Help! paying out to the claims guys..
Comments
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lizperrott wrote: »I am an elderly disabled and chronically sick pensioner in my 70s. I was sent information on claiming back money from packaged bank accounts. I was asked to read and sign the paper, there was nothing in the main body of the paperwork saying that they would want 36% of any compensation.
LLoyds bank admitted it missold me and I was awarded compensation. However the packaged accounts had to be changed to a basic one. and the bank, now TSB, had to use most of the compensation to cover the overdraft which had been part of the packaged account.
There is only about £500 left of the compensation and now Rapid Reclaims want £1 700 . I don't have it, and only have my pension.
Also it took several people and a magnifying glass to see where the mention of this 36% was, it was actually below the signature line. That seems disingenuous to me, I signed up to what was in the letter not to an after thought. In any event. I don't have the money to pay them as it has all gone on the over draft and bank fees. As I only have my pension which barely supports me, they can't get blood out of a stone but what are they likely to do. If I were to offer them what is left as a settlement do you think they might consider it or will I be hounded for what is left of my life?
As sad as your story is, you employed a company to use the free-of-charge complaints process. The company had a contract stating their terms. You signed that agreement.
Lets say we believe you. How much did you think they were charging? Do you normally employ someone without finding out the costs first?
You can make them aware of your grievance and they may accept a reduced offer. However, in future, you really need to be taking more care what you sign up for. You dont need a telling off at your age but perhaps just a reminder to be more careful with your money and your signature.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
So, if you could not see it, why did you not ask them specifically how much they charged in fees?lizperrott wrote: »I was sent information on claiming back money from packaged bank accounts. I was asked to read and sign the paper, there was nothing in the main body of the paperwork saying that they would want 36% of any compensation.
I think you'd have a hard time wriggling out of paying them by simply saying their charges were too small to read.
By all means offer them a "settlement" figure, but don't be too surprised when they demand the full amount.0 -
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from Rapid reclaims T&C:
f.‘Fee’ is the money payable to Rapid Reclaims Ltd is respect of pursuing a claim. Rapid Reclaims charges 39.99% of the total redress figure awarded. This 39.99% fee is inclusive of VAT charged at 20%. For example if the redress amount totalled £2,000, the fee payable would be £799.80.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
As sad as your story is, you employed a company to use the free-of-charge complaints process. The company had a contract stating their terms. You signed that agreement.
Lets say we believe you. How much did you think they were charging? Do you normally employ someone without finding out the costs first?
You can make them aware of your grievance and they may accept a reduced offer. However, in future, you really need to be taking more care what you sign up for. You dont need a telling off at your age but perhaps just a reminder to be more careful with your money and your signature.
So I've have just started this with rapid reclaims, however the guy I spoke with has told me I would not have to give up my overdraft.... I suppose this is the only thing worrying me. In fact now that I think about he has told me that my bank won't even stop charging for the account even after they have given me a refund! so nothing has to change
Becoming a bit unsure of this, especially since I've just been sent a letter from them basically repeating and repeating "if your bank won't talk to us tell them you give permission", "If your Bank says our letter of authority is not valid, give your verbal permission" etc etc,
What you guys think? Is this legit? Am I going to lose my Overdraft?0 -
If you are complaining about a packaged bank account tht gives you a better overdrft deal than you would have without it, then you will lose that deal.
If you are complaining about a packaged bank account, you will lose tht bank account extras.Shampoo? No thanks, I'll have real poo...0 -
I actually contacted them from an online advert saying people with Egg cards might be due PIP repayment. They then asked me to give my bank details, the next thing I knew they had put in a claim for my packaged account.
I had already contacted the bank about the packaged account but seems they then used the authority I had given for the Egg account to go through all my linked accounts
Ihis seems disingenuous to me. They can take me to court if they wish, you can't get blood out of a stone!0 -
You should check what you sig up to when you sign things. There's probably a clause to say they can do this, but you didn' read heir T&Cs thoroughly.Shampoo? No thanks, I'll have real poo...0
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Perhaps, but your credit will trashed and you'll be hounded by debt collectors.lizperrott wrote: »They can take me to court if they wish, you can't get blood out of a stone!
"Disingenuous" or not, you signed your agreement to them complaining on your behalf. The Authority is part of a legally binding contract which you'll find it very difficult to simply not pay.0 -
lizperrott wrote: »I actually contacted them from an online advert saying people with Egg cards might be due PIP repayment. They then asked me to give my bank details, the next thing I knew they had put in a claim for my packaged account.
I had already contacted the bank about the packaged account but seems they then used the authority I had given for the Egg account to go through all my linked accounts
Ihis seems disingenuous to me. They can take me to court if they wish, you can't get blood out of a stone!
Their terms state that they need your specific instructions (in addition to any letter of authority) to make a claim. Unless you provided that they don't have a contractual right to make a claim and levy a charge for it.0
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