The sums we receive from a Borrower consist of the following:

(1) Hire Fee: being the price agreed between the Lender and the Borrower (inclusive of any chargeable VAT);

(2) Deposit (if opted by the Lender): being the sum specified as such by the Lender;

(3) Payment Handling Fee: being the same as the fee charged by Paypal in accordance with their terms and conditions (provided that, until further notice, Ecomodo will ensure that this does not exceed at the time of writing 3.4% of total transaction value + 20p)

(4) Insurance Fee (if opted by the Lender): being the fee charged by the insurer in accordance with their terms of business;

(5) Ecomodo Fee: the fee charged by us, being the greater of: 6% of the Hire Fee; and £1 save that we charge no fee in respect of transactions where the Hire Fee is £nil.

 

After completion of your transaction the above sums will be apportioned and distributed by us as follows unless the Lender or the Borrower provides feedback expressing dissatisfaction:

(1) Hire Fee: Sent to Lender

(1) Deposit (if opted by Lender): Returned to Borrower

(1) Payment Handling Fee: Non-Refundable

(1) Insurance Fee (if opted by Lender): Non-Refundable

(1) Ecomodo Fee: Non-Refundable

 

If the Lender or the Borrower provides feedback expressing dissatisfaction, the above sums will be distributed in accordance with our internal grievance resolution [wizard]. [Please note that in such circumstances, the Payment Handling Fee, the Insurance Fee (if opted by the Lender) and the Ecomodo Fee remain non-refundable.] You irrevocably and unconditionally authorise us to apportion and distribute all sums held by us in accordance with the terms of our internal grievance resolution [wizard] notwithstanding the legal position between you and the Lender or Borrower (as the case may be). This does not affect the contractual or statutory rights and obligations between you and the Lender and the Borrower (as the case may be).