No Win No Fee: What Does it Really Mean?
Years of living in a world that seems to do you no favours can lead to a distrust of something which seems too good to be true. That’s only fair – after all, as the saying goes, there’s no such thing as a free lunch.
No Win No Fee seems to be too good to be true – after all, if the case isn’t won, you just had a team of personal injury lawyers working for you for free, right?!
It’s not quite like that, of course. It’s good – really good, but not too good to be true. Let’s break it down.
Why do No Win No Fee personal injury claims almost always win?
Here at Non-Fault Claims, we have a team of experts and part of their job is to weed out the good cases from the bad ones. It might not be everything you want to hear, but we’re only going to take on cases that we think have over a 60% certainty of winning.
The early questions and early research on your case by our No Win No Fee solicitors is all designed to determine if the accident claim stands a chance of winning in court.
The bad news? If we don’t think it’s going to win, we’re unlikely to take you on.
The good news? Once you get to the point where we’ve taken you on as a client, you know you’re likely to win!
Is No Win No Fee really free?
Yes. Well, no, not technically, but yes. Hmm. Maybe!
Time to talk a little regarding Conditional Fee Agreements (CFAs) – that’s the bit of paper you sign between yourself and the solicitors. It states in there that no fees will be charged to you if the case isn’t won (the ‘conditional’ part), and clearly sets out the NWNF percentage of the final award that we will be paid should a financial award be given to you. This is usually 25%.
So, if you win £100,000, we are going to receive £25,000 of that as our success fee, and the remaining £75,000 goes to you. You may think that’s a bad deal, but look at it another way – you just got £75,000 more than you had the day before!
Does that make NWNF free? Not really. But does it cost you any of your own money that you had before the case? No.
So how much do No Win No Fee solicitors charge? Nothing!
Who pays the costs?
It’s not just our fees, though. There are other costs outside of the non-existent NWNF charges. Court costs and other expenses can add up - we get those from the losing insurance company (the people at fault for the car accident).
And if we lose? Well, either we’ve put our own insurance policy in place to sort that, we take on that responsibility ourselves, or you’ve agreed to pay additional costs in the CFA.
Yes, if you’ve negotiated a lower success fee, you might have done that by changing other details in the CFA such as willingness to pay court costs in the case of a loss. We’d never do that without explaining it in detail to you, so don’t worry – hiding information is not how NWNF works!
I’ve had a non-fault car accident – should I call Non-Fault Claims today?
A No Win No Fee car accident compensation claim should be started as soon as possible after the crash. Give us a call at Non Fault Claims today and we will get the ball rolling on your behalf at no cost to you.
What does NWNF mean? Relaxing in the knowledge that there’s a team of eager professionals working on your behalf to get you the compensation you deserve, and knowing that the chances are - they are going to win!