Our charges are transparent and straightforward.
The set-up fee is £500 (or 1% of the facility if the loan amount is above £50,000). This can be added to the loan or paid up front.
Interest is accrued only on the money you use, and calculated at a fixed rate of 18% per annum or 1.5% per month (not compounded), and due only when your case is complete and at loan settlement. Please note that this is not recoverable from the losing party. We take the annual interest rate of 18% (1.5% per month), multiply by the amount you have used from your facility and divide by the number of days it has been drawn down. For example, if you use £10,000 for 6 months, you will pay back interest of £900.
Initially, you will need to the pay the cost of Counsel's opinion, which is required to determine the likely merit of the case, but this can be added to your loan if approved, along with insurance, if required.
There is no minimum loan period, no early repayment charges and no minimum interest charge.
Independent legal advice is typically circa £300 (and cannot be added to your loan). This is required to ensure you fully understand all the implications of the loan arrangements.
You may also take out After the Event (ATE) insurance for adverse costs. This is not mandatory, and the cost will be agreed between you and the ATE insurer directly. Speak to your solicitor to find out more about this.
Total Amount of Credit: £70,000
Total Charge for Credit: £16,864, includes:
- £300 Independent legal advice (estimate)
- £857 setup fee (£700 setup fee plus £157 interest)
- £15,707 loan interest (assumes full loan amount drawn down on day 1)
Rate of interest 18% per annum (fixed)
Duration 15 months
Total Amount Payable £86,864
Representative APR 19.3%