Allay still charging 24%

I signed the online documents for Allay in August 2019. (After the fees cap). I got my refund from Clydesdale the other day (with 20% tax taken off the interest) and an invoice from Allay followed shortly after. They are charging 24% on the whole amount.  Shouldn't they be charging 20%? Also should their fee be based on the whole amount or the amount after tax?

Comments

  • Sorry no idea what you are trying to say.
    Would you like to re - write your post? 
  • kaMelo
    kaMelo Posts: 2,348 Forumite
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    I signed the online documents for Allay in August 2019. (After the fees cap). I got my refund from Clydesdale the other day (with 20% tax taken off the interest) and an invoice from Allay followed shortly after. They are charging 24% on the whole amount.  Shouldn't they be charging 20%? Also should their fee be based on the whole amount or the amount after tax?
    The fees were capped at 20% but then they charge VAT as they are legally required to do which brings this up to the 24% they are charging. This is charged on the whole amount before tax. 
  • dunstonh
    dunstonh Posts: 116,231 Forumite
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    20% plus VAT = 24%.  So, nothing wrong here.  (apart from you using a CMC in the first place when you didn't need to)
    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.
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