All price plans include one payment out to the builder/tradesman. There are extra fees applicable if the payments out of the Trusty Payment Plan to the tradesman need to be split.
|Trusty Home Improver||Trusty Extender||Trusty Builder|
|For transactions up to £1,200||For transactions between £1,200 and £10,000||For transactions over £10,000|
|£19.95||£19.95 + 0.65% of Transaction amount||£19.95 + 0.95% of Transaction amount|
Extra Payment Fees:
In some situations it is necessary to make some extra charges to your plan. If you both agree to release more than one payment out of the plan (to the tradesman) there is a small fee deducted from each payment. If you have both agreed that the payments out of the Trusty Payment Plan (to the tradesman) exceeds certain thresholds then further charges are made. These charges are banking transaction charges and are outlined here:
|For additional payments out (one is already included)||£2.95||Per extra payment made to the builder/tradesmen|
|Below £10k||No Charge|
|Between £10k – £20k||£12|
|Between £20k – £30k||£19|
There is no limit to the total amount of money that can be paid into the plan when it is created (we have limited this to £75,000 as this is the upper limit that the contract covers; please contact us if your plan will exceed this and we can make special arrangements). The size of the payments out of the plan to the tradesman or builder determine the size of the charges that they attract. The charges are deducted when the sum is paid out from the Trusty Payment Plan.
Once you have created a Trusty Payment Plan it is not possible to add to it. For additional work or increases in the scope of the project you should create another plan to cover the extra amount. This should be managed using the Agreed Installment Payment Schedule which is defined in your free building contract (available when you have registered). For each agreed installment you can create a new Trusty Payment and link this to your agreed contract for the whole build.
Payments must be made by bank transfer for security reasons and to comply with money laundering regulations. We are sorry but we cannot accept credit cards.
Earning Interest on Your money within a Trusty Payment Plan
The good news is that you will earn interest on your money that is held in the payment plan, but the bad news is that with interest rates where they are you will not earn much! Please follow this link to see the prevailing interest rates you with receive through the HSBC escrow account.
There is an 18.15% charge on all interest earned in the protection plan. For example, if your plan earns £1 of interest, you will be paid 81.85p when the payment plan is closed. This is an administration charge made by the banks.
There are a number of extra services that might be applicable in certain circumstances:
|Lost Password||£14.50||Due to security checking costs|
|Amending Bank Details||£48.50||Due to security checking costs|
|Requesting Arbitration||£100||Payable by both parties – includes initial 2 hrs of investigation and mediation which is usually enough to reach a decision (Excludes any expenses eg, travelling if required)|
|Arbitration Fees (Ongoing)||£25 per hour||Excludes expenses|
All prices include UK VAT where applicable.
This service is only available in the United Kingdom.