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Won but "Investor Compensation" take 50% in fees


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If you signed up to their fee structure and terms & conditions then I think you will have to wear it.

 

One of the reasons why we don't advocate the use of CMCs

 

ims

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If you signed up to their fee structure and terms & conditions then I think you will have to wear it.

 

One of the reasons why we don't advocate the use of CMCs

 

ims

Hi IMS thanks for your quick reply,but what are CMCs ? Mike

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Hi

 

Claims Management Company

 

ims

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

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It’ll probably be similar T&C’s that a CMC sent my parents-in-law (before I stepped in to halt them). That states the fee of 25% but in the small print it's dependent on the size of the reclaim. For e.g, reclaim £1000 they take £250 +vat but anything under 1k they take £250 +vat but say their fee will never be more than half of the amount recovered. So recover £300 they take £150 inc vat.

 

As stated previously I think you’ll have to suck this one but lucky that it was a low amount so not as bad as it could have been if it was a high value reclaim.

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  • 2 weeks later...

That doesn't seem right to me. you can only charge vat on goods or services, in this case the service in making your claim for which they charge £66. I would ask them for a VAT invoice and also make a complaint to the MoJ

 

And when you have their VAT no, complain to HM Revenue and Customs

 

And inform IC that you will be doing so.

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From their website (my bold):

Our PPI Service Charges

Investor Compensation (Claims) LLP will charge 30% of all compensation recovered

(plus VAT on the 30%), you may be subject to a minimum fee of £50.00 + VAT on

successful claims.

 

and this:

Below are some examples of how your refund could be made, and as a result how our fee is charged:-

Compensation £1,000, cash received £1,000, balance reduced £0, fee payable £360, leaving you with £640

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for a member thats been here since 2006

and reclaimed several times themselves already

 

using a CMC is a bit stupid mike!

 

why did you not come here first.......

 

silly boy

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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