Our charges are transparent and straightforward.
If your case is lost, you do not have to repay anything. If you win Novitas is repaid from your award. This will include:
- A documentation fee of £78 if you request a home visit to sign your loan agreement. No fee applies for electronically signing your loan agreement via ‘e-sign’.
- An administration fee of £60 for each of the first three amounts drawn down from your loan. This is taken directly by Novitas and added to the amount drawn down.
- Interest rate of between 15.3 - 30.3% per annum (dependent on claim type) on any amounts drawn down. Interest is only charged on the money drawn down, not the whole facility.
Interest is fixed and calculated on a simple basis, i.e. there is no compounding of interest.
We take the annual interest rate, multiply by the amount of the facility they have drawn down and divide by the number of days that the money has been drawn down for.
The interest rate will vary between 15.3% - 30.3% dependent on the Civil Litigation product.
Total Amount of Credit: £13,500.
Total Charge for Credit: £3,241, includes:
- £78 documentation fee
- £60 administration fee
- £3,103 loan interest (assumes full loan amount drawn down on day 1)
Rate of interest: 15.3% per annum (fixed)
Duration: 18 months
Total Amount Payable: £16,741
Representative APR 16.1%