Many of our cycle claims are funded by a ‘No Win No Fee’ agreement, or Conditional Fee Agreement, which means there is no financial risk to you.
At Cycle Accident Claims we can in some cases offer funding through a ‘No Win No Fee’ or Conditional Fee Agreement, which reduces any financial risk in terms of our fees.
An After the Event Insurance Policy can also be purchased to protect against any costs payable to third parties that can not be recovered.
No Win No Fee Agreements
A No Win No Fee agreement is also known as a Conditional Fee Agreement. Under the terms of this agreement, we agree not to charge you for our fees until your case has settled. If your claim is successful, most of our fees will be paid for by the Defendant. In the event that your case is unsuccessful, we will again not charge you our fees.
What is an After the Event (ATE) Insurance Policy?
If you decide to pursue a claim with us and do not have Before the Event Insurance, we will discuss the options available to you and in most instances the most suitable form of insurance is an ATE Insurance policy. An ATE policy covers the Defendant's costs, which they would be awarded should your case not be successful. The cost of the ATE policy is, just like the legal fees, deferred until the end of the case. If your claim for compensation is settled successfully, the cost will be deducted from your damages. If the case is unsuccessful, no payment is required as the premium is self-insuring.
Why do Solicitors Enter into a No Win No Fee Agreement?
As stated above, if your No Win No Fee claim is not successful we will not be paid. In order to recognise this risk, we are entitled to claim what is known as a 'success fee'. This is also known as an uplift and is a percentage of the costs or damages awarded.
What Do I Have to Pay?
Following the changes in legislation, the Claimant must now pay the cost of the ATE premium and the Success Fee. These costs are deducted from your claim at the conclusion of your case and you are not required to make any payments up front. In the event that your claim is not successful you will not be responsible for any charges as the ATE premium is self-insuring. We will not incur any expenses on your behalf without your agreement and authority to do so.