That’s two firms not exactly smelling of roses at all since the Supreme Court verdict.

Bet they all do same. Admin fee shocking really for keeping your own cash then giving it back 6 months later

Are you going to accept this?

I'd be challenging it, though I'd understand someone might choose to go along with it if they wanted the money quickly.

Hi Wildchild
I would complain to them and if they dont give you your money back take them to the FOS. It will cost them £550.00 win or lose. I don't think it would be worth it if everyone that was having money deducted for admin fees went to the FOS. Are they prepared to lose £550.00 for every FOS complaint?

Hi sophie.

FOS does not cover insolvency practitioners.

You'd complain to the trustee, then the professional body they belong to.

You also have the opportunity to challenge this legally if it came to it.

Also - financial firms covered by FOS do not necessarily pay this money for every case. A number of FOS complaints are covered by the levy the firm pays - they pay for cases in excess of this included total.

Hi

Sorry for that.
Does the professional body not look at complaints in the same way as the FOS?

Hi sophie.

The professional bodies are primarily concerned about their members meeting professional standards and avoiding damage to the reputation of their profession (in my view). They do of course want individuals to be treated fairly as part of the above priorities.

In my mind FOS is much more customer-focussed.

If you speak to insolvency practitioners they will tell you that they are very mindful of the powers that their professional bodies have though.

As I have now banked the cheque I will probably have to let it go as letter says encahsment of cheque will constitute evidence of safe receipt and acceptance of the matter

I would say it depends on the percentage they took if it was 3k and they took 300 That's 10percent which looks high but if it's 30k it's only 1percent but at then end of the day it up to yourself is the extra 300 worth the hassle.

Decided to draw a line under it .. but would be interesting to see how everyone else’s payments go if their is deductions.

So they are charging you a few for unlawfully holding onto your funds?

Nice work if you can get it.

Tin am fed up arguing. Over it now didn’t expect any payment so gonna take it and run but hopefully they get found out all the ones doing it if it’s wrong

cant understand why there professional body is not informing them to release all money they have collected without charging an admin fee. i get the feeling they can do what ever they want. There must be rules.

Funny how they are charging you for keeping your money yet no word from trustees on lost interest if money had been in your own savings account

My ex trustees have written to me to say they will be taking off their legal fees and outlays off the 13 thousand they have from my PPI . When they e mailed me to inform me, there was no figure yet they expected me to accept. Still waiting to hear back from them after challenging them. They said would be in touch this week. Can’t understand why I should have to pay their legal fees. Again it depends how much as just want a line drawn under this. Gone on too long.