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Prodigy Finance Limited and CIArb have partnered to resolve disputes arising from loan arrangements with student borrowers using an amended version of CIArb’s Business Arbitration Scheme, (the scheme), to provide simple, cost-effective, and timely resolution for disputes of low to medium monetary value of up to £200,000.
Prodigy Finance advances non-secured loans to students attending international business schools around the world. It currently lends to about 11,000 students from around 127 jurisdictions.
The scheme is a fixed fee, giving the parties’ certainty as to costs. A fixed fee of £1,250 + VAT is payable by each party on commencement of the arbitration to cover CIArb’s administrative costs and arbitrator fees. For monetary claims from £100,001 to £200,00, a fixed fee of £2,000 + VAT is payable by each party.
The scheme offers a final and legally binding award in less than 90 days from the appointment of the arbitrator and is simple enough to allow most businesses to present their own case without legal representation.
Formal procedural steps are kept to a minimum to shorten the timetable and the award is enforceable in the same way as a court judgement.
This process is private and confidential.
Using the scheme:
If you wish to apply for the appointment of an arbitrator under this scheme, please complete and return the application form.
Please see our Recommended BAS Arbitration Clause.
For any further enquiries please contact:
T: +44(0)20 7421 7444