Cartel?

mdg370

Hi I am a new member and are not sure if this is the correct section to post this subject to,but here goes.
I see from the latest news that cartel is in trouble,I used a company called cartel which use to handle remortgages and they charged me an excessive fee for the remortgage work carried out on my behalf.
This company went into liquidation of which i registered a claim to try and recover my costs. This is still ongoing.
Can anyone tell me if this is the same company?

Leon_W

Probably, yes.

Have a look here http://www.moneysavingexpert.com/news/loans/2010/03/cartel-faces-investigation?utm_source=mainsite&utm_medium=sidebar&utm_campaign=box


To be honest I don't know why it has taken so long. Many intelligent posters on this site (I will modestly include myself) have been warning against this company since 2008. Stable door/horse bolted/fees paid - gone !

VIGILANT22

It is not the same company as such as Cartel Marketing (mortgages) went into adminstration...HOWEVER...The same man was at the helm then as is Cartel Client Review (Carl Wright)
Yes, they did charge high fees, however if it was stated in the KFI as I am sure they would do...this was a broker fee and I doubt very much if you have any chance of reclaiming this..as unfair as it may seem....
As you can see from the press, they haven't changed!!

mdg370

Thanks for the advice.
I am listed as a creditor so may get some money back, I will wait and see.
Mark.

Leon_W

The wheels are really starting to fall off Cartel.

The solicitors they use were shut down for suspected dishonesty, millions in fees missing etc...

http://www.dailymail.co.uk/money/article-1257397/Fears-missing-MILLIONS-fees-Cartel-Client-Review.html

dunstonh

Probably see Carl Wright start up a new firm to get money back from those that used claims companies

Dan_1976

Oh please not another Cartel thread, didn't we get private emails telling us off last time?

payless

yep it appears that those who were warning against dealing this firm in its early stages were told off .... unfortunatley the site touts "consumer revenge" ... not "consumer protection"

happybroker

Cartel Marketing were plying their trade in the mortgage market before regulation and KFI's unfortunately. They pushed the "mortgage cost reduction" scam for quite some time.

They would offer to reduce the overall cost of your mortgage in exchange for 10% of the potential saving as a fee....consider this, switching a 25 year interest only mortgage of £100,000 to repayment would save c.£45k!!!! So, pay them £4,500 or ring the lender yourself and pay an admin fee instead

About time they came unstuck in my humble opinion.

The information I post here is from a presentation made by their recruiters in Leeds in 2004 that I was duped into attending by a Manchester based recruitment consultant and couldn't wait to get out of!

Dan_1976

payless wrote: »

yep it appears that those who were warning against dealing this firm in its early stages were told off .... unfortunatley the site touts "consumer revenge" ... not "consumer protection"

I remember an email stating that they may be taking legal action against MSE etc etc. I can remember it well as I was in Bath on a long weekend with the Mrs and was a sad'o with my lappy!

payless

I wasn't involved in that round, having already earlier posted my views and it was getting repetative ,... ( although yes I agree with your wife....... been there, done that ...... not wife!! I mean feeling then need to log on compulsively )
think anyone with a daily post count over say 10 ( outside of the general discussion boards) needs to look at their lives . ( sorry to those this covers)


the site should be strong enough that if respected regulars have a comment, they research it and post a balanced view... remember this site makes a lot of dosh - not sure how much - but even the charity has a bit of a war chest that would be well used in consumer protection for this type of matter.

http://www.charity-commission.gov.uk/ShowCharity/RegisterOfCharities/CharityWithoutPartB.aspx?RegisteredCharityNumber=1121320&SubsidiaryNumber=0