123 Refund

123 Refund

  0333 678 0038  

123 Refund



We are 123-Refund Limited (Company No: 08203063) of 1st Floor Suite 1s, The Post House, Adelaide St, Swansea, SA1 1SB. We provide claims management services in respect of financial products/services including payment protection insurance.

Information about our procedures

The type of claim to which these terms and conditions apply is set out in the letter of authority. We conduct each of the claim/s in a similar way as set out below.

In order to proceed with one or more potential claim/s, you will need to enter into a contract with us for the provision of claims management services in respect of your potential claim/s.

You will need to complete and return a form of authority for each claim.

On receiving your completed documentation we check it to make sure it is all in order. You may be contacted if we require further information from you.

Relevant documents in relation to a particular claim are then requested from the lender.

Once we have received the documentation from the lender a full assessment is made and we will inform you of our opinion as to whether your claim has reasonable prospects of success.

If we feel you have a claim we will progress it on your behalf.

Letter of Authority

The Letter of Authority gives us the ability to deal directly with the lender and retrieve vital information regarding the claim. The Letter also covers the Data Protection Act.


1 'Company' means 123-Refund Limited.

2 'Client' means the client of the Company that wishes the company to assist in the making of a Claim/s.

3 'Claim/s' means a claim/s for Compensation in respect of a financial product or service made by the Company on behalf of the Client, any additional claim/s identified by the Company in the course of examining the Client’s documents and/or corresponding with the Third Party on behalf of the Client. In this instance we will contact you the client to inform you of the accounts found to ensure you wish us to investigate the additional claim/s.

4 'PPI' means a Payment Protection Insurance policy or similar loan protection scheme.

5 ‘Successful claim’ means the claim is finally decided in your favour by payment of Compensation from the third party or a reduction in the outstanding balance as a result of the claim.

6 'Contract' means the contract between the Company and the Client for the provision of the services, comprising the signed letter of engagement and these terms and conditions.

7 'Compensation' means the total of any sums reasonably offered by the Company as a result of a Claim, including but not limited to; tax deductions, gestures of goodwill, interest, reductions in borrowing and/or arrears, and repayment of premiums.

8 'Services' means all or any of the services as required by the client in respect of their claim.

9 'Service Charges' means the charges payable by the Client set out in paragraph 10 of the Terms & Conditions and the Contract.

10 'Third Party' means any bank, person, firm or company with whom you have entered into a financial credit agreement or arrangement including any party to whom they have or will assign, dispose or otherwise transfer their interest under that agreement.

Terms and Conditions

1 The Contract shall commence on the date on which you formed the agreement with us in writing having received these terms conditions with the pre-contract information and unless terminated earlier shall continue until Compensation is recovered for the Client unless the Company advises the Client in writing that it is unable to recover Compensation or the company exercises its right not to pursue the Claim.

2 The Company agrees that it will use its reasonable means to pursue an application for Compensation from the Third Party on behalf of the Client where the Company believes that it is appropriate to do so, having regard to the merits and the value of the Client's claim; to keep the Client informed of the progress of the claim and to notify the Client promptly and in writing if it decides that it will not pursue any claim, to act in the best interests of the Client at all times, and not to seek to recover its charges should the claim fail, unless this is due to an act or omission on the part of the Client

3 We charge an administration fee of £599 (inclusive of VAT) once you have completed the letter of engagement. The administration fee covers the credit reference search a review of your credit agreements. You'll only need to pay this fee once and it will cover any agreements being investigated. Should all your claims prove unsuccessful we'll fully refund this fee. This fee will also be refunded to the Client if, after completing all claim's, the Client does not receive a profit of at least £200 after deducting the administration fee and service charge. The separate service Charges become payable on a successful claim. For the avoidance of doubt service charges will become payable on any compensation. The service charge is explained in clause 10 below.

4 We will pursue the claim on behalf of an individual who has a joint agreement. If the lender requires the signature of the joint party we will discuss this with the customer and if this is not obtainable the claim will be closed and cancelled off.

5 The Third Party will pay any Compensation directly to you and then you shall pay the Company any Service Charge due within 14 days of receipt of the same.

6 The Client agrees with the Company:

a) To provide promptly all such information as the Company may from time to time reasonably request.

b) To ensure that all information sent to the Company is true, and shall not omit any facts.

c) To authorise the Company to act on its behalf on an exclusive basis to perform the Services and not to instruct any other company in respect of the Claim/s for the duration of the contract.

d) To authorise the release of any such information as the Company deems appropriate.

e) To authorise the Company to negotiate on the merits of the Client's claim.

f) To deal with all correspondence from the Company.

g) That it has not previously claimed or received compensation or an offer of Compensation from the Third Party.

7 When a reasonable offer for Compensation is obtained from the Third Party on behalf of the Client, which in the reasonable opinion of the Company is fair having regard to the relevant timescales and that the offer is consistent with Financial Ombudsman Scheme, Financial Conduct Authority and FSCS guidelines, and that offer is rejected by the Client, then the Company reserves the right to charge a fee equal to the amount of the Service Charge which would have been payable in the event that the Client accepted that offer in line with the Company's advice. Please see “Fee Examples Table” below:

Example 1: All compensation is "Cash in hand"


Example 2: Compensation includes "Cash in hand" award with loan and future installment reduction


Example 3: Compensations is used to offset arrears consumer has on credit card or loan

Total Compensation Received by Customer



Total Compensation Received by Customer



Total Compensation Received by Customer


Loan Reduction by Lender



Loan Reduction by Lender



Arrears Reduction by Lender


Of which cash received by Customer after Loan reduction



Of Which Cash Received by Customer after Loan Reduction



Of Which Cash Received by Customer after Arrears Reduction


Firms Fee Charged @ 30% (inclusive of VAT)



Firms Fee Charged @ 30% (inclusive of VAT)



Firms Fee Charged @ 30% (inclusive of VAT)


Consumer Pays Firm



Consumer Pays Firm



Consumer Pays Firm


The compensation you receive may include simple interest at a rate of 8% per annum which is to compensate the customer for being deprived of the money they had paid to the firm for the PPI.

The 8% interest paid by the firm will be taxable on the customer and it must be declared to HMRC or included in a self assessment tax return. You can access guidance on this from the HMRC website.




Total compensation received by customer




8% Interest included paid by lender

£80 (included within the £1,000, it is not £1,080).


£400 (included within the £5,000, it is not £5,400).

The £80 is taxable at 20% (if the customer is a basic rate tax payer). Note that the £80 is taxable only.

£16 tax


£80 tax

Total reimbursement to customer (before our fee is deducted)




8 Due to logistical reasons, it is not practicable for the Company to store paper copies of any documents relating to the Client's claim. The Company will store them electronically and return any documents supplied by the Client if re- quested to do so. Otherwise, the Company will dispose of the paper copies securely.

9 The Company's liability in respect of the Services is to provide the same with reasonable skill and care and in accordance with this Agreement

10 The Company shall apply a Service Charge of 30% (inclusive of VAT) of any and all Compensation received by the Client and shall be payable within 14 days of receipt of the compensation. Please note that this fee is separate to the administration fee of £599.


11 The Client shall have the right to terminate the Contract at anytime by following the company’s cancellation procedure. The client also has the right to cancel the contract in person.

11.1 If you decide that you do not want to proceed with our services you can cancel your contract by giving us a clear statement of cancellation wither by phoning, writing to us or using the cancellation form enclosed. You can phone us to cancel on 0333 678 0038 or cancel in writing by email (claims@123-refund.co.uk) or by post at our address: 1st Floor Suite 1s, The Post House, Adelaide St, Swansea, SA1 1SB.

11.2 You have 14 day cooling off period which means if you cancel within 14 days of signing the LOA and monies paid will be fully refunded, if you cancel after this period the administration fee will only be refundable if all of your potential claims prove unsuccessful.  Refunds will take up‐to 14 days to complete.

11.3 We can cancel this agreement if you materially breach any of your responsibilities and you fail to rectify your material breach within 21 days of us telling you which we will attempt to do by both telephone and post.

Assignment of contract

12 The Company reserves the right to assign the Contract and all rights under it to a third party, provided that the party it assigns to undertakes to perform the contract in the manner set out in this agreement, and the Company may sub-contract to others all or any of its obligations. We will notify you prior to doing this. The Contract is personal to the Client and is not assignable except to the personal representatives of the Client, save for a Claims representative appointed by the Company to handle the Clients Claims a person who is not a party to the Contract will have no rights pursuant to the Contracts (Rights of Third Parties Act 1999) to enforce the Contract.

Data Protection

13 All personal data will be held in accordance with the terms of the Company’s Privacy Policy which can be found on the Company’s website or is available upon request. All data is held in accordance with the provisions of the Data Protection Act.

14 The Company agrees to comply with any written Data Subject Access Request under the Data Protection Act made by Client for the personal data that it holds subject to any exemptions that may apply from time to time. The Company charges an ad- ministration fee of £10.00 or the fee prevailing from time to time (providing always that the fee shall not exceed the maximum fee permitted under the Data Protection Act) for providing this information.

15 The Company further agrees to correct any inaccuracies in the clients personal data held at the request of the client.

16 If any provision of the Contract is held by any court or other competent authority to be void or unenforceable in whole or part, the other provisions of the Contract and the remainder of the affected provisions shall continue to be valid.

17 No failure or delay in exercising any of the Company's rights shall constitute a waiver of the same or any other of its rights.

18 The law applicable to the Contract shall be the law of England and Wales.

19 You have the right to shop around and consider using the Financial Ombudsman Scheme independently or Citizen Advice Bureau or directly claim yourself to the Third Party. 

20 You should only sign the letter of authority & letter of engagement if you agree to the below statements:

I have read and have retained a copy of the terms and conditions.

I wish to be bound by the terms and conditions and wish the Company to act on my/our behalf.


21 We hope that you will be very pleased with the service that we provide but in the unlikely event that you have a complaint please use the complaints procedure enclosed within the pack or on our website and we will aim to rectify any issues that may have arisen or you are dissatisfied with.

Other Information

22 In the event that your claim(s) require a DSAR, 123-Refund Limited will cover one or all fees applicable.


Terms & Conditions - Privacy Policy - Complaints

123-Refund Limited of 1st Floor Suite 1s, The Post House, Adelaide St, Swansea, SA1 1SB is a registered company in England & Wales with registration 08203063 and are regulated by the Claims Management Regulator in respect of regulated claims management activities. Its registration is recorded on the website www.gov.uk/moj/cmr. Authorisation No: CRM31181.

Our Information Commissioners Office (ICO) Registration Number is: ZA115110.

123 Refund

123 Refund