss, or other result of the account closure.

12. Law and Disputes

12.1 The contract and Your relationship with us shall be governed by the Laws of England and Wales and the exclusive jurisdiction of English Courts.

12.2 We have supplied You with a copy of Our complaints procedure, which is also available online here: www.fundrecovery.co.uk/complaints-procedure/