ProSearch Scam

A question about : ProSearch Scam

BT shares & ProSearch : I moved house & failed to notify BT. Some 4 years later I recieved a letter with a BT letterhead saying that ProSearch had been instructed to advise me of Ј200 of unclaimed dividends & that to claim these I need simply fill out the form and return the share certificates.
I did so and almost 2 months later recieved a new share certificate for 18 shares less (from 811 to 793 ?) the following day a letter and cheque arrives for .16 pence ! from Prosearch advising me of Ј168.89 admin fees, 22.38 indemnity fee & Ј33.48 vat ......this seems outrageous. I feel tricked & cheated and would welcome any advise as to what steps I should take. the small print on ProSearches initial letter advises of a 12% fee but I have paid 99% and lost 18 shares ??!!
The shares were a wedding gift some years ago....I'm a chef and don't cook books for a living ..help me out here please

Best answers:

• looks like prosearch make there money by doing this and have no links with the BT share registrars Equiniti
  https://boards.thisismoney.co.uk/tim/...t=2&msRange=15
  about o2 shares but same scam
  Thank you to both of you who replied to my request for help. I phoned Equiniti on 0871 384 2883, and was advised to send my share certificates directly to them, with a covering letter. They did tell me that ProSearch were not in any way affiliated to them, and did searches for people who had not cashed in their shares, and charged a premium for arranging the cashing for them. I was alarmed by the 25p per share premium, which would have meant about Ј300 going to them and coming off my shares value. I am very grateful to you two, and to Equiniti for the sound advice.
• I am a victim of this `scam` - when speaking to equinity they told me hundreds of people have complained about it.
  My dividend were due to be Ј304 and they charge 12.5% - but the 12.5 is of the whole share holding, not of the divident amount.
  ...so I end up with a cheque for Ј60 - I`m very p1ssed off!!
  I know I should have read the T&Cs - as its all in that! they were very clear (abrupt) about it.
  I`m going to write them a letter and compain - but cant see me getting this money back - any tips anyone? Is this soemthig I can get trading standards or a solicester involved in - is it worth it?
  Cheers
  Colin
• i too have had this , i got a letter saying they had a chegue for the Ј814 and share number 255, saying 12 half % and of total number of shares not stating amount, then i got a chegue for Ј111, on phone they said i knew what i was signing and they were value for money i said why did,t u ask me to ring my share company direct to send chegue they said i never asked , i have the guys name from pro search a
  John Evans
  Team Manager - Investor Communications
  Asset Reunification, ProSearch
  Telephone:+44(0)1732 741411 Direct Line: +44 (0)1732 748151 Fax: +44(0)1732 741917
  Email: john.evans@prosearchassets.com
  Caxton House, 22 St Johns Hill, Sevenoaks, KentTN13 3NP
  this is what they said on letter to me
  Thank you for your letter dated 25 January and also to your call to our offices of the same date to express your dissatisfaction with the Asset Reunification service provided by ProSearch. We were very sorry to learn that you had not fully appreciated the process and fee structure. I also acknowledge receipt enclosed with your letter of a copy of an IHG shares certificate dated 15 April 2003 for 535 ordinary shares of Ј1.00 each.
  Your claim was processed on the basis that we would recover both the uncashed dividends and the 255Intercontinental Hotels Group plc ordinary shares and the administration fee would be based on the full value of these (see computation below for total value of assets recovered), in accordance with the terms of our service. In addition, a lost certificate indemnity fee was charged in respect of your IHG plcshare certificate which was deemed to be missing in accordance with the conditions set out in Section 2 of the Claim Form.
  For ease of reference, we attach a copy of your claim form on which we have highlighted the relevant sections relating to the charging structure and the potential requirement to sell a small number of shares to cover any fee shortfall. We have also set out in full below the computation of the fee and the resulting balance cheque.
  I attach a copy of the claim form which you completed on which I have highlighted the sections which relate to the deduction of charges. In accordance with the way you completed Part 3 of the Claim Form, your claim was processed on that basis that we recovered 255 ordinary shares together with the cash entitlement of Ј814.44. Accordingly, the fee was levied on both cash and share value elements.
  I have compiled the charging details into a matrix as follows:
  The above noted matrix gives a breakdown relating to the charging structure, if a valid IHGplc share certificated dated 04 June 2007 or later is NOT returned. As part of our service you will have recently received direct from the Registrars a new certificate for 255 ordinary shares which are currently valued at Ј3353.00 (approximately).
  The following matrix reconciles the position:
  Total Dividends Recovered
  Ј 814.44
• Weirdly we had 2 letters from these people relating to some share holdings that my DH's deceased father had...he died in 1995 and we knew nothing about them...
  The letters said we had 7 days to reply or the offer was null and void..we started filling in the forms..however sensible head said stop and a quick google brought up lots of issues.
  We phoned Equiniti and we are dealing with the matters ourselves without their ridiculous charges...but we came so close to returning the docs to them. I dread to think what amount we would have received.
  Good Luck!
• I keep my money in the matrass. It is quite easy to manage, defendable at night and when I move house, my bed goes with me.
• These scum, sorry reputable company have made the Mirror today.......
  Contacted woman, got her dividend and sold som eof her shares as their charges were more than the dividend, so she ended up worse off than before they contacted her.
• Nice article thanks for sharing and its useful now a days
  ----------------------
  Wills
• We too just received a letter from this company signed by a Mark Gabriel stating they were trying to locate the whereabouts of a gentleman who just happened to have the same surname as us but lived at an address just 4 doors away (supposedly), the ironic thing is that the christian name of the gentleman they were/are searching for just happens to be the name we gave our male cat who has been a member of our family for the past 11 years now!! We completed the return slip at the bottom of the letter stating that we are NOT able to assist them with their search and sent it back in their pre-paid envelope. Good job the christian name wasn't that of my my father-in-law as that would've upset my husband greatly as he only passed away a couple of weeks ago (on Fathers day).
• I had a letter from ProSearch today and, contrary to what was said to Browntoa in an early post on this topic, Prosearch is actually a subsidiary of Equiniti.
• I have just received a letter from ProSearch asking me to confirm that I lived at a previous address with a previous name. They found me using births, deaths and marriages. I can only assume it is relation to some shares I had in Tesco when I was an employee with the company for 7 years during university and beyond while I continued to train for my current career. I am unsure as to whether to reply to them now since reading this blog and those on another web site. If I reply, do I have to let them do the work or can I cash the shares myself? I just need to be sure what it is they contacted me about before I start making calls to Equiniti. Can anyone help?
• Ignore them and start looking for the shares yourself.
  These companies actually sell your shares and keep the money if the dividends aren't enough to cover their charges.
• hmmmm.... got a lettter today,. stating i have ZERO shares, and Ј16.59 in dividends,... how does that work then?
• Apparently Prosearch made an enquiry against my credit report recently. How could they do this?