Penalties
by plain language on Dec 9, 2016
1 out of 5 stars
My rate went up dramatically because I moved. Now they want a $600 cancellation fee.
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Since economical rates increased to a ridiculous rate I requested my broker explore other options prior to resigning for a new term and let me know the cost. this was not done. Then rates increased again so I asked what would be any penalty I may incur if I switched and to please find a better provider.
The broker was no help so I switched myself to TD as it had the best rates and user friendly language. I was told the penalty for cancelation by my broker and when the final bill arrived it was double that amount. Although I had prepaid for the final month they claimed "the time at risk" was not actually covered by my pre payment and the penalty now had an additional 50% that would be charged. I had been with this broker, now bought out by RJ Gallagher, for thirty years never a missed payment, however when the bill arrived it had threatening collection notice language in large print and no explanation for the additional costs.