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  • FIRST POST
    • smithy1001
    • By smithy1001 9th Oct 17, 7:26 PM
    • 18Posts
    • 7Thanks
    smithy1001
    39% + vat reclaim fee
    • #1
    • 9th Oct 17, 7:26 PM
    39% + vat reclaim fee 9th Oct 17 at 7:26 PM
    I was recently cold called by a ppi reclaim service. The third time I was called I thought ok, give it a go. Gave my details and left them to do their work. Fast forward six weeks and I receive a cheque from a well known bank for missold ppi. Today I received a call from the reclaim company asking for 39% plus vat for their services. Gulp! How is this not regulated, itís as bad as the missold ppi I am chasing!
    My wife has said to just pay it, learn your lesson and move on. Although I agree, and crazy not to read the t&cís which are on the website but weíre obviously never mentioned or included in the paperwork. I guess I now have to pay the invoice. They have told me I have two weeks to pay or it will be given to the debt recovery team. The last thing I want is a damaged credit rating but is there any way to contest these feeís? I have spoken to them but very unprofessional and rude.
Page 1
    • Moneyineptitude
    • By Moneyineptitude 9th Oct 17, 7:31 PM
    • 18,896 Posts
    • 10,119 Thanks
    Moneyineptitude
    • #2
    • 9th Oct 17, 7:31 PM
    • #2
    • 9th Oct 17, 7:31 PM
    Today I received a call from the reclaim company asking for 39% plus vat for their services. Gulp! How is this not regulated, itís as bad as the missold ppi
    Originally posted by smithy1001
    Claims Companies are regulated
    is there any way to contest these feeís? I have spoken to them but very unprofessional and rude.
    Originally posted by smithy1001
    The time to "contest" the fees was at the time you signed your agreement to them, I'm afraid, not after you've already been awarded redress. The complaint process is simple and free, it was your own decision to use a claims company.

    I'm no fan of Claim Companies, but I'm not surprised they are "rude" about your attempts to wriggle out of payment after you've signed a legally-binding contract!
    • zx81
    • By zx81 9th Oct 17, 7:39 PM
    • 14,378 Posts
    • 15,159 Thanks
    zx81
    • #3
    • 9th Oct 17, 7:39 PM
    • #3
    • 9th Oct 17, 7:39 PM
    They must have used gold plated stamps.
    • Moneyineptitude
    • By Moneyineptitude 9th Oct 17, 7:43 PM
    • 18,896 Posts
    • 10,119 Thanks
    Moneyineptitude
    • #4
    • 9th Oct 17, 7:43 PM
    • #4
    • 9th Oct 17, 7:43 PM
    The company i enquired with wants 30 percent of reclaim.
    Originally posted by smithy1001on another thread five years ago
    You posted the above quotation in 2012, five years on you have apparently agreed to 39%??

    http://forums.moneysavingexpert.com/showthread.php?p=51789443#post51789443
    • smithy1001
    • By smithy1001 9th Oct 17, 7:45 PM
    • 18 Posts
    • 7 Thanks
    smithy1001
    • #5
    • 9th Oct 17, 7:45 PM
    • #5
    • 9th Oct 17, 7:45 PM
    I am now going to cancel the other three claims they are trying to pursue. No doubt I will also get an extortionate invoice for that also, even though they haven’t heard back from the banks! It has been more than two weeks, so I lose my right to free cancellation.
    • Moneyineptitude
    • By Moneyineptitude 9th Oct 17, 7:47 PM
    • 18,896 Posts
    • 10,119 Thanks
    Moneyineptitude
    • #6
    • 9th Oct 17, 7:47 PM
    • #6
    • 9th Oct 17, 7:47 PM
    I am now going to cancel the other three claims they are trying to pursue. No doubt I will also get an extortionate invoice for that also, even though they haven’t heard back from the banks! It has been more than two weeks, so I lose my right to free cancellation.
    Originally posted by smithy1001
    It will all have been included in the terms and conditions you have signed your agreement to.

    You still haven't explained why you waited five years to do this?
    • societys child
    • By societys child 9th Oct 17, 7:50 PM
    • 4,893 Posts
    • 5,332 Thanks
    societys child
    • #7
    • 9th Oct 17, 7:50 PM
    • #7
    • 9th Oct 17, 7:50 PM
    Gave my details and left them to do their work
    "Their work" entails you filling the form and them posting it - 56p for a stamp!
    Had you done your own "home work" and looked into into it, you'd have known this, it's all here on this website, how to do it yourself.

    My wife has said to just pay it, learn your lesson
    Your wife's right, at least take her out for a meal . .
    Last edited by societys child; 09-10-2017 at 7:53 PM.

    • Moneyineptitude
    • By Moneyineptitude 9th Oct 17, 7:51 PM
    • 18,896 Posts
    • 10,119 Thanks
    Moneyineptitude
    • #8
    • 9th Oct 17, 7:51 PM
    • #8
    • 9th Oct 17, 7:51 PM
    Had you done your own "home work" and looked into into it, you'd have known this, it's all here on this website, how to do it yourself.
    Originally posted by societys child
    It was here five years ago when he asked too:
    http://forums.moneysavingexpert.com/showthread.php?p=51789443#post51789443
    • smithy1001
    • By smithy1001 9th Oct 17, 7:52 PM
    • 18 Posts
    • 7 Thanks
    smithy1001
    • #9
    • 9th Oct 17, 7:52 PM
    • #9
    • 9th Oct 17, 7:52 PM
    In 2012 recovered the ppi expenses myself. The company I recently signed up to have obviously found one that I hadn’t persude. At least I have that to thank them for, and my bad for not reading the t&c’s as previously said.
    • Moneyineptitude
    • By Moneyineptitude 9th Oct 17, 7:55 PM
    • 18,896 Posts
    • 10,119 Thanks
    Moneyineptitude
    The company I recently signed up to have obviously found one that I hadnít persude.
    Originally posted by smithy1001
    Claims companies have no ability to "find" PPI, you must have given them the information in the first place.
    • smithy1001
    • By smithy1001 9th Oct 17, 7:57 PM
    • 18 Posts
    • 7 Thanks
    smithy1001
    Your wife's right, at least take her out for a meal . .

    I have made dinner, that will have to do for now ��
    • smithy1001
    • By smithy1001 9th Oct 17, 7:59 PM
    • 18 Posts
    • 7 Thanks
    smithy1001
    I gave them personal details yes, but not specific banks to my knowledge.
    • dunstonh
    • By dunstonh 9th Oct 17, 8:38 PM
    • 89,873 Posts
    • 56,545 Thanks
    dunstonh
    Today I received a call from the reclaim company asking for 39% plus vat for their services. Gulp! How is this not regulated, it’s as bad as the missold ppi I am chasing!
    First missold PPI. Now missold claims company. Are you noticing a trend yet?

    My wife has said to just pay it, learn your lesson and move on.
    She is right. You entered into a contract that stated the terms of the agreement and signed and returned that contract. - you should know by now... the wife is always right.

    Although I agree, and crazy not to read the t&c’s which are on the website but we’re obviously never mentioned or included in the paperwork.
    They will be in the contract otherwise the contract is not enforceable. I have yet to see a CMC contract that does not include the terms.

    but is there any way to contest these fee’s?
    No. Once you agree their terms and employ them and they complete their service (sticking a stamp on an envelope), it is too late.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Vectis
    • By Vectis 10th Oct 17, 9:37 AM
    • 464 Posts
    • 568 Thanks
    Vectis
    Come on, let's be reasonable here. They must have written to more than one bank using a scattergun approach, therefore they must have bought more than one stamp. At least half a dozen I'd guess.

    But, seriously, it never ceases to amaze me that people sign up for something and then complain about what they signed up for. If you agreed to 39% then why act aggrieved when they charge that amount? But, even more extraordinary is when people complain about the charges 5 years ago but then decide to go down the very same route again. Why?
    • wsport
    • By wsport 13th Oct 17, 6:27 PM
    • 1 Posts
    • 0 Thanks
    wsport
    It all depends on the contract details if the fees is on the compensation recovered then it should not apply to the cost of the policy premium or interest on the premium this is not compensation. It is repayment of charges made by the loan policy. My question is the reclaims service an intermediation taking place and therefore not subject to VAT?
    • dunstonh
    • By dunstonh 13th Oct 17, 7:38 PM
    • 89,873 Posts
    • 56,545 Thanks
    dunstonh
    It all depends on the contract details if the fees is on the compensation recovered then it should not apply to the cost of the policy premium or interest on the premium this is not compensation.
    That is not how it works. There is no compensation as such. It is a refund of premiums plus interest.

    My question is the reclaims service an intermediation taking place and therefore not subject to VAT?
    There is no intermediary involved. it is vatable.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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