I am sure that many of your readers share my frustrations and irritations with these so-called vulture funds. Our clients are ripped off and treated abominably. (No bonuses on WP, for example) and we are treated with a disregard and distain of truly biblical proportions.
This little experience might help readers to redress the balance a little.
I received a commission statement from NPI for the piddling amount of £4.50 in September.They attempted to pay this into an old long-closed account. They were informed in early October. Nothing was received by early December. Normally we wouldn’t bother with such a trifling amount but we had cause to issue a complaint for appalling service and sent a modest invoice for our wasted time, only to be haughtily informed that they don’t pay IFAs. We’ll, they wouldn’t would they – what do they care – they don’t take new business.
Contact was made again in early January pointing out that the amount was still outstanding. Nothing had been received by February 10, so we wrote telling them that if payment was not received by February 19 we would take the matter to the small claims court. Guess what? Our
account was credited with the £4.50 on February 19.
People may rightly think that this was all a bit of a waste of time and effort for a piddling amount of money but then multiply this by several hundred and we can see how these firms make huge sums of money.