Umbrella weekly fee/transaction fee Umbrella weekly fee/transaction fee
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  1. #1

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    Default Umbrella weekly fee/transaction fee

    My umbrella got taken over by another umbrella. Without any warning/notification the new umbrella has almost doubled my weekly transaction fee. Is this legal?

  2. #2

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    Quote Originally Posted by JamesC34 View Post
    My umbrella got taken over by another umbrella. Without any warning/notification the new umbrella has almost doubled my weekly transaction fee. Is this legal?
    Read the terms of your original contract with the OldBrolly. If there is no mention of takeover, sale of business or similar terms, then I'd suggest terminating your contract with the NewBrolly and contacting Lucy who is active on this forum.

    You need to object to the increased rates. Tacit agreement will come into place unless you do so.

    Name and shame would be good, too.
    I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).

  3. #3

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    Quote Originally Posted by Scruff View Post
    Read the terms of your original contract with the OldBrolly. If there is no mention of takeover, sale of business or similar terms, then I'd suggest terminating your contract with the NewBrolly and contacting Lucy who is active on this forum.

    You need to object to the increased rates. Tacit agreement will come into place unless you do so.

    Name and shame would be good, too.
    ......
    Last edited by JamesC34; 20th April 2020 at 17:30. Reason: Privacy

  4. #4

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    Quote Originally Posted by JamesC34 View Post
    'Crestplus' who have taken over 'Mango'. I will update on how they respond to my queries.
    You don't mention how much you were paying and how much you are now being charged. That would be helpful to the discussion. But, and having said that, umbrellas are ten a penny; pick one that you like the look of and switch... although I have no direct experience, would recommend Clarity Umbrella as I like the cut of their jib when Lucy posts on these boards.
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  5. #5

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    Time leave. If you can pick any brolly I'd also suggest going to Clarity Umbrella.
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  6. #6

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    Quote Originally Posted by JamesC34 View Post
    My umbrella got taken over by another umbrella. Without any warning/notification the new umbrella has almost doubled my weekly transaction fee. Is this legal?
    Wow! Although that said it could be the case that the original brolly was not actually charging enough to cover costs so they have brought it into line with the other company. Morally... probably wrong, but business wise, it is their choice. Remember they can only take that margin as and when they are paying you, so if no further funds get processed then they cannot take that money.

    Just goes to show there are a lot of brollies now competing for business and dropping their margin to rock bottom (pushed by the bigger market players) but it is simply not sustainable, and we could see some disappearing unless they can get their numbers up dramatically!

  7. #7

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    Quote Originally Posted by lucyclarityumbrella View Post
    ...Just goes to show there are a lot of brollies now competing for business and dropping their margin to rock bottom (pushed by the bigger market players) but it is simply not sustainable, and we could see some disappearing unless they can get their numbers up dramatically!
    ^^ This

    Market consolidation in troubled times.
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