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Unfair Credit Direct
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longster
Posts: 6 Forumite

Does anyone know anything about a company in Keighley called Unfair Credit Direct. They think that I have a good case for compensation for a Mortgage I took out in August 2003 until September 2005.
Thanks in Advance
Thanks in Advance
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Does anyone know anything about a company in Keighley called Unfair Credit Direct. They think that I have a good case for compensation for a Mortgage I took out in August 2003 until September 2005.
Thanks in Advance
Seeing as no-one has had a mortgage written off, what makes them think that you would be a special case?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 -
If you really do have a compensation case you don't need their help. What grounds do they have for thinking that you have a case for compensation? What do you think was done wrong, if anything?
Compensation in such cases is normally redress, paying enough money to put you in the position you'd be in if you'd received best advice at the time, without requiring a broker to know the future.0 -
They are saying that I could of been mis-sold the mortgage with Igroup and that the broker fee was excessive for the amount my mortgage was for.
It just seems a bit dodgy as they have rang me out of the blue and they charge a fee to procede with the claim, they also say that they do not take on cases unless they are 100% certain they will win.0 -
They are saying that I could of been mis-sold the mortgage with Igroup and that the broker fee was excessive for the amount my mortgage was for.
They are feeding you a story.
There has only been one case that has been found in favour of the consumer and that is where the broker took a fee and commission and didnt disclose the amount of the commission. It went to court who ruled with the broker, then to appeal and took ages and eventually ruled against the broker who should pay the commission back but keep the fee. It was a hundred or so pound and hardly worth the effort.
However, that was for a secured loan and not a mortgage. Mortgage commission disclosure has been common for many years whereas secured loan commission disclosure hasnt.
Also, the broker may have taken what they class as an excessive fee. However, that doesnt matter. The FSA or the law does not state what fees are acceptable or excessive. They have to be disclosed and they would have been.
Most claims companies havent bothered attacking this option as the chances of success are slim and the amount payable is likely to be tiny in most cases. i.e. the typical mortgage commission is 0.4% of the amount of the mortgage. By the time you pay the fees and the cut to the claims company there is little or nothing left and that assumes you win.they also say that they do not take on cases unless they are 100% certain they will win.
Standard sales patter from the worst claims companies. You can tell it's BS because how can they be sure they will win if they havent seen any of the documentation you have. All it takes is the broker to provide a document that shows the commission was disclosed and they lose.
Are they asking you to pay a fee up front for this? That is where the real money is to the claims company. Just look at the recent Cartel claims case where they took £495 up front from everyone, spent most of the money and are now closed down and most, if not all are not going to get a penny back. The directors took £800k out of the company before that though.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 -
You should never pay upfront for services such as these. That is the advice that Martin Lewis has given in reference to debt management companies.
I've been scammed by a company called Buy Bye Credit who offer the same services as Unfair Credit Direct. Coincidentally, [TEXT DELETED] who was the 'introducer' now works on behalf Unfair Credit Direct. I've been advised that Buy Bye Credit have just ceased trading & their new company name is Unfair Credit Direct!!
On that basis I would say don't touch them with a barge pole! They get your fee upfront then you never hear from them again. They're all con-artists!
There is a a forum on this website all about Buy Bye Credit which you may find interesting. They are currently being investigated by the Ministry of Justice & Trading Standards.
Any company that has [TEXT DELETED] or a member of the [TEXT DELETED] family working for them should be avoided at all costs.
I cannot add a link to this message but if you type Buy Bye Credit into Google you will get access to the forum.0 -
Unfair Credit Direct passionately believes that irresponsible lenders should pay for the mis-selling of financial products and consumers should legally challenge them.
We have researched the mortgage redress claims and studied case law. With this in mind we only accept claims that we are confident we can win.
We instruct a legal team to gather the appropriate evidence quickly and if necessary force disclosure through the Courts. Our legal representatives issue a section 7 access requests giving the creditor 40 days by law to return the requested paperwork, thus quickening the process substantially.
As for difficulty in proving a mis sold Mortgage there are well established legal principles which provide a remedy in the event that a cause of action is available, not least breach of fiduciary duty, secret commissions, fraud and in the event that it is post 2004 suitability of advice as required by the MCOB rules.
Should we accept a case we would agree a charge for our claims service but believe we are the only claims management company in the country whom agree a fee payment program with the client over a 6 month period, making it totally affordable to the client.
In addition it is written within our terms and conditions that should the claim be unsuccessful, for any reason, that we refund the client the total amount of money they have paid.0 -
If you are so confident, why do you want money up front?
How many succesful cases have you had that you can prove?0 -
We require payment, which we must stress is on payment terms not upfront, for 2 simple reasons:
- We as a business do not have the financial resources to fund all potential clients through the process until payment. There are costs attached to every claim including case administration and the instruction of solicitors and barristers
- We have found that clients who make an investment in the process are many times more likely to stay onboard if and when lenders make offers or threats
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Unfair_Credit_Direct wrote: »We require payment, which we must stress is on payment terms not upfront, for 2 simple reasons:
- We as a business do not have the financial resources to fund all potential clients through the process until payment. There are costs attached to every claim including case administration and the instruction of solicitors and barristers
- We have found that clients who make an investment in the process are many times more likely to stay onboard if and when lenders make offers or threats
So what you are saying is that your company does not have the capital or financing in hand to run its day to day operations without taking up front payments from customers. Is this not a case of your clients being expected to put their money where your mouth is?
Can you post any proven, documented successes on this thread?
As you will know, many companies in your line of business have gone into administration owing refunds to clients. Are all pre paid amounts held in a third party holding account or are they used to pay day to day expenses including directors remunerations?0 -
We as a business do not have the financial resources to fund all potential clients through the process until payment.
Its not a very good business model if your income is relying on capital advances which are going to be mostly repaid due to lack of success. Lets assume you are holding the money in a client account (which you probably are not), how are you funding your day to day expenses?Unfair Credit Direct have processed hundreds of successful claims and are proud of the success we bring our clients. In a time when our particular industry is under the microscope the fact that we continue to exceed our client expectations is testament to our professionalism and success.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
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