Our service for PBA Reclaims offers what is known as 'No Win - No Fee' service and we charge a fee of 30% of the total compensation (including interest and tax deducted) you receive from the firm that sold you the PBA (packaged bank account). VAT is applicable at the existing rate when the invoice is raised.
We will always demonstrate that using our services are in your best interests.
The examples below illustrate how this can work:
Example 1: Compensation is “cash in hand” on a closed bank account
Mr A is awarded £2,000 in compensation on a packaged bank account that is closed. From this compensation payment Mr A will be charged a fee of 30% (£600) by MoneySave Solutions. He will also pay VAT at 20% (£120), making the total bill Mr A will pay to us £720 within 30 days of receipt of his compensation.
Example 2: Compensation is “cash in hand and off-set” on an open bank account
Ms B is awarded £1,500 in compensation, (representing the PBA fees and accrued interest on the PBA to date) on a bank account that remains open.
From this compensation Ms B has received £1000 as a cash payment and £500.00 has been applied as an account reduction (i.e. Offset against any balance owing on the account).
From this compensation payment Ms B will be charged a fee, based on the total amount of compensation (£1500) at 30% (£450) by MoneySave Solutions. VAT is payable at 20% (£90), making the total bill Ms B will pay to us £540.00 within 30 days of receipt of her compensation.
Many providers will pay the money direct to you, putting the money directly into your account or sending you a cheque. MoneySave Solutions will invoice you for our fees of 30% + VAT of any financial benefit you receive.
Some providers may send the payment to MoneySave Solutions, because we are acting on your behalf. If this happens we will deduct our fees of 30% + VAT of any compensation or financial benefit, before sending the remainder on to you.
If the money is paid direct to you, please make sure you keep some of the money to one side to pay our fees.