Foolish or what

vilabeth

I'm new to Martin's site and to using Forums, well here goes.
Before I found this site I had enlisted the support of one of the so called expert firms to try and secure a win for 2 mis-selling endownments. No success with either and they advised to proceed to the FCSC with one claim. Which I did and secured £600 compensation. Guess what they want £200 costs from my compensation and have threatened to begin litigation if I don't pay up.
My argument was they failed in pursuing the original sellers and they are not entittled to any money received from the FCSC. What do your readers think.

MortgageMamma

I dont really know a lot about the endowments and compensation situation as I'm a bit you and not been in industry very long, but it does not seem fair to me

Care to name and shame?

silvercar

vilabeth wrote:

No success with either and they advised to proceed to the FCSC with one claim.

They will say you followed their advice and got compensation, so are entitled to their commission.

Check your contract with them, it may say that by employing them, they are entitled to their commission whoever does the work. A bit like estate agents with sole selling rights (as opposed to sole agency), even if you find a buyer they get their money.

dunstonh

These companies usually have this watertight and you will have to pay or be taken to the small claims court.

Just think yourself lucky you arent the woman with the 96p redress but £900 claims company bill.

vilabeth

Thanks Silvercar
The company is Keypoint endowment claims and in their original business agreement it states " if you succeed in your claim you pay us 20% + vat of the compensation recovered in whatever form"
It looks as if I will have to pay up, let this be a warning for everyone. Always try on your own and use the tools provided by Marrtin

bluep

Not sure where they got the £200 bill from then!! Because unless you received more than £600, 20% is £120 plus vat = £141. I would check the exact nature of the billing value as they shouldn't try and sneak extras in especially for doing so little to help you get the actual claim that was successful.

defender_of_the_weak

If they have told you to go to the FSCS direct then the fee is arguable. The 200 is probably a minimum regardless of how much you win. If you are unhappy, you can report them to the new regulator https://www.claimsregulation.gov.uk as of monday the 23rd all claims companies will be regulated. Interesting to note that keypoint are not currently on the authorised list with only 5 days to go