What Does No Win, No Fee Mean?
A No Win, No Fee agreement, also known as a Conditional Fee Agreement, means you don’t have to pay us a penny unless you win your claim for compensation. So even if you lose, you don’t need to pay anything, as long you’ve taken our advice concerning taking out a Costs Protection Policy, our legal advice, provided us with instructions and your claim is not exaggerated or dishonest.
What’s a Costs Protection Policy?
This is a form of insurance that protects you in the event that your claim doesn’t succeed, which pays all your legal expenses and the other party’s costs in the event that your claim is not successful.
The insurance policy premium only becomes payable once a compensation settlement has been agreed and the payment is deducted from the compensation payment. If the claim is not successful, then the policy premium does not need to be paid. This means that you don’t need to pay a thing if you don’t win your case and you have followed our advice and have provided us with reasonable instructions.
Why Is a Costs Protection Policy Important?
It’s very important to take out insurance if you don’t have any other way of funding your holiday accident claim. Without it, you could be responsible for paying extensive legal costs, including those racked up by your opponent, so it’s well worth having this in place for peace of mind.
With that safety net in place, you’ll also be under less pressure to accept the first compensation offer that’s put to you.
Our Holiday Claims Solicitors have often seen tour operators try to settle claims for far less than they’re actually worth, and claimants might be tempted to settle straight away because they’re worried about their growing legal costs.
However, a Costs Protection Policy means you don’t have to rush into accepting a settlement offer that falls well below what you’re entitled to. Instead, if our legal advice is that the offer is too low, you can turn down the offer and we can keep negotiating on your behalf for a better settlement.
What Do I Pay If My Claim is Successful?
If you win your claim, you’ll pay for the Costs Protection Policy and our success fee.
If we’ve offered you a No Win, No Fee agreement, our Holiday Claims Solicitors have taken a risk that we might not get paid at all in the event that your claim doesn’t succeed. So we’ll ask clients to agree to pay us a success fee if they win their claim.
This will be a percentage of the compensation you’re awarded – and it’ll be no more than 25% of your settlement. The success fee is standard across the personal injury claims sector.
With this arrangement in place, you can be confident that we genuinely believe we can secure compensation on your behalf. After all, it wouldn’t be in our interests to take on a claim that has little or no chance of success, so you can be assured that we’re not wasting your time.