39% + vat reclaim fee

smithy1001

I gave them personal details yes, but not specific banks to my knowledge.

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.

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

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

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.