Mortgage express mortage reclaim help

gwdhld

Can anyone please help. I have received a letter from a company named DJM Partnership to say that they want my authority to contact Mortgage Express re Misselling of mortgage. This is a no win no fee letter but i cant help but be a little cynical. I did have a mortgage with this company but it was an independant mortgage advisor who sold me the mortgage. Is this a scam? Is this something I can do myself?


To be honest I think I was missold the product and the advisor profitted from my vulnerability however i can not find any of his information anywhere. I was in alot of debt and was advised by him to take an endowment mortgage but not to pay into a saving fund, he said that instead i should just worry about that at the end of the mortgage. I know this was a stupid thing to do but i was desperate at the time. He also sold me an insurance with BUPA, it asked my weight, when i told him he said that he would put a lower weight on so that they would accept me?????

He told me that i would get a 160k mortgage but then i was only accepted for a 140k mortgage and got a second loan (with Welcome Finance - who are a nightmare) to make the short fall. As a result I am stuck with 2 loans and a poor credit rating which has meant that I am unable to negotiate a deal with anyone else. I am working very hard at paying off all debts and I am starting to see the light at the end of the tunnel. However, I think that i probably would benefit from some advise. I am really embarrassed to admit how stupid I was and I must take responsibility for my own actions, I have learnt a hard lesson and will never make this mistake again.

Any advise would be greatly appreciated.

Thanks again xxx

dunstonh

Is this a scam? Is this something I can do myself?

Most of them are, yes.

Anything can be mis-sold. So, I cannot categorically say yours was. However, these scam companies tend to put in a fraudulent complaint listing all sorts of things that they say happened and do the same for everyone. They hope that the firm cannot prove otherwise and has to pay some redress. Some of the scam claims companies say there is no fee but then come back to you later saying they have evidence but they will need to take a charge from you to proceed further. That is where they make their money.

To be honest I think I was missold the product and the advisor profitted from my vulnerability however i can not find any of his information anywhere. I was in alot of debt and was advised by him to take an endowment mortgage but not to pay into a saving fund, he said that instead i should just worry about that at the end of the mortgage. I know this was a stupid thing to do but i was desperate at the time. He also sold me an insurance with BUPA, it asked my weight, when i told him he said that he would put a lower weight on so that they would accept me?????

There is a bunch of issues in there which could be classed as mis-sales if proven. However, you don't benefit from (maybe a refund of premiums on the life assurance but if its pre 2005, then its pre-regulation). The interest only mortgage meant you were paying less each month than repayment. So, you are not financially worse off than a repayment mortgage as such as you would have been paying more each month. If you couldnt afford it as your credit was bad then going interest only for a period to allow you to get rid of other credit could very well have been the right thing to do.

Mortgage Express have no liability over this issue. So, why the firm would want to contact them is strange. Was this mortgage before 2004 or after (that is when mortgages became regulated)?

If you feel you have issues then nothing stops you making a complaint to the adviser. However, don't think for one minute that they will suddenly wipe your mortgage out. A refund of premiums on the life assurance is a possibility but then so is them turning around and saying you signed it and agreed to what was said and therefore it gets recorded as insurance fraud which you have to declare on all insurance types for the rest of your life. Try getting car insurance at low cost if that happens. So, you need to be wary that any incorrect information doesnt bite you on the backside either.

There were a lot of flyboy mortgage brokers in the credit boom years. Many have been pushed out now. Usually best to avoid those with a short history or based in estate agents.

magpiecottage

Who sold you the mortgage?