Hard to follow their fees.
Currently €99 (inclusive of VAT) to process and argue the complaint on your behalf.
€500 plus VAT for our Opinions.
If we win compensation or a restructure for you, we ONLY then charge our main fee – please see our “Terms of Business” on the website.
But then click on terms of business and you get
13. Our services consist of the following:
(1) We review your mortgage based upon data supplied by you;
(2) We construct a complaint to the relevant parties with indicative values claimed.
(3) If the relevant party, i.e. provider, bank or legal owner, rejects the complaint, we then construct a complaint to the FSPO;
(4) Engagement with the FSPO and respondent through to final decision.
We may as part of the compensation process charge an additional fee where the FSPO cannot calculate the award value in the normal course of their business or where we determinate that the amount awarded is not correct and underestimates your claim. This fee will be notified to you in advance of any work that we undertake and will be paid from any of the following:
(1) the compensation awarded, and/or
(2) paid directly by you if you obtain a restructure of your mortgage, and/or
(3) paid directly from the current loan owner as part of any restructure arrangement agreed.
14. There is an initial nominal fee for onboarding your complaint and you will be notified of this fee when we notify you of the our initial view of your complaint. This initial fee is not refundable. You pay no more than this nominal fee unless we win compensation and/or a restructure of the mortgage.
15. Our professional for analysing, creating and processing your complaint to the FSPO will be in the region of €15,000 but will vary depending upon the level of complexity of inherent risks to be analysed within your mortgage contract and associated documents. You will be notified of the exact fee when your complaint is filed with the FSPO. However, please note that payment by you to us will be deferred and only payable under the following circumstances:
(1) you obtain cash compensation, and/or
(2) You obtain a restructure of your mortgage, and/or
(3) you obtain any other quantifiable financial benefit as a result of our work, or
(4) you withdraw from the process after we file the complaint to the financial service provider or current loan owner or both.
This does not include any nominal onboarding fee charged at the very inception which is used to process your onboarding documents and meet our regulatory requirements. This nominal fee is not refundable.
There will be an additional professional fee for (1) compensation calculation work and (2) working with the current loan owner to obtain the best outcome and settlement for you. These professional fees will be agreed in advance with you at the appropriate time in the future and will be dependent upon your agreement to us undertaking the work.
15a. For those struggling with mortgage payments today and have an eligible mis-selling claim lodged or in the process of being lodged with the FSPO, we can offer Expert Banking Opinions on the loan contract. This Expert Banking Opinion provides the basis for you to:
(1) take an action against the current loan owner for Unfair Terms as defined by European Consumer Laws. If you opt for this service, we will advise you separately of the process and the fees for the Expert Banking Opinion.
(2) to provide to Court in defence of any action against You with respect to your mortgage.
16. Quartech is committed to delivering a fair and equitable outcome for consumers. We guarantee that our professional fees in total with respect to your mortgage complaint will not exceed 20% of the total value of compensation, as defined, paid or accrued to you in cash or by way of a restructure of the mortgage. This guaranteed by Quartech to cap fees is to ensure that all consumers, regardless of the size of their mortgage, obtain fairness and equity and that we subscribe to the European Union’s Principle of Effectiveness.
We also guarantee that all of Quartech fees will be agreed with you in advance.
To be clear, there will be an additional professional fee for our Expert Banking Opinion and we will agree that fee with you before we undertake any work in this area. Given that some clients may be insolvent due to the mis-sale of the unsuitable mortgage under review, in the interests of fairness and the Principle of Effectiveness, Quartech can arrange, on request, for this fee relating to the Expert Opinion can be partially deferred by way of affordable monthly payments.
16a. Please be aware that you can make your own complaint to the FSPO directly and there are no fees payable for the FSPO services, if you decide to take this course of action.
