Missold mortgage compensation

marvin

I did a search for my mortgage company (Preferred now managed by Acenden) and came up with a few "ambulance chaser" type solicitors who were claiming that they could get money for missold mortgages.

They were claiming that you could do this if there was an upfront fee (as there was in my case) or being sold sub prime without first trying the prime market (in my case it was a house being bought from the council and I had tried the prime route not many wanted to touch it those that did, did not want to touch me!)

I was just wondering if these things are genuine, normally when you look at things like compensation for misselling MSE comes in fairly near the top with threads but none in the case of searching google for missold mortgages although a fair few we can get you compo links.

Not really thinking of seeking compo as I am actually quite happy with the mortgage at the moment (even if the fees at the start were high) 2.15% above LIBOR is ok (at the moment, although LIBOR has been steadily rising over last 2 years, my interest rate hit a low of 2.79% this time in 2010 back to 3.21% From next month)

Has anyone had any success in this type of thing? Just curios really.

opinions4u

Dead end.

You have a great mortgage rate and the lender enabled you to buy the house.

marvin

opinions4u wrote: »

Dead end.

You have a great mortgage rate and the lender enabled you to buy the house.

As I said just curios if anyone has had success as all of it seems rather spurios to me and just "ambulance chasers" chancing their arm again.

ACG

Charging a fee upfront doesnt mean it was miss sold.
Not getting you the lowest interest rate also doesnt mean it was miss sold.

There are people who have been miss sold and are eligable to claim compensation but it doesnt sound like yours would be one of them.

marvin

ACG wrote: »

Charging a fee upfront doesnt mean it was miss sold.
Not getting you the lowest interest rate also doesnt mean it was miss sold.

There are people who have been miss sold and are eligable to claim compensation but it doesnt sound like yours would be one of them.

Thanks for that advice based on not the full information

I'll say it again not looking at me but interested to know if anyone else has and if they have had success and on what grounds.

I must have not made that clear in my original post.

Dave_Ham

Come on Marvin...

You post that you are curious, after somehow just googling claims against your bank having probably exhausted all PPI and bank charge claims.

I have sympathy in part, but at least be honest and moral.

You have a blooming good rate and was hoping that someone came onto the thread and said that they have got compo for saying that an alien sold them the mortgage illegally or similar

You would be straight on the phone on Monday claiming the little green fella missold you a great goto rate product..

Be honest and be happy that your current rate was not underwritten by Halifax....

I say in jest, but there is sense in there...

Conrad

No one needs a Solicitor, as the mortgage market is regulkated, meaning you can complain to your provider and if you are unsatisfied by thier findings, you then go to the ombudsman for them to judge on any misselling issue.

In terms of Preferred Mortgages, they like other sub prime lenders were often sold to clients inappropriately. What happened is that lazy brokers wanting bigger commisions arranged mortgages witht hese lenders without making the client properly aware they might have been able to get a mortgage with a mainstream lender.

I recall brokers that instead of properly researching the best option, they simply gacve every case to a middleman known as a packager, and the packager only dealt with sub prime lenders as these paid much bigger commisions.

So if you were a customer that could have accessed prime lenders, but ended up with a sub prime lender, you have a case. The broker would have to demonstrate why a sub prime lender was recommended. 'No proof of income' is not imo a good enough reason to recommend such a lender, as many prime lenders offered this sort of thing.

ACG

You did make it clear and so i wrote based on what you have said....meaning im aware there is not enough information otherwise i would have given you a definitive yes or no.

Also if the post wasnt about you...why put information about your mortgage if it has no relevance. However i did take that into account and wrote my post, the last sentence was an after thought which i included incase it was one of those posts which start "my friend has this problem...." and it was really your mortgage you were querying.

Also the information i put, may well help othe people who read this post. It was fairly generic and not aimed specifically with you in mind but others who would claim santa is a bad man if they thought they would get compensation for it (that isnt aimed at you).

marvin

I am being honest I had not heard of this before and wonder if this is just companies flying a kite hoping to draw in the greedy or desperate.

I gave brief details of my situation to explain why my interest was raised by what I had seen but was happy with what I have as I agree it is not a bad deal as things go (provided LIBOR does not get out of hand again! thankfully I was still on fixed deal when it did.) and it is fixed every 3 months.

My Google search was only because I could not remember the name of the mortgage handlers and I wanted to know what the interest rate was set at from March 1 (set 3 months at a time March/June/Sep/Dec) and was intrigued by all the Google adverts associated with Preferred.

I have no intention of doing anything myself (let sleeping dogs lie) and I suppose yes part of my reasoning was there was no thread from MSE on Google so if I start one people tempted will get a thread full of discussion about it from MSE.

Sorry if I come across as a bit sarchy with some responses but all too often general enquiries do tend to end up with unasked for advice in the personal.

If I were to look at the information provided by some of the sites it would seem to fit my experience with the broker at the time (no longer in business the CEO and the finance director mysteriously disappeared over Brazil in a private plane!) but then I did what I did with my eyes open and resisted most of the foolish things they wanted me to do. (Mortgage beyond retirement age, interest only, inflated income etc).

I am genuinely just curios myself and if my curiosity helps other find help all the better.

magpiecottage

ACG wrote: »

Charging a fee upfront doesnt mean it was miss sold.

Except when it is by an ambulance chaser who does not get you any money back!

kingstreet

On the subject of claims handlers, no-one needs one. The industry's procedures are now such that a complainant should be able to present his complaint in such a way it is properly handled initially by the firm which gave the advice, then by the Financial Ombudsman Service.

If you feel you have a complaint, write to the advisory firm setting out what you feel is the problem asking them to investigate the matter and to explain to you the reasons why the advice was good.

If the firm is unable to respond to your satisfaction within the eight week permitted timescale, you have the right to escalate the matter to the Financial Ombudsman Service. Your complaint will then be examined by independent adjudicators who can order the firm to settle with you, or who can reject your complaint if it's unmerited.

If the advisory firm is no longer trading, write to the network of which it was a member, or if it was directly authorised, to the FOS. If your complaint is then successful, your claim will be handled by the Financial Services Compensation Scheme as the advisor will be deemed in "default."

If your complaint is successful, all a claims handler will have done is what I've set out above but they'll relieve you of a large slice of the redress you receive.

Drat! I've just noticed mpc is here. He can edit what I've said if anything is a bit "loose."