MIXED ROLE OF BANKS IN THE CASE OF NO WIN NO FEE POLICY

Published by admin | Filed under Depression

There are many of the companies which had collaboration with the bank by which different services are provided to the user for having their unfair charges of the bank. The commission charged can be up to a rate of 30% if the case is successful which is much higher than the money obtained.

After the upcoming of the Consumer Contracts Regulations Act in 1999 all the unfair terms and charges in huge amount were introduced by the bank on the saying of the administrative use. This means no profit will be made to any bank if there is some kind of penalty on the consumer. So in such situations some of the tricks are played by the ‘no win no fee’ companies. This means that if a person is claiming some unfair amount then he had to pay some commission to them for settlement of the case.

So one thing that must be kept in mind that always close the bank account after paying out the compensation amount for accident claims. It is always advised to have a new bank account and then take the opponent’s bank authorities to the court. Banks always have the tendency to lean towards their customers as they didn’t want to lose their precious customers, so they must have to be supportive.

Once all the bank statements are received from the bank carefully notice all the bank amount and figures and know about your bank account. Always keep a track how much a bank had charged as these small things can be very useful for the future references.

Share This