re fees to finacial advisor

markob66

Dunno if this is where I should post this, I would appreciate some advice on the matter.When my remortgage was completed the excess cash I recieved was immediately used to clear all my credit cards.Three days later I recieved a call from my finanial advisor who had arranged the mortgage that the solicitor handling the deal for the mortgage company had sent me all the cash and could i please give im £995.Told him no can do paid off my credit cards I will have to pay it in installments.He said not good enough would have to write a credit card cheque or draw cash on my credit cards.Not prepard to do this due to ridiculous charges and it wasnt my fault the solicitor sent me all the cash. Advice please, Mark:j

Conrad

Mark, any written terms between you will be those that apply. If you owed him £995 on completion it is YOUR responsibility to have paid that. The fact Solicitors sent you all the money is neither here nor there - the contract presumably states you will pay the fee on completion so it will always be your responsibility to ensure the fee is discharged on time in full.

Imagine your boss wants to pay you in installments just because of a third party oversight - would you accept that?

_Andy_

Why is the charge 'ridiculous'?

Joe_Bloggs

Why does the payment have to be in cash ?
J_B.

dunstonh

Not prepard to do this due to ridiculous charges and it wasnt my fault the solicitor sent me all the cash. Advice please, Mark

If you have an agreement to pay the adviser their fee and you are not paying it then I would expect the adviser to start legal action against you by going to the small claims court.

As already said above, the solicitor distributing the money is not an issue. You still had to pay the bill one way or the other.

markob66

Hi I meant the charges to the credit card , if he accepted credit card payment direct fine and im willing to pay

markob66

I just dont want to start getting back into the cyclo of debt again

Joe_Bloggs

How do you go about paying for IFA advice in general ? Is it via conventional means such as a cheque, CHAPS, BACS ,Faster Payments, Credit Card, Debit Card. Alternatively is it used £10 Notes in an envelope ? What kind of documentation should you expect when in receipt of financial advice ?
J_B.

markob66

I was told the fees would be added to my mortgage so when I recieved the cash I naturally assumed the money was mine to pay off my debts, now I have nothing left and all but one of my credit cards has been shut and I dont want to use high rate cash withdrawls or cheques on that.Im willing to pay the fees either in full in a couple of months time or by installments, I guess ill have to get a solicitors advice on this.

dunstonh

How do you go about paying for IFA advice in general ?

Cheque, chaps, bacs, faster payment, commission offset, fee offset from product. There is no call for IFAs to accept debit/credit cards. Cash is fine but most would prefer cheque as its a clear audit trail.

I just dont want to start getting back into the cyclo of debt again

So, getting a county court judgement against you wouldnt be ideal either.

I guess ill have to get a solicitors advice on this.

Solicitor wont tell you anything that will help you beyond trying to negotiate a payment
schedule with them. You have to be seen to be willing to pay it. However, at the end of the day you do owe the money and if it goes to court you are not just looking at the charge but potential fees as well. The adviser does have the upper hand.

markob66

I have stated im willing to pay it