Mortgage and other debts written off..????

Kevin_1973

Has anyone any info on these credit claims companies that are springing up on a high st near you. A flyer posted through my door stated that if mortgages were taken out before april 2007 they "MAY" be unenforceable. I have yet to hear of anyone who has had a mortgage written off and I imagine these companies are more successful at smaller claims eg missold PPI. I figure that because you have to pay them a fee to take a case further they are making their money whether the claim is successful or not.

Would love to know if anyone here has had a whole mortgage written off by these guys and on what grounds. I go by the motto if it is too good to be true then it probably is.!!

dunstonh

A flyer posted through my door stated that if mortgages were taken out before april 2007 they "MAY" be unenforceable.

They stated that for mortgages? Unusual. Most claims are based on loans regulated under the consumer credit act.

I have yet to hear of anyone who has had a mortgage written off and I imagine these companies are more successful at smaller claims eg missold PPI.

That is a fair assessment.

Would love to know if anyone here has had a whole mortgage written off by these guys and on what grounds.

I cant recall coming across anyone that has or any evidence that they have. A small number of smaller credit agreements have but thats all.

Kevin_1973

Thanks for the reply. I know there was a recent case on the bbc where an £8,000 loan has been deemed unenforceable I think because PPI was missold alongside the loan and adviser commission was not disclosed alongside other discrepancies.

Assuming no insurance was sold with a loan, what criteria under the Consumer Credit Act would these claims companies try to use to deem a straightforward loan unenforceable. Their advertising material appear more hype than substance.

dunstonh

Thanks for the reply. I know there was a recent case on the bbc where an £8,000 loan has been deemed unenforceable I think because PPI was missold alongside the loan and adviser commission was not disclosed alongside other discrepancies.

The fact it made the news was because it was an unusual outcome. However, that was a loan, not a mortgage. Mortgage PPI is not packaged in with the mortgage but standalone.

orangetrader

If you took an advance for less than £25k, as part of a mortgage deal, then the advance would be a CCA regulated credit agreement.
Aside from PPI it is mainly breaches of a prescribed term, sec 77/78 non-compliance, charges on fees etc... which render agreements unenforceable.

liberty_lily

dunstonh wrote: »

The fact it made the news was because it was an unusual outcome. However, that was a loan, not a mortgage. Mortgage PPI is not packaged in with the mortgage but standalone.

Apologies for hijacking here, but is this true of all mortgage agreements please?

I ask because my Swift Advances unregulated mortgage agreement was set out as follows -

Loan facility £53,230.00
Optional PPI £5,323.00
Total loan £58,553.00
Broker's fee £2,500.00
Loan admin fee £595.00
Monthly interest rate (variable) 1.21%
Which is the same as mortgage rate of 14.52%
No. of monthly payments 300
Monthly payment (variable) £728.23
Title indemnity fee £135.00

There was no separate breakdown of how much the PPI cost per month or the total charge for credit etc. I have all original paperwork and nowhere does it explain the cost of the PPI.

I am trying to get a refund of arrears charges etc but the FOS say they cannot help as this agreement dates from pre 6th April 2007 which was before the CCA came under their jurisdiction.

Thank you for any advice you can give on this.

Once again apologies to the OP for hijacking their thread:rolleyes: