Too good to be true?

allotmenteer1011

Hi all,

Heard lots of good things about this site so I'm hoping someone can help with info about claiming back money that just sounds too good to be true. I was contacted by my financial advisor today and told about a process by which you can claim back money from credit cards, loans and mortgages taken out before April 07. Must confess I didn't pay much attention to the credit card and loan bit as I managed to pay off all mine a couple of years ago and not wanting to get back into huge amounts of debt closed the lot. But he was also saying about being able to claim back interest payments on my current mortgage plus any that have been repaid previously. It sounded like more than just reclaiming PPI and was all to do with the fact that many banks aren't able to provide the original paperwork filled completed when mortgages/loans etc were taken out thereby effectively saying that the debt doesn't exist. He has spent some considerable time looking into this as he too felt there must be a catch but can't find one and has been working with what seem to be reputable companies and starting claims for his clients (he has tested the process using his own CC etc and really does think this is genuine). There is a fee to be paid (not sure how much for the loans and cards but about £500 for each mortgage claimed for!) but the guy who deals with the mortgage bit has also said he will look into my current mortgage to see if there is any chance of a legitimate claim before expecting me to pay any money up front. He also says that on average people are getting lump sums of £5000 for completed mortgages and varying amounts on current mortgages. Northern Rock apparently are not even contesting claims and just paying out. Has anyone heard anything about this? I've always followed the advice my FI has given me as he has always done right by me and got me great deals on pretty much everything I've ever asked of him but my OH has put some niggling doubts in my mind...

socrates

If something sounds too good to be true it usually is.

payless

I've always followed the advice my FI has given me as he has always done right by me and got me great deals on pretty much everything I've ever asked of him

did he sell you the mortgage(s) that you are tthinking of claiming on?

allotmenteer1011

Tis true Socrates - and to be honest if it had come to me by way of random mailing I would have chucked it in the bin. It's only the fact that my FI has got in touch about it that makes me wonder whether there is indeed some truth in it...

allotmenteer1011

Yes payless he did arrange it for me - as he has all but the very first mortgage I took out. He also helped me claim for a mis-sold endowment policy that I took out in conjunction with my first mortgage.

koexelek

allotmenteer1011 wrote: »

He has spent some considerable time looking into this as he too felt there must be a catch but can't find one and has been working with what seem to be reputable companies and starting claims for his clients (he has tested the process using his own CC etc and really does think this is genuine).
...

Has he been paid out on his credit card yet ?

I would ask him to show you the evidence if he has.

I know, as a broker, I dare not get a customer involved with something like this, unless I was 100% certain I knew it worked.........because if they took a gamble and lost money on my say so, I don't think I'd be too popular

dwsjarcmcd

Sorry but I couldn't be bothered feeding this....

allotmenteer1011

Think he said he's about 2/3's of the way through the process himself - can take up to a year apparently. The guy who's dealing with the mortgage part of it has said the he is going to email me details of successful claims so I can see what it involves. He is also going to assess the mortgage I have to see what the chances are of being successful before I commit to anything.

koexelek

allotmenteer1011 wrote: »

Think he said he's about 2/3's of the way through the process himself - can take up to a year apparently. The guy who's dealing with the mortgage part of it has said the he is going to email me details of successful claims so I can see what it involves. He is also going to assess the mortgage I have to see what the chances are of being successful before I commit to anything.

I'm sure the guy's intentions are very geniuine, but I'd let him be the guinea pig and get 100% through the process before you start.
If there is something wrong with your mortgage terms, and you have a claim, you will still have that claim in six month's time, so bide your time.

Make sure you don't signed any " revised terms and conditions" you lender might send you in the meantime though, as that might invalidate your claim.