Contractual Terms and Conditions
These terms and conditions shall apply to the provision of the Services by Veritas Treasury to the Client. In the event of conflict between these terms and conditions and any other terms and conditions (of the Client or otherwise), the former shall prevail unless expressly otherwise agreed by Veritas Treasury in writing.
"Claim" means a claim for Compensation in relation to the mis-selling of interest rate hedging products (or similar instruments) by the Lender to the Client.
"the Client" means the addressee of this letter or any person associated with the Client who derives benefits from the Services.
"Compensation" means any payment awarded to the Client as a result of a Claim being made on behalf of the Client by Veritas Treasury. This includes all sums paid by the Lender in respect of a Claim; any "goodwill gesture"; or any reasonable offer made by the Lender. It also covers any rebate of charges; reduction in interest rates; softening of financial covenants; or other financial accommodation offered by the Lender to the Client arising from the Claim.
"Data Subject"meansan individual who is the subject of personal data as defined in the Data Protection Act 1998.
"Veritas Treasury " means Veritas Treasury Limited (Registered Number SC445612) having its registered office at Fourth Floor, 135 Buchanan Street, Glasgow, Lanarkshire G1 2JA. Veritas Treasury is regulated by the Claims Management Regulator in respect of regulated claims management activities, registration user CRM33408.
"Letter of Authority" means the document to be signed by the Client giving Veritas Treasury authority to communicate with a Lender on the Client’s behalf.
"the Lender" means [name of lender].
"the Services" means the Services to be provided by Veritas Treasury to the Client pursuant to this Agreement.
3. The Services
3.1 Veritas Treasury shall, following receipt of all completed forms and requested information and as soon as it is practicable thereafter, pursue the Claim on behalf of the Client.
3.2 In order to pursue the Claim, we require the Client’s personal and financial details. We may need to request the Client’s personal details, in the form of a Data Subject access request, from the Lender. The use of this information will be restricted solely for the purpose of pursuing the Claim.
4. The Client’s obligation to Veritas Treasury
4.1 The Client agrees to cooperate fully with all reasonable requests from Veritas Treasury for further information from the Client during the course of the investigation into Claim. Further, the Client agrees to provide Veritas Treasury with complete and accurate details relating to the Claim at all times.
4.2 The Client agrees to instruct Veritas Treasury as its sole representatives and may not instruct another party to pursue the Claim without Veritas Treasury prior written consent.
4.3 The Client agrees not to communicate directly with the Lender or with the Financial Ombudsman Service for the duration of this Agreement without Veritas Treasury prior written consent.
5.1 Veritas Treasury shall, on behalf of the Client and where appropriate in relation to the Claim, instruct a solicitor on the Client's behalf to issue proceedings at no cost to the Client.
5.2 Veritas Treasury shall indemnify the Client against all costs incurred as a result of all litigation arising out of or in relation to the Claim.
5.3 Where Compensation is paid to the Client’s solicitor, the Client irrevocably agrees to their solicitor deducting from the Compensation received the Fee that the Client has agreed to pay to Veritas Treasury, subject to the client having not exercised their right to cancel this agreement, and for the solicitor to pay this sum to Veritas Treasury, before accounting to the Client with the remaining balance. This Agreement constitutes a formal and irrevocable mandate by the Client to the solicitor to implement the terms of this Clause 5.3.
6. Fees payable to Veritas Treasury
6.1 The Client agrees to pay Veritas Treasury a fee of 20% plus VAT of any Compensation (“the Fee”). For example, if the compensation amount awarded by the Lender is £100,000, the Fee would amount to £20,000 plus Vat at the prevailing rate. If Veritas Treasury does not secure Compensation, no Fee will be payable to Veritas Treasury save as set out in clause 6.2.
6.2 In the event that any award of Compensation is (a) used to reduce or takes the form of a reduction in the Client’s outstanding balance on their banking facilities with the Lender or (b) results in an improvement in the terms of such facilities or (c) is used to relax or takes the form of a relaxation in the terms on which existing financial instruments continue to be made available to the Client or the terms on which any new financial instrument is offered to the Client, the Client will nonetheless be responsible for settling the Fee due to Veritas Treasury. In such instances, Veritas Treasury may permit the Client to repay the Fee by way of a pre-arranged payment plan. Any acceptance of a payment plan will require to be agreed to by Veritas Treasury in writing and will have regard to the period over which the benefits of such reductions, improvements or relaxations are made available to the Client. The Client will be obliged to make full disclosure of all of the arrangements which fall within the scope of this Clause 6.5 to Veritas Treasury.
6.3 In the event of non-payment of the Fee, Veritas Treasury reserves the right to recover all their costs incurred in pursuing any debt the Client owes to Veritas Treasury, such costs include (but are not limited to) Court fees, sheriff officers fees, debt recovery fees and any other administration costs incurred by Veritas Treasury.
7.1 Veritas Treasury reserve the right to terminate any agreement entered into with the Client under these Terms of Business, by giving written notice, if:
7.1.1 the Client is in breach of its obligations as set out in Clauses 4.1, 4.2 and 4.3.
7.2 In the event that Veritas Treasury terminates an agreement pursuant Clause 7.1, all information provided by the Client to Veritas Treasury will be destroyed or stored in a secure facility in the event that Veritas Treasury are required to retain records for any legislative purpose.
7.3 The Client has the right to cancel any agreement entered into with Veritas Treasury under these Terms of Business within 14 days of signing the Letter of Authority and a copy of these Terms of Business. The 14 day period will commence from the date the Client signs the Letter of Authority and Terms of Business instructing Veritas Treasury to act on the Client’s behalf. Cancellation of the agreement must be made in writing.
7.4 Without prejudice to Clause 7.3, should the Client decide to terminate any agreement entered into with Veritas Treasury under these Terms of Business after an offer of compensation has been made, Veritas Treasury reserves the right to charge the Client its Fee as set out in Clause 6.1 and Clause 6.2 above and any additional costs incurred as set out in section 6 above.
The Agreement will endure until any of the following conditions have been met:
8.1 Veritas Treasury recovers Compensation on behalf of the Client and Veritas Treasury invoice for the Fee has been settled in full by the Client;
8.2 The Client has exercised its right to cancel the agreement as set out in conditions 7.3, 7.4 and 7.5; or
8.3 Veritas Treasury has exercised its right to cancel the agreement as set out in conditions 7.1.1
9. Data Protection
Veritas Treasury will handle the Client’s personal details in accordance with the provisions of the Data Protection Act 1998. By providing Veritas Treasury with its personal details the Client authorises the company to share these details with any organisation, including the Lender, the Financial Ombudsman Service or our appointed legal representative for the sole purpose of pursuing the Claim. The Client agrees for Veritas Treasury to contact them with regards to any matter relating to the Claim.
10.1 If Veritas Treasury fails to perform its services under an agreement with due care and skill it will carry out remedial action at no extra cost to the Client.
10.2 Veritas Treasury shall not be liable to the Client or be deemed to be in breach of these Terms of Business by reason of any delay in performing, or failure to perform, any of its obligations if the delay or failure was due to any cause beyond Veritas Treasury reasonable control.
If any provision of these Terms of Business is held by any competent authority to be invalid or unenforceable in whole or in part, the validity of the other provisions of these terms and conditions and the remainder of the provision in question shall not be affected thereby.
12. Applicable Law and Jurisdiction
These terms and conditions shall be governed and construed in governance with law in England & Wales.