Carrington Carr Broker Fee and income protection Miss Sold - Reclaim Help

magpiecottage

I agree - I think a complaint would have a particularly good chance at FOS if you argue that it was not explained to you that because you paid the extra fee you would have to borrow more and keep paying interest on it until your mortgage was fully repaid.

This picks up on one of the main reasons that PPI complaints get upheld.

mariariesi

I knew when I was looking for remortgage that my Loan to value was quite high, and therefore had problems finding a mortgage that would suit. I searched through various price comparison sites and eventually landed with a rep from CC who was the only company giving me a mortgage I needed. I then was informed of the fee, which galled me, esp as I was planning to redo my kitchen, and therefore had £3K less to spend as a result of fees!!!!

My gut reaction was "on your bike" and on hindsight wish I had said just that..., however at that time I saw no other option.

Reading above, I did not take out PPI, but like others thought "the lifetime fee" justified it..almost, and now I am livid that I am now out of pocket, and tricked into a product that I should not have accepted. I was advised to take out an additional life policy L &G, but now wonder if that was really needed after all?, Did L&G get a back hander?

How can I claim back the fee? L&G have written and cautioned against CMC companies, and will remain as insurers, but I am so mad that I was fooled.....never again!

Any advice would be welcome....Thanks!

magpiecottage

If the sale recommendation was made on or after 2 November 2004 (the day on which Carrington Carr became an Appointed Representative of Legal & General) you should complain to L&G that the sale of the "ongoing advice" amounted to a missale because it was never explained to you that by doing so you were borrowing more than you would otherwise have needed to and, accordingly, unnecessarily paying interest on that extra borrowing for the entire mortgage term.

mariariesi

I will contact them with that information and see what they say. I took out the mortgage last October, I haven't even had a year of free advice.

Thanks!

Chicorycoffee

Update on my post from earlier.

Per suggestions I also asked a whole market financial advisor from Mortgage Advice Services (I was very open with both companies and let them know I was doing this). The deal offered by MAS was not as good as the "Phoenix from the flames" Platinum Life Solutions (Was CC/AWD etc..). Obviously PLS asked me if I wanted to consolidate, extend etc... to increase my mortgage but I don't need or want to and am wiser now from reading these forum pages. They also do not push PPI now.

My conclusions :

* Dont write off PLS they have some good deals
* Ask more than 1 advisor
* Remember they are sales people, they will give you advice in line with the rules, but they will put their perspective on an issue, eg increasing your mortgage to incorporate another debt but offering a mortgage that you can overpay. If you pay off per your original debt schedule the whole life cost of the incorporated debt is less. This is good advice, but ONLY if you overpay in line with your original other debt. But I cynically think the commission also drives this point as this increased mortgage is then protected through critical illness/PPI etc - so more commission on mortgage value, more commission on critical illness / life etc....and if you dont overpay you end up facing higher total mortgage life costs

I know you are asking for advice, but remember to be a little cynical and challenge some of their sales talk.