Woodford compensation and No Win No Fee fees

thetrainengineer

I've just been pursued for payment again.

"As we have previously alluded in our correspondence, Harcus Parker must use its best endeavours to obtain payment of the invoice for our contingency fee as per the Damages Based Agreement (‘DBA’) on behalf of Augusta.

Augusta has agreed that attempting to obtain payments with two more emails to you constitutes best endeavours and as such, we will email you only once more to remind you to complete payment of our invoice. However, we have also been asked to provide the funder with a list of people with outstanding invoices and payments, and Augusta and the insurers might wish to pursue payment directly. This would not be something Harcus Parker would be able to influence."

So what happens if we refuse to pay?

MeteredOut

thetrainengineer said:

I've just been pursued for payment again.

"As we have previously alluded in our correspondence, Harcus Parker must use its best endeavours to obtain payment of the invoice for our contingency fee as per the Damages Based Agreement (‘DBA’) on behalf of Augusta.

Augusta has agreed that attempting to obtain payments with two more emails to you constitutes best endeavours and as such, we will email you only once more to remind you to complete payment of our invoice. However, we have also been asked to provide the funder with a list of people with outstanding invoices and payments, and Augusta and the insurers might wish to pursue payment directly. This would not be something Harcus Parker would be able to influence."

So what happens if we refuse to pay?

No-one can say, but you're being clearly warned that Augusta/their insurers may pursue the alleged debt themselves, or via debt collectors.

thetrainengineer

Note to the above, I am concerned that the costs will increase if this is not paid. Any feedback would be appreciated. 

thetrainengineer

MeteredOut said:

therainengineer said:

I've just been pursued for payment again.

"As we have previously alluded in our correspondence, Harcus Parker must use its best endeavours to obtain payment of the invoice for our contingency fee as per the Damages Based Agreement (‘DBA’) on behalf of Augusta.

Augusta has agreed that attempting to obtain payments with two more emails to you constitutes best endeavours and as such, we will email you only once more to remind you to complete payment of our invoice. However, we have also been asked to provide the funder with a list of people with outstanding invoices and payments, and Augusta and the insurers might wish to pursue payment directly. This would not be something Harcus Parker would be able to influence."

So what happens if we refuse to pay?

No-one can say, but you're being clearly warned that Augusta/their insurers may pursue the alleged debt themselves, or via debt collectors.

Thanks for that. I have emailed HP to ask them what happens if I refuse. So will post back here when I get a reply. I know it won't be good.

Polska

Anyone able to share what HP are charging per holding? Being chased but dont want to sign up without knowing

MapsterUK

Also got the communication today:

As we have previously alluded in our correspondence, Harcus Parker must use its best endeavours to obtain payment of the invoice for our contingency fee as per the Damages Based Agreement (‘DBA’) on behalf of Augusta.

Augusta has agreed that attempting to obtain payments with two more emails to you constitutes best endeavours and as such, we will email you only once more to remind you to complete payment of our invoice. However, we have also been asked to provide the funder with a list of people with outstanding invoices and payments, and Augusta and the insurers might wish to pursue payment directly. This would not be something Harcus Parker would be able to influence.

We have previously mentioned that following the implementation of the Scheme of Arrangement, through which Link were able to settle all claims against it, and the court’s refusal to grant permission to appeal its decision to sanction the scheme, we have discussed a fee reduction with the third-party funder and the insurers. They have agreed for the contingency fee to be calculated on the basis of your share of the first distribution only.

Update on Fee Reduction

Our contingent fee (which will then be payable to the third-party litigation funder), plus the cost of the deferred and contingent premium for the insurance in place to protect you from any court orders to pay Link’s costs can be paid by clicking on the link below.

Your case had been funded by Augusta, a third-party litigation funder, who in turn raised investment for which they must seek repayment. Without Augusta’s contribution, we would not have been able to finance the third-party costs, such as barristers’ fees and the upfront insurance premium.

My firm does not stand to gain from invoicing you, as we are contractually obliged to pay the fees straight to Augusta and the insurers for their contributions to this matter.

Invoice for DBA Fee and Insurance Premium

We have been setting up the infrastructure to be able to send to you a bespoke invoice based upon the information you have provided to us.

To streamline the payments process, we have also provided a payment link below through which you can review your invoice and pay it quickly and seamlessly.

In the event that we do not yet have all of the information we require in order to calculate the fees due, the below link will take you to a short form through which you can provide that information. A payment link will be generated shortly afterwards.

——

I have no intention in paying this invoice. It is disgraceful that they are pretending that they are just communicating on behalf of Augusta. Our contract (such that it is) is with Harcus Parker not Augusta. And the Fee Reduction is meaningless as the chance of further disbursements is unlikely.

brewerdave

As the agreement is with HP ,how can anyone be pursued legally by a third party who provided finance to HP ? 

Furthermore, were we asked for addresses or phone numbers in the initial forms? If not ,they can only pursue via email anyway.

Knarf01

Hi, I have been following this forum as I have also received a fee request from HP. Full disclosure that I am no lawyer but I believe outright refusal to pay is not a viable strategy and gives them a bad faith angle. They have provided a service and incurred costs (including the funding arrangements with Augusta, which is covered by the DBA) and they are trying to recoup at least some of this which is not unreasonable per se. I think the position will vary depending on the engagement you’ve had with HP during the preparation of their claim against Link Fund Solutions on behalf of WEIF investors. If you provided personal details required for identity and money laundering checks as well as your shareholding information then you are in all likelihood a retained client and liable to pay their fee. That being said their DBA has weaknesses in terms of enforceability and the best course of action would be to enter in negotiations with them. I have attached an excerpt from the DBA which may help to limit your exposure. 

Others like me who completed their Survey Monkey questionnaire but had no further engagement with HP should consider communicating with them on the basis that you need further clarification in order to settle matters properly. Submitting a Subject Access Request (SAR) under UK GDPR legislation may be a useful first step to ascertain what information they hold about you and if you were included in any of their court submissions. In any case if you have not previously provided any details of your WEIF share holding do not click on the payment link in their email and submit this information now after the event. They are effectively requesting payment before an invoice has been issued. Stay calm and carry on but don’t refuse payment outright, get more information and clarification and then proceed based on those facts. Good luck!

SmellyWellies

MapsterUK said:

We have previously mentioned that following the implementation of the Scheme of Arrangement, through which Link were able to settle all claims against it, and the court’s refusal to grant permission to appeal its decision to sanction the scheme, we have discussed a fee reduction with the third-party funder and the insurers. They have agreed for the contingency fee to be calculated on the basis of your share of the first distribution only.

Does that refer to the 5p-ish settlement in March 2024?

thetrainengineer

After trying to contact them three times over the last two weeks, and failing to get a response, I decided to pay their invoice as I was getting too stressed out with worry.
I will be leaving 1 star trust pilot review though.