Write Off Your Mortgage

tidyonafriday

Has anyone here been successful in getting their mortgage 'written off' due to mis-selling etc..>

I have come across a new company who operate on a 'no win-no fee' basis and was wondering what everyone thought about this.

I know there were a lot of problems with writing off credit card debt, what with having to pay a large fee up-front but these guys say it will take between 6-18 months and will only take their fee from any monies I can claim back.

I would appreciate any comments and please feel free to be completely honest - I won't get upset!!

somethingcorporate

Never going to happen.

What's the basis for misselling?

suburbanwifey

tidyonafriday wrote: »

Has anyone here been successful in getting their mortgage 'written off' due to mis-selling etc..>

I have come across a new company who operate on a 'no win-no fee' basis and was wondering what everyone thought about this.

I know there were a lot of problems with writing off credit card debt, what with having to pay a large fee up-front but these guys say it will take between 6-18 months and will only take their fee from any monies I can claim back.

I would appreciate any comments and please feel free to be completely honest - I won't get upset!!

Another company which has been formed with the main objective of ripping off the clients it draws in.

This is just not going to happen, regardless of what line they spin you.

Going down this road with them will destroy your relationship with your lender and could have lasting consequences that you just don't think about right now.

I would strongly advise you to leave this course of action, pay your mortgage, retain your relationship with your lender, continue to maintain your good credit rating (assuming here that you have a good one!) and pay your mortgage and protect the roof over you and your families head (if you have a family)

Really bad idea!

somethingcorporate

suburbanwifey wrote: »

Another company which has been formed with the main objective of ripping off the clients it draws in.

This is just not going to happen, regardless of what line they spin you.

Going down this road with them will destroy your relationship with your lender and could have lasting consequences that you just don't think about right now.

I would strongly advise you to leave this course of action, pay your mortgage, retain your relationship with your lender, continue to maintain your good credit rating (assuming here that you have a good one!) and pay your mortgage and protect the roof over you and your families head (if you have a family)

Really bad idea!

Spot on! :money:

dunstonh

Has anyone here been successful in getting their mortgage 'written off' due to mis-selling etc..>

No. There has not been a single successful court case. There have been quite a few attempts but each has failed with the courts going with the lenders. The test cases and the clarifications from the OFT killed it off.

I have come across a new company who operate on a 'no win-no fee' basis and was wondering what everyone thought about this.

Most claims companies looking at the unenforceable debts have either closed down or have been shut down. The only ones left are the dodgy ones. It typically starts as little or no fee upfront to get to the first stage. They then come back after "checking" your paperwork to say you do have a case (they dont check, they lie). However, they now need £x to proceed. You pay up and thats effectively the last you hear from them.

I know there were a lot of problems with writing off credit card debt, what with having to pay a large fee up-front but these guys say it will take between 6-18 months and will only take their fee from any monies I can claim back.

1 - its never been about writing debt off. Its about making it unenforceable. Big difference. You would destroy your ability to get credit again. Including mortgages, credit cards, mobile phones, monthly car insurance etc.
2 - no-one has succeeded in court so how can they put a timescale on it? (cases are published so we know).
3 - if you check the contract closer you will be hit for fees at some point.

There are only scam claim companies left trying to get people to sign up for this sort of thing.

http://www.oft.gov.uk/news-and-updates/press/today?prid=749388

GMS

The debt cannot be written off as dunstn has said. The aim would be to make the debt unenforceable which means a legal charge would be removed.

As the debt would still stand, but as unsecured there are other dangers.

Unsecured rates are higher than secured. Charging orders etc could be obtained to protect the interests of lenders and bankruptcy is a real option for unsecured creditors.

I have seen a legal charge be deemed unenforceable for a second charge loan. The judge clearly stated to the borrower that they needed to make plans to repay the sum borrowed as they had used the borrowed funds in the full knowledge of it being a repayable debt. This particular case was unenforceable due to an error with paperwork, which was a one off error.

At some point people need to address their debt problems and make plans to repay rather than constantly looking for ways out of contracts. Borrowed funds have been used therefore need to be repaid.

As has been said the majority of these companies have been closed down and rightly so. Ambulance chasers is too good a term for them.

dimbo61

As an ambulance driver I sometimes have ambulance chasers follow me but I hope there days are numbered ( cuts in legal aid!)