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captain184
captain184
Posts: 9 Forumite
1 Allay claims are charging me 36% on a successful PPI claim. According to the Law Society a PPI cap of 20% (excluding VAT) was imposed by The Financial Guidance and Claims Act 2018 with effect 10 July 2018. Are Allay claims now breaking the law by imposing the 36%?
2 Should this charge be imposed on the gross amount recoverable or the net amount paid to me?
Thank you
2 Should this charge be imposed on the gross amount recoverable or the net amount paid to me?
Thank you
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Comments
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1 Didn't know about that, so can't help - is the 36% inclusive of VAT, because they can do that....
2 the gross amountNon me fac calcitrare tuum culi0 -
https://www.gov.uk/government/publications/cmr-special-bulletin-new-fee-cap-measures/cmr-special-bulletin-new-fee-cap-
measureshttps://www.lawsociety.org.uk/news/stories/ppi-fee-cap-from-10-july/
I suppose it depends when the claims co were engaged by you. It seems to covers claims from 10th July 18.0 -
Thanks Taff. On item 1 the document is quite clear on its instruction as a 20% cap so I will pursue that with Allay and the Law Society solicitor guidelines. Another of my observations is that Allay use the term 'we are entitled to xxx%' where is that entitlement documented? Normally a payment phrase would be 'our charges are' or words to that effect. I will continue the quest for answers.0
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Thank you. Yes indeed it does and I only engaged them in September 18. I was a tad annoyed after I had done so because this forum and self help claims would have saved me a substantial amount of money. Anyway I have to bite the bullet as it were but their operations seem to be erratic to say the least. Other web forums show some customers have only been charged 24%! I will continue my quest for answers.0
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Again, is the 36% incusive of VAT?Non me fac calcitrare tuum culi0
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On the contract you signed I expect. Check the documentation.captain184 wrote: »Another of my observations is that Allay use the term 'we are entitled to xxx%' where is that entitlement documented?
My first thought too, -taff.is the 36% incusive of VAT?
What is the breakdown of fees versus VAT?
Is the 36% figure your own calculation, captain184?
Even that figure is 4% over the capping level.captain184 wrote: »some customers have only been charged 24%!0 -
20% fee plus 20% VAT is 24%. The cap is on the fee before VAT.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
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Apologies yes it is0
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Thank you yes my assessment of the % charge as well0
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The amount of redress is £11280.08, charges claimed are £4060.83 that doesn't seem to be correct then?0
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