APS Mortgages Money partners and Kensington Mortgaes

scattytracy

Can anyone tell me if all these companies are part of the same group? After some diggin on the internet I get the impression they are. We were not informed of this.

We took out a mortgage through APS, who charged us a fortune, at the time he told us we were sub prime. We weren't, we bloody well are now.

The only mortgage we were offered was with Kensington, (bought by money partners and then immediately transferred to Kensington) and it wasn't a bad deal, only we were not told after 12 months it would shoot up and continue to do so.

On finding some paper work the other day, we have also paid 3000.00 for 7 years mortgage protection that we were not even aware of and could not use it as half the questions were answereed incorrectly. i have suffered from depression and this was ticked as no, my father had heart problems before the age of 60 and this was ticked no. The only questions we were asked was for life insurance.
While the broker was here (at our house) we had to sign pages and pages of documents. Needless to say we didn't read them all. So have no idea what we signed. We were extremely stupid and naive. the end result being we have ended up in neg equity with a mortgage we can't afford, the house is getting repossessed next month.

The really annoying thing is the 'broker' actually said to my husband while i was out the room 'don't do it' but hubby thought he was joking!

Tracy

Toughluck

Money partners were funded by Kensington. I think thaey are funded by Golmand Sachs now (correct me if I am wrong someone). Looks as though you had a one year fixed/discount mortgage and after that went onto some LIBOR related higher rate.

If you are being evicted next month it sounds as though no lender currently would be able to help you. even lenders at the bottom of the rung are decling cases now on mortgage arrears.

scattytracy

Toughluck wrote: »

Money partners were funded by Kensington. I think thaey are funded by Golmand Sachs now (correct me if I am wrong someone). Looks as though you had a one year fixed/discount mortgage and after that went onto some LIBOR related higher rate.

If you are being evicted next month it sounds as though no lender currently would be able to help you. even lenders at the bottom of the rung are decling cases now on mortgage arrears.

hi thanks for your reply, yes I know no one would touch us! My question is was my mortgage mis sold?

xx

silvercar

Mis-sold as in you shouldn't have been given the mortgage? Or mis-sold as in you were charged for things you shouldn't have taken out, like mortgage protection?

You will find it hard to claim the mortgage was mis-sold, you wanted to buy, the broker found you a deal, you then had the option on whether to go ahead or not.

You possibly do have a case that the payment protection was mis-sold. Firsty complain to the broker and then failing that to the FSA/ FSCS (I can never remember which). Your problem is that you are about to be repossessed, you don't have time to wait for the proceeds of any misselling claim.

You need to agree with the lender a schedule for repaying the arrears; present this to the judge and get the repossession order suspended. Failing that, appear in court yourselves and tell the judge your plan for clearing the arrears. If you contact the court the officials will help with the correct forms.

Also worth contacting CAB for advice.

opinions4u

Sounds like a case fo rmis-selling the insurance.

You need to make the claim directly to the company that sold you the policy. Additionally, encourage them to reimburse in full or alternatively issue a "letter of deadlock" saying the won't refund.

When you have a letter of deadlock, you can take your complaint directly to the Financial Services Ombudsman.

At the same time, get talking to Citizens Advice. Make sure they know you are pursuing the mis-selling of insurance. They can guide you from there.

scattytracy

thanks, yes I to think the insurance was mis-sold. But I also feel the mortgage was mis-sold. Why was the only 'deal' we were offered with Kensington when our credit rating at that time was good? We also didn't know we were on a one year discount, until 10 months into the mortgage when APS phoned us up to try to get us to remortgage again because our new deal was about to end? I went mad and put in a formal complaint but got told we signed to agree this and that was the end of the matter.

We're letting the house go it has caused us nothing but misery, I wish I had never bought it.

Tracy
x

beecher

You did sign the agreement though and as you say it was naive not to read what you were signing.

scattytracy

beecher wrote: »

You did sign the agreement though and as you say it was naive not to read what you were signing.

Hi yes I know that! Stating the obvious isn't greatly helpful. I was not told the companies were tied in together I also was only offered a heavily adverse credit mortgage when we we had a good credit rating, there were no alternatives apparantly, surely a broker should find the best rate available not one within there own group of companies.

minimike2

Credit rating isnt everything. I have plenty of clients with perfectly good credit ratings that cannot get a mainstream mortgage. This is not a mortgage mis sell. The insurance however is - the broker has a duty to compelte the application correctly and it sounds like they have not done this part of the process correctly. You definately have grounds for a complaint and refund on that side of things.

Always read your paperwork. Ignorence is not an excuse when it comes to signing things that relate the the biggist financial commitment of your life. If you dont understand something, take time to read it and if need be get somone else to help you to understand it.

Defiantely get a complaint in with the company re the insurance - good luck.