Project Heritage - calculation of claim

 

We are further developing, Project Heritage, the dispute resolution tool designed to facilitate the bulk handling of legal claims typically on behalf of litigants in person (LiPs). This will be focused on Personal Guarantees and will use digital technology. This is based on the concept where a secured lender can go straight to the guarantor without having to recover from the borrower first, as per Lampert v Lloyds.

The basis of this process roots from Criminal Law, namely an alleged perjured affidavit in the Lampert v Lloyds case. Similarly to criminal courts, we will be introducing "Impact statements" into this process.

This is Jane Farmer`s Impact Statement.

This process is intended to seek resolutions, not for any other reasons.

Project Heritage Process Calculation of claims

  1. Project Heritage process (questions) will determine whether the user is eligible.

  2. Users will have to provide copies of the call on guarantee documents with starting date, dates and total amount of any payments they may have made.

  3. Users of the process agree to limit their claims to X (to be confirmed)

  4. The calculation itself is -based on the evidence provided:

    1. “A” Date when the demand for the guarantee was made;

    2. “B” The total amount recovered from Guarantor;

    3. “C” Confirmation of the interest rate (as per demand letter and Bank of England base rate at the time);

    4. “D” Any other relevant factor: undervalued family home, business interruption, loss of amenity, loss of the use of money, personal health and mental distress damages, intellectual capital (Areopa), Fees? Undervalued business assets? Consequential losses? Impact statement.

    5. “E” Project Heritage process is only part of the claim. Users of this process will agree to close other claims against the other side.

    6. “F” Calculate the claim and present it to the other side.

    In our fictitious example, this is how the system works out the claim:

A. Date when the demand for the guarantee was made; 1st of May 2009
B. The total amount recovered; £100,000
C. Confirm the interest rate (as per demand letter) (0.5 BoE base rate + 2.5%)
D. Calculating the loss of property sold due to a Personal Guarantees
E. PH cap at £5m - case is below PH cap
F. £100,000 + 11 (years)*(£100,000*0.03)=£133,000


We stress we are seeking resolution for all cases.