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LCAG FFC Contributor Guidance Notes
Glossary of terms
LCAG FFC – Loan Charge Action Group Fighting Fund Company
LOAN CHARGE LITIGATION TRUST – the trust set up by the LCAG FFC to receive monies for the purpose of procuring the institution and continuance of the Loan Charge Judicial Review Proceedings.
TRUST DEED – the document creating the relationship between the contributor and the Loan Charge Litigation Trust, of which LCAG FFC is the trustee.
CONTRIBUTOR – any person who makes a financial contribution to the Loan Charge Litigation Trust.
CONTRIBUTION AGREEMENT – an agreement between the Loan Charge Action Group FFC as trustee of the Loan Charge Litigation Trust and the contributor.
JUDICIAL REVIEW - The High Court has the jurisdiction to review the actions of the administration. HMRC are part of the administration, their actions are subject to review by the High Court. The High Court can make a number of orders which can (putting things simply) make the administration act in a different way.
All contributions received towards the funding of the institution and continuance of the Judicial Review will be held on the terms of the Trust Deed of the Loan Charge Litigation Trust.
Where a contribution is made, a Contribution Agreement will be drawn up to reflect the amount of money contributed and the details of the contributor.
Under the terms of the Trust Deed funds contributed will be used to defray costs and expenses of establishing the Loan Charge Litigation Trust and instructing the legal team to prosecute the Loan Charge Judicial Review proceedings. At the conclusion of the case funds contributed which are no longer needed (including funds arising from HMRC being ordered to pay costs of the applicants) will be returned to those who have contributed in proportion to their contributions. The only exception is that in the case of those who have contributed less than £600.00, their refund will be given to charity.
Refunds will only be paid when LCAG FFC has received full payment of any costs awarded by the court in the case of a Win. Refunds are likely to be in the region of between 60% and 70% of the amount originally contributed.
The Contribution Agreement will be sent to the contributor electronically. This needs to be signed by the contributor electronically.
PLEASE NOTE contributions under the threshold of £600.00 are made on the basis that no refunds will be given in any circumstances once the proceedings have started (see 8 below). This includes, but is not limited to; the case being successful and there being funds remaining in the account, the case being unsuccessful and there being funds remaining in the account, insufficient funds being collected and the case not being able to proceed beyond the first stage, or being withdrawn at any stage during the proceedings.
Contributors are asked to provide contact details so that they can be given access to the LCAG FCC Forum where progress reports and pertinent information regarding activities which may assist those contributors will be posted, and access to the LCAG Guest Forum.
In the event that there are insufficient funds to initiate the first phase of legal action ALL identifiable Contributions will be returned, minus already committed funds for legal advice and initial instructions and minus any payment processing or administration charges. Refunds will be made on a pro rata basis taking into account disbursements required to be paid against the amount contributed.
The details that you provide will not be shared with third parties however it is possible that they may be seen by the small team of LCAG volunteers responsible for membership administration.
LCAG will not store your credit card details.
Your data is very important, so we are committed to maintaining the trust and confidence of everyone who contacts us. We are GDPR-compliant but strive to go above and beyond this standard.
Whether you contact us, join our forum, or donate money to the litigation fund, we will do our best to protect your privacy and keep your data safe and secure.
On request we will remove all of your details that we hold on record.
LCAG does not:
collect any other data apart from that used to identify the user
profile, analyse, or record further information
share any data with external third parties
record telephone or web traffic
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