mis sold sub prime mortgage

MonkeyMad

I suspect he was right

LAMMESH703

No, just a re-mortgage on our home. How do you know if you are mis-sold at the time? You depend on them being an advisor knowing the right answers.

chilli_red

You can only try and see if it was mis-sold but try and do it yourself rather than through a Company thats going to charge you a fortune x

GMS

When you said a second mortgage did you have an additional property or did you get a second charge loan on your house?

LAMMESH703

This is the only house we have, just we were with the halifax, they would not let us re-mortgage, would not give us any advice what to do. So we went to an independent mortgage advisor who arranged a second mortgage on our home, I would not know where to start to make a claim, as I would not know what I would be claiming for. I would not normally bother with this as never bothered with credit cards, PPI, etc.. just that I am getting calls all the time about mis-sold sub prime mortgages and just thought I would now inquire.

dunstonh

Well that i'm not sure, just that this company telephoned this evening saying that they can help me claim back money due to it being mis-sold.

I am an IFA. I had a phone call tonight from Infinity refunds telling me they represent the Government in getting people refunds and amounts written off. I played them along a bit without letting them know I was an IFA and they told me all sorts of BS. The broke a number of Ministry of Justice rules. Its a scam. I have had frequent cold calls from claims companies and I think only one has been honest in the call. The rest have lied or misrepresented the facts.

They asked me whether i took out a sub I took out a sub-prime mortgage and was it one of 5 companies that they mentioned, SMPL was one on their list. They then asked was it due to adverse credit? Yes.
To consolidate debts? Yes.
Did I pay over £3000 in commission fees to broker? Yes

They said I had a claim.

That has got to be the daftest filter going. However, it doesnt surprise me. We have come across similar filters that tell you that you have a claim irrespective of the reasons you give.

What the broker was paid was irrelevant. The FSA have set no rules on adviser fees. You have said you couldnt get a prime mortgage so you got a sub prime one. All sounds perfectly correct.

Debt consolidation is one of the most common reasons for mortgages over the credit boom. Quite normal. Quite legal and quite within all the FSA rules. People do it all the time.

Mortgages didnt become regulated until 2004. You say yours was 2002.

poppy10_2

LAMMESH703 wrote: »

Well that i'm not sure, just that this company telephoned this evening saying that they can help me claim back money due to it being mis-sold. They say they are sending out a claim pack.

All of these companies are scammers. They will charge you and up-front fee and then take the money and run.

The_J

_Andy_ wrote: »

Reclaim what and why?
These forums are getting more pathetic by the day

The good thing about this forum is that someone is now not going to get ripped off by these scam merchants. Clearly we have someone here who is not well versed in financial products who has not got an attitude as if they deserve money and are just checking. This should be encouraged.

To be honest, being charged a £3k fee does sound outrageous but I don't think there is much of a claim there given the time it was taken out.

maninthestreet

LAMMESH703 wrote: »

Well that i'm not sure, just that this company telephoned this evening saying that they can help me claim back money due to it being mis-sold. They say they are sending out a claim pack.

What was the name of the company that telephoned you?
Did you give any debit/credit card details to them?

kingstreet

Realistically, if you approach a mortgage broker for a remortgage and tell them you have adverse credit, they will find a mortgage for you from the lenders who specialise in such cases - sub-prime lenders.

If you added short-term unsecured debt to your mortgage, they should have confirmed to you you will pay more interest as a result and securing unsecured debt may not be in your best interests.

If they advised you to take a sub-prime mortgage when you had no adverse credit, you may have a case.

Fancy telling us what happened, otherwise we're just going to go round in circles about the unsolicited calls people get telling them they were mis-sold last night's pizza...