reclaiming misselling of interest only mortgages

terence881

I heard on local (S Yorks.) radio today that a company is advertising for people to contact tthem to pursue a claim against..? for misselling interest only mortgages.!
Anybody els e know anything about this.?:eek:

dunstonh

What are they going to reclaim seeing as they have been paying less each month?

Opportunistic company trying it on. Probably want up front fees or will bring a fee in mid way through process as that is what most of the scam companies that have tried this before did.

holly_hobby

There's just no end to it is there ...

Thrugelmir

holly_hobby wrote: »

There's just no end to it is there ...

As long as there's gullible people in this world, there will also be sharks.

CBR600F_2

Let me guess. You took out an interest only mortgage. You bought a home. You paid your repayments. You got on with your life. You were content.

One day, you were listening to the radio, and hear an item, or an advert or whatever, about a company pursuing claims against mortgage companies that have awarded people interest only mortgages. 'Hey, I've got an interest only mortgage!' you thought. 'That's me! If there's a company dedicated to this sort of thing, then I must've been wronged somehow. I must be entitled to monies!' And your head started swimming with all the groovy things you could buy with the money you would get from the company that you entered into a legal contract with.

Never mind that said company abided by its obligations under your legal contract. Never mind that you benefited from the contract. Here's a chance to do someone out of some money.

Thrugelmir

CBR600F wrote: »

Let me guess. You took out an interest only mortgage. You bought a home. You paid your repayments. You got on with your life. You were content.

Then house prices stagnated. Even slipped backwards.

That dream of selling and downsizing on the gained equity was no longer a reality. An interest only mortgage was no better than renting. The dream became a nightmare as retirement approached.

Senior_Paper_Monitor

I can just about raise the strength to copy and paste a previous/recent post of mine on this theme ....

This nonsense is never ending.

Interestingly I got this email earlier in the week ..



With dozens of companies jumping on the bandwaggon of claims for missold mortgages, insurances and anything else they can thing of - it is important that you understand their techniques.


With paid google adword placements (known as 'pay per click' because the advertising company pays every time someone 'clicks through' to their websites) linking to sites who ask questions like ...

Have you had a mortgage in the last 10 years ?

Did you use a mortage broker ?

and then state ...

Good news !! You can claim between £5,000 and £50,000 (or similar)

... and then encourage the viewer to place a vexatious claim via them against the, almost certainly innocent, mortgage broker concerned.

• The broker will then waste several hours of their time responding to the resulting data protection demand
• The broker will then loose hours of sleep worrying

Such claims will almost certainly be rejected by the broker (DA), the broker's network (AR) or whoever holds the responsibility to do so.


The claims company will then ignore that finding and take the case through the FOS procedure and ...

• The broker will lose many more hours sleep
• The broker will have to cough up the £500 FOS fee

.... and then, in the majority of cases, the whole thing will be rejected and the claims company will head off to process the next vexatious claim (leaving the mortgage broker £500 short, behind on work, dog tired and a nervous wreck).

It is therefore important that you understand their techniques .........



Now the secret to understanding is research and I suggest you personally invest 15 minutes a day for the next couple of weeks as follows ....

1) Spend ten minutes throwing any mortgage type searches into Google and look at which companies have paid goodle adword placements trawling for clients to make such vexatious claims - then click on their
paid google adword placements so that you can see how their sites operate and what it offers - you can then be prepared to run your business better (it will only take about a minute per site to research the necessary details)

2) Spend the remaining five minutes forwarding this message to other mortgage brokers and finance professionals so they can do their research and improve their businesses as well (its always nice to help others).


Yes, this is a good old fashioned chain letter - and by my calculation if just 20% of the mortgage broker recipients action this they will generate 327,501 research visits to claims company sites over the next two weeks and be much better researched as a result (perhaps they could claim for it on CPD as well) - and I will have single handedly (with a little help from you) educated all the registered brokers, advisers, their paraplanners, administrators and secretaries appropriately.

Research is King !!



Incidentally the 'claims industry' would be pleased to sponsor this vital reseach and training programme to an estimated level in excess £250,000 over the two weeks - what nice people !!



.... I am currently arguing with the boss as to whether its permissable, but I want to do it !

zenmaster

Thrugelmir wrote: »

Then house prices stagnated. Even slipped backwards.

That dream of selling and downsizing on the gained equity was no longer a reality. An interest only mortgage was no better than renting. The dream became a nightmare as retirement approached.

No nightmares here.

My sale will split roughly as follows -

50% - cash purchase of new place
25% - repayment of capital
20% - retirement pot
5% - fees

Not bad for £200 month really.

Thrugelmir

zenmaster wrote: »

No nightmares here.

My sale will split roughly as follows -

50% - cash purchase of new place
25% - repayment of capital
20% - retirement pot
5% - fees

Not bad for £200 month really.

Timing is all important.

Those that surfed the wave have been lucky. Nothing more. As no one could have foreseen the boom years.