What is no win no fee?
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By :
Jamie Hanson
Submitted
2010-02-20 17:48:40 |
No win no fee agreement is also called as "Conditional Fee Agreement" is the best source to fund your compensation claim. In this agreement, you are obliged to pay fees to the solicitor only if you win the compensation amount. The solicitor claims for the compensation and works hard so that you get 100% of the compensation amount. Moreover, your expenses for processing the claim are charged by the opponent. Now isn't this a great benefit for you? Just like in other claims, there are some exceptions in this case too. Your solicitor will give you entire essential information before you start claiming compensation. If your solicitor is experienced, he may suggest you an after the event insurance policy which helps you to cover the costs involved in collecting vital documents like medical reports, notes about the incident etc. Also it helps to cover the legal costs that you are obliged to pay to your opponent if you lose the case.
Generally, a lot of people are worried about the fees charged by the solicitor who makes an accident compensation claim. Moreover, they are also confused what will they pay the solicitor if they lose the case. All are aware about the fact that the legal charges are very high and it may not be affordable to most of them. Hence it is essential to know the funding source for paying their legal charges. So, you need to be smart enough to save yourself from high costs arising during the process of claiming the compensation amount. But in this agreement, if you win the claim, all the legal expenses are incurred by your opponent. Apart from these expenses, they are also liable to pay you the compensation amount. In short, the opponent should pay solicitor's fees, success fee and all the expenses and the insurance premium too. But on the other hand, if you lose the case, you are not liable to pay any fee to your solicitor.
Your solicitor will help you know how strong is your case and the chances of winning the claim. You will also be made aware about the several options available for you to fund your claim for compensation. Only after all these things are discussed, the no win no fee agreement is offered to you. You solicitor will discuss all the essential details about the no win no fee agreement before you actually start with the compensation claim process. The thumb rule is, if you have better chances to win the claim, only then you are offered "No Win No Fee" agreement. Generally, an experienced solicitor will never advice you to fund your claims with loan agreement.
The cost that you have to pay is the solicitor's fee if you win the case. But the no win no fee agreement doesn't mean that you don't have to pay anything, you are liable to pay for the legal costs to your opponent if you lose the case and also the disbursement charges that include the costs of collecting medical reports, court fees as well as police accident report charges.
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Author Resource:-
Contact an experienced No win no fee solicitor at first4lawyers.com and maximize the chances of winning the compensation claim.
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