Not sure myself!!! I paid £19 I think it was at the start of my agreement for this, on my receipts and payments schedule it is down as further charges from my IP and I thought as I had already paid this it was a one off fee, need some advice to confirm if I should be paying further charge for this? It is not mentioned anywhere in my agreement so not sure if they can charge for this?
The bond payment is the insurance that IP's have to take out to effectively cover them running away with their clients money. This is a statutory requirement, with a one-off payment being made at the outset of the case. Some earlier cases are subject to annual renewals, but I think this process stopped around 3 years ago. If your case is one of these then the bond needs renewing annually.
Hi Melanie, yes mine was agreed in 2007 so probably one of the earlier ones. Is there a set rate for the renewal or does it vary with different IP firms?
It varies depending upon which insurer is used - there are three who provide this sort of cover, and is based upon the amount of contributions or assets coming into the arrangement.
I suppose that I can do nothing about that then but at least I know, I appear to be being charged lots of random amounts for various things that I knew nothing about, the annual receipts and payment schedules dont have this on and they have appeared on the last one. Looked like as I have now completed contributions they appear to be bumping up the fees that they can charge me for. Thanks again
