Trust Account

Hi all,

Can anyone advise on how to check details of a PM's trust account?

Just heard a rumor my PM's trust account has been suspended or something similar. They are currently up to date in my payment, but its something I'd like to keep on top of if possible.

It in QLD if that makes a difference.

Thanks.

 

Make a call to the Office of Fair Trading to see if they have any current or pending actions against your PM agency.

 

Thanks,

Just tried that. Was told they couldn't tell me over the phone, and may not be able to say at all. Have to email them and they may respond within a week.

 

Well I suppose rumors are just that (& they could be spread maliciously by a competitor) - do you trust the source? The bank where the Trust Acct is held certainly won't tell you. If it's any comfort to you, there is a compensation fund and PI insurance to claim on in the event the rumor turns out to be true.

 

That's the conundrum really. I've actually just swapped to this PM. The advice came from my old PM who was telling me the new PM is due to pick up the file today. Apparently my old PM is taking a Client from the PM I'm going with due to this reason. So a straight swap between PM's.

Could they be malicious rumors in a last attempt to keep me? Possible. The risk we play in this game i suppose.

Good to hear there is some type of insurance to fail back on. Was wondering if LL insurance would cover this type of scenario.

 

Unlike travel agents where this was abandoned a few years ago, if your cruise line goes down, so does your deposit.

 

Probably the same agency as PM Issue ?

 

I hope not.

 

So quick update. Appears you were right.

After some good advice from from members here, including a number of PM's I may have been able to pick this up before it got bad.

Again thanks for the help everyone.

 

Good job