There were 5 policies, 3 with Lloyds Bank (Scottish Widdows) for 50k, 30k and 10 k, and 1 with standard life for 80k and 1 with Scottish amicable (Prudential) for 42k. The Lloyds (20 year and 15 year policies) were due to mature 2015 but I surrendered them about 2 years ago because there was a big shortfall, and the other two matured 2 years ago. Total of shortfalls probably about 40k. My main concern is the wording of the no win no fee agreement as I want to be sure if the claim company cannot charge me costs if they are unsuccessful. I have attached a copy of the agreement. Thank you.
Just one clarification please. Clause 3.7 (I have pasted below) seemed confusing to me. It implies that I will only not be liable for charges if I terminate the agreement and they proceed with the claim. Not sure what this means. Also there is no mention elsewhere in the agreement that I will not be liable for charges if the claim is unsuccessful. I am happy with the clause that states that I will be liable for charges if I terminate the agreement after the cooling off period but before the claim is processed.
The other problem I saw was that this was an open ended agreement, which meant the claims company could take years to process the claim harrassing me for more information until I got fed up and wanted to cancel the agreement at which point they could charge me for their costs up to that point - may be I am being cynical but the deal seems too good to be true as I really would like to take it as I do not have the time or inclination to do it myself. Thank you.
3.7 if the Client terminates this Agreement but authorises My Claim Solved Ltd to proceedwith the Claim, if the Claim is unsuccessful and no Compensation is payable to the Client, theClient will not be liable to pay the sum referred to in clause 3.6 above or any monieswhatsoever in respect of the Claim; and for the avoidance of doubt not be liable for anycharge in respect of the Claim if the Claim is pursued and the Company awards noCompensation.