Mis-sold Mortgages and loans

porky22

Hi Guys and Girls,
anybody know about people claiming that they have been mis-sold a mortgage,where you remortgaged and your mortgage company sent paperwork through post same with home loans and personnel loans.you sign paperwork send it back and get the mortgage or loan.

This is deemed illegal is that right? because they should come round and discuss all the legal stuff,same thing with credit cards as well.

My brother in law has got three cases going forward now with big companys,he had to put up nearly a grand for solictors but they said if they lose they will refund the whole amount.

Has anybody on here tried it and won,or is there a place on the site that I missed .
If yes you can claim I have about six or seven cases at least but I can't see that it can be true?
Also when my wife and me bought our house we took out a pension mortgage with the Abbey,that was in 1993,we were not married at the time and she did not have a company pension scheme but I did,then she got a job working for M&S and they had a company pension scheme and it was at the time when you could not have two pensions,can we claim against that as pension mortgages were declared crap!and a big waste of money.
Please Any help would be great.
Thanks.
porky


Moderator am I in the right place?

dunstonh

This is deemed illegal is that right?

No.

because they should come round and discuss all the legal stuff,same thing with credit cards as well.

There is no requirement for that. Not even where advice is given.

Whoever told you that is either stupid or incompetent (or if its a claims company then potentially fraudulent)

My brother in law has got three cases going forward now with big companys,he had to put up nearly a grand for solictors but they said if they lose they will refund the whole amount.

Oh dear, they saw him coming by the sounds of it. He should check to see if he still gets a refund if it gets as far as the solicitors. The refunds tend to only apply if it doesnt get past the initial check. If it gets to the solicitors and fails then refunds do not normally apply.

Has anybody on here tried it and won,or is there a place on the site that I missed .

There is no evidence that any claims company has succeeded with mortgages and to be honest, if the reasons put forward are the two you mention above then he doenst have a hope in hell as it is legal to provide mortgage information by post.

There has been some successes on credit cards though.

Also when my wife and me bought our house we took out a pension mortgage with the Abbey,that was in 1993,we were not married at the time and she did not have a company pension scheme but I did,then she got a job working for M&S and they had a company pension scheme and it was at the time when you could not have two pensions,can we claim against that as pension mortgages were declared crap!and a big waste of money.

You cant complain on those grounds as advice is only good at the time it is given and for known future events. There is no way the adviser would have known she was going to get a job in the future that offered an occupational scheme. If however, you went back for advice at the time the occ scheme was available and a revision was made to the recommendation to reflect the change in circumanstances and that recommendation was not suitable then you could. If you just ignored the change in circumstances then its your own fault.

Pension mortgages were a good idea at the time and for higher rate taxpayers they have often achieved what they needed to. However, for basic rate taxpayers they havent.

Comyface

What dunstonh said.

Was going to say the same myself (but much less eloquently!)

porky22

Hi,
been on the website of this company (can I Name them?) based in Manchester password clue is group of companys that price fix six letters C _ _ _ _ L
seems they are all above board,but its not for mis-selling but more contract irregularities.check it out ?

Think they take your case on when they check out your paperwork,if they think you have a good chance of getting a result,then they will move forward and try and win your case.

They do the Credit Card claims as well

dunstonh

been on the website of this company (can I Name them?) based in Manchester password clue is group of companys that price fix six letters C _ _ _ _ L

Oh we know who that is. Dont mention them by name as they threatened Martin with legal action unless he removed posts on this board about them.

seems they are all above board,but its not for mis-selling but more contract irregularities.check it out ?

[TEXT DELETED BY ABUSE TEAM FOLLOWING COMPLAINT].

The OFT also issued warnings against companies offering this service and charging £500 up front. Indeed, the OFT warning matched exactly what these companies were doing.

Think they take your case on when they check out your paperwork,if they think you have a good chance of getting a result,then they will move forward and try and win your case

They have a filter system which does remove some but when it gets to the solicitor stage they also filter it down more as well. I recall seeing a programme on this and the solicitors said they find about 4 out of 10 cases they get have a chance. However, they admitted that those 4 out 10 had already been pre filtered by agents. [TEXT DELETED].

One company did publish its stats and there is a mention of a certain company ni the article as well.

source: http://www.guardian.co.uk/money/2008/nov/29/debt-creditcards

Credit Issues has only been trading since late July. It charges an initial £450 - plus £150 for each subsequent credit or store card or personal loan agreement - after which it considers whether the agreement is legally binding. So someone with one loan and four cards would pay £2,050. If the claim is successful, customers pay a further £1,000. But so far the track record of this and other claims handlers, is not over-impressive.
"We've had more than 4,000 applications," Lipson says. "So far we have settled two successfully - we got one lender to write off £2,962 while another cut a £5,000 to £2,000. But it is early days, as it can take six months to get all the paperwork together. We fast-tracked these two cases."

Credit Issues promises to refund all of these costs, bar an "administration fee" of £50, if bank agreements are found to comply with legislation so no claim can be made. Some fees can be more expensive - with no guarantee of success. Manchester-based Cartel Client Review, one of the biggest of the new breed of claims handlers, charges £495 for a "review". [TEXT DELETED]. Claims handlers often suggest funding these fees with credit cards.

<snip>
A second major credit card company told Guardian Money that it has received more than 6,000 applications from claims handlers and it has refused to pay on any of them