We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Excessive Broker Fee for Secured Loan

GirlRacer_2
Posts: 3,026 Forumite
Hi guys, I'm looking for a bit of advice. I've recently started reclaiming for mis-sold PPI on loans and credit cards that I used to have. Whilst looking for this paperwork I've found a credit agreement from 2006 which states I paid a £500 broker fee for a loan secured on my property. Does this fee seem excessive to you? Could I complain about it andtry to claim it back? The secured loan is paid back now so would I contact the broker and express my dissatisfaction or is it a no-hoper?
Thanks in advance
Thanks in advance
0
Comments
-
Does this fee seem excessive to you?
No.
Could I complain about it andtry to claim it back?
If its a fee then you agreed to it. If its a commission, then you dont pay it directly.
There has only been one case where a fee/commission has been refunded and that was where there was both were payable. That in itself is not a problem but there has to be an agreement in place to cover it and there wasnt and/or disclosure of the amount.
So, was this a £500 explicit fee you had to pay or was it a £500 commission payment from the loan provider to the broker. If fee, did he get commission as well? Does the documentation show the figures?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for your reply. The agreement document states the following:
Load Advance £14300
Broker fee £500
Total loan amount £14800
180 payments of £174.78
Have also got another column saying charges £17,160.40 (ie broker fee) + interest as described bvelow. It then goes on to explain the interest rate.
What do you think about it?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.3K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.8K Work, Benefits & Business
- 617.1K Mortgages, Homes & Bills
- 175.6K Life & Family
- 254K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards