Carrington Carr Home Finance in administration

stitcherooni

Carrington Carr Home Finance were placed into administration last week due to continuing deterioration in the re-mortgage market coupled with alleged mis-selling of PPI

tried to post a link to the news article but not allowed so google, "carrington carr home finance administration insolvency news"

magpiecottage

This actually makes little difference to consumers. Prior to 2 November 2004, it was not regulated at all. This means FOS has no jurisdiction over earlier sales and the only option was to go to court.

From that date on, it became an Appointed Representative of Legal & General, who had to deal with complaints about its activities anyway.

[Deleted User]

magpiecottage wrote: »

This actually makes little difference to consumers.

Indeed;

"Employee redundancies or any problems for customers who have purchased products through the company are not expected, joint administrator Chris Farrington confirmed."

http://www.insidermedia.com/insider/midlands/67960-carrington-carr-home-finance-enters-administration/index.html

ado

Consumers probably won't be effected but if no one buys the business then employees will lose their jobs. Is there much of a market at the moment for a broker which charges massive fees and arranges loads of expensive life insurance policies when house prices are still falling albeit slowly and when interest rates are still at historic low levels. A lot of the mortgages they arranged were for debt consolidation which really relied upon increasing house prices and having lots of equity along with high LTV in order to make the model work. Carrington Carr and its predecessor AWD Home Finance also used to make a lot of money from single premium PPI policies so if many of these are being cancelled and refunded the company will be losing a lot of money. It also cuts off a big revenue stream for future sales as well.

If i worked there now I would be very worried about my job prospects.

Starvinmartin

Couple of questions:
1. I was wondering if my "Lifetime Service" from Carrington Carr, for which I paid £3,541 eighteen months ago when I remortgaged through them, constitutes mis-selling: less than 3 months after my mortgage completed, I received a letter from them stating that my advisor was no longer working for them, and nothing since, until last week, when I received a letter telling me about all the wonderful services they could offer, 6 days before the administration announcement.
My wife also received a phone call around the same time asking if she'd be happy to continue receiving information from them. Of course she said "yes", since that was what we had paid them for. Again, no mention of impending administration.
2. If it's not mis-selling, then if I paid for a "lifetime" service, and they're now not providing that, am I entitled to compensation anyway?

marsupial_2

So,

4 years ago "Heidi" from AWD organised our lifetime service from Carrington Carr - annoyingly she advised us incredibly poorly convincing us that it was better for our credit rating to roll about £12K of Loan onto the mortgage for an overall reduced payment monthly, convincing us that it'd work out cheap with projections etc... when it will actually cost us about £20K more in the long term. I was also told directly that I would not be able to obtain the product on my own, and also that other brokers would not be able to obtain it due to Carrington Carr's relationship with the brokers (which I now realise was a pile of steaming.....)

I remember choosing Carrington Carr as the lesser of two evils, with some other idiot trying to convince me to sign with him inside of 2 weeks otherwise the deal would expire, and when I pointed out to him he'd provided me with a mortgage offer valid for 2 months,

This cost us about £2K

This service was to include consultation initiated by them at the end of our financial period (2 years mortgage etc...) where they would automatically start looking for a new deal.

In the meantime, 3 weeks AFTER we'd signed with Carrington Carr our old bank Alliance and Leicester contacted us to offer us the same rate we'd previously been offered - Carrington Carr had told us that Alliance and leicester were unable to do so, and that they'd checked with them first of all as they were our previous mortgage company - obviously this was NOT the case, Heidi did however let us know that they would NOT have been able to offer the product that we'd accepted... annoyingly this was not the product we'd initially asked for, but the product that she miss-sold us and convinced us to have all these extra features with...

At the end of year 2 we had to chase them up as apparently we had been overlooked by their system and it hadn't flagged us up (initial fears of "take the money and then forget them unless we're pitching" were remembered quite vividly) and Heidi was no longer working there (i'd already expected that by now) and so we dealt with a guy called "Henk".

Henk managed to find a new deal for us. It was basically the same deal that we'd had before, with the same company - because due to changes in the market the house prices would have fallen, but Accord mortgages were willing to go with the previous value of the house and just roll on through as we were loyal customers... again, this sounded like we'd been trapped to the one company, a company CC had said were one of the best (but we'd never heard of previously) and whom they did a lot of business with (I bet they did!).... and it appeared that perhaps they'd only did a cursory glance, not really cared, just arranged the same deal... at the time I had been considering petitioning for my £2K back (like that would of worked?!?!)

During the past 2 years all I have heard from CC is when they tried to pitch me their PPI recovery thing... annoyingly, their guy came out to speak with me about it... and at the end of the meeting (which took an hour) he tried to extort £200 from me as their upfront (returnable) fee.... (huh????) that nobody else charges anywhere in the industry that I could see... I beat him to the punch on this one, because I told the guy that it looked like he was wanted to walk away with money, and I wasnt informed of this, and wasn't in a position to do this... he tried to convince me ways I could get the money, like using my credit card (encouraging debt) and really just !!!!ed me off, before blaming the cold calling guys who were meant to let me know that this was how it worked (as if that's the truth at all.... one hand blames the other etc...).... after this I was bombarded by a guy called Kyle calling me up... I told him i'd call him back a week later, on the friday when I was free, so he called me back on the monday, in case I had been trying to call him and hadn't got through.... he kept calling me every day.... up to 5 times in a 2 hour period.... stressing how urgent it was (for him not me obviously) and in the end I was just hanging up the phone on him, before resorting to just answering the phone and without letting him speak shouting "you're taking the !!!! now, stop calling me, never call me again"... IT REALLY GOT THAT BAD!!!.... he stopped calling.

OK, so fast forward to this year, and i'm sat here waiting for them to contact me about my mortgage, this year i'm letting it get past the date that they need to contact me, so that i can ask for my £2K back with proven grounds... this time has now passed.... they haven't been in touch - the same mortgage company has (Accord) whom this time value my house much lower, and i'll be placed in negative equity (nice).... I'm thinking to see what can happen with CC and now I read that they are in Administration?

So my lifetime service = miss-selling me, lying to me, convincing me to take a package that wasn't what I initially wanted, then justifying why the company whom I was with, who wouldn't be able to offer me the pacakage i'd wanted... eventually offered it to me... as having offered me a package different to the one they'd sold me.... who then I had to chase, to get them to honour their lifetime service... (and yes, i'd enquired with them about the possibility of them not being there for the lifetime, and was told they'd been running 25years etc...) and now, they've not honoured it again, and I can't chase them... and they've gone into admin with my cash?

Anyone know ANYTHING I can do?

I like the quote:

"Employee redundancies or any problems for customers who have purchased products through the company are not expected, joint administrator Chris Farrington confirmed.
"

Can I get money back from a company in administration, or would I just be a tiny flea getting nothing as the vultures circle over the corpse of a hyena? I'm certainly getting no service!

allybob_2

Hi Glad to see I am not the only one in this situation, My Wife was contacted today by Legal and General regards Carrington Carr. They refused intially to speak to me as all the Carrington Carr documents had been put in her name although all the policies were in my name. "Lifetime finacial advice with special rates for their customers.. " If this is not mis selling I dont know what is. They never contacted me again once I had paid them the £2300. So much for the remortage advice on yearly basis..

magpiecottage

Complaints about Carrington Carr should be addressed to Legal & General if it relates to something they did from 14 January 2005 onwards.

big-spender-not

Hello magpiecottage, would you be able to tell me who I could possibly contact if it was prior to 14th Jan 2005.

Kind regards.

ado

Looks like a resurrection has happened for some of the directors and staff. What's the betting that many of the old practices will carry on as a part of this new entity? They are based at CC's address in Leicester as well.

http://www.mortgageintroducer.com/mortgages/243003/5/Industry_in_depth/EXCLUSIVE:_Carrington_Carr_directors_open_new_firm.htm

They aren't the only two involved as Dave Fuher (owner and director at CC) is now also listed as a director.

http://www.companiesintheuk.co.uk/ltd/platinum-life-solutions

magpiecottage

big-spender-not wrote: »

Hello magpiecottage, would you be able to tell me who I could possibly contact if it was prior to 14th Jan 2005.

Kind regards.

Sorry - didn't spot this.

Anything to do with mortgages (including MPPI) from 2/11/04 go to Legal & General.

Prior to that you are sunk, I'm afraid.