Mis-selling of Mortgage Products

Tamaruso

Hi There,

New to the forum on here and wondered whether anyone else has had a similar experience to me. I was cold-called by a firm during the week called CCS. Company seems above board, gave me a website to check out and also directed me to a claims regulator website. This also seemed above board. The company are claiming that i was mis-sold my Northern Rock mortgage 8 years ago and that i am due back fees and an estimated 10% of payments made to date, which at £81/month is a substantial amount. They claim that because myself and my wife used a broker for our mortgage then the advice given was not necessarily impartial and "best advice". Has anyone else had a similar experience and if so what was the outcome of any claim? Apologies if this has been covered elsewhere.

dunstonh

I was cold-called by a firm during the week called CCS.

Know where this is heading - see other threads....

Company seems above board

No they dont.

The company are claiming that i was mis-sold my Northern Rock mortgage 8 years ago and that i am due back fees and an estimated 10% of payments made to date

its all made up. None of your data other than lender name is in the public domain. They have no way of knowing. Plus, their reasons are bogus.

They claim that because myself and my wife used a broker for our mortgage then the advice given was not necessarily impartial and "best advice".

That is a lie. They have no means to judge mortgage broker advice. However, the reasons they are known to give are bogus. They are well known in financial services for putting in fake complaints and charging consumers up front. It is known as advance fee fraud.

Has anyone else had a similar experience and if so what was the outcome of any claim? Apologies if this has been covered elsewhere.

it is covered elsewhere. Avoid like the plague.

Tamaruso

Thanks for your assistance dunstonh, they did ask for an up front fee. i put them off at present but I'll take your advice and avoid. Cheers

dunstonh

Tamaruso wrote: »

Thanks for your assistance dunstonh, they did ask for an up front fee. i put them off at present but I'll take your advice and avoid. Cheers

If you ever watched an episode of Hustle, you would know the scam. Give you some figure to play to your greed, have a semi-plausible reason which is complete B/S or fake and then when you are enticed by that, you pay the up front amount thinking you are getting more later.

Claims companies are very lightly regulated. It is effectively a promise to follow a small number of guidelines. However, there is virtually no funds put towards regulating them and the MOJ has been shutting them down by the hundreds. Many just pop back up again with new names.

magpiecottage

It is basically a variation on the Nigerian e-mail scam.

You pay your money and never get anything back because there never was a claim.

They also called me last week telling me I was missold my mortgage and entitled to thousands. That is interesting because I paid it off in 1996 and, in any case I sold it to myself!

Please report the matter to consumer@claimsregulation.gov.uk making clear that you were cold called and asked for money up front.

roonaldo

Tamaruso wrote: »

they did ask for an up front fees

and thats all they want from you.

sabinestephens

They called me today, I was stupid enough to give them my 16 digit number credit card number, but came to my senses and did not hand over my sort code or security number. Better check my balance in a moment .
They are listed on the MoJ though, how can that be wright?

dunstonh

They are listed on the MoJ though, how can that be wright?

anyone on this site could get listed in M0J website within a couple of weeks. You just agree to behave and follow a loose set of guidelines. That is it.

roonaldo

because they are listed doesnt mean they are a decent company. they are scamming you, how on earth do you know if your mortgage is mis-sold? they dont. they are just chancing it in the remote chance it is.

tell us about your mortgage, we can tell you if it were mis-sold

magpiecottage

I see that Money Boomerang, one such ambulance chaser, has just been hauled up by the ASA over misleading claims about supposedly missold mortgages.

dunstonh

Wow, they blatently lied in their adverts.

http://www.asa.org.uk/Rulings/Adjudications/2013/8/Money-Boomerang-Ltd/SHP_ADJ_229144.aspx


The advert showed.....

A couple were seen opening a cheque, made out to the value of £5,300. On-screen text stated "Settlements can vary from £1,000 to £10,000+ depending on type of claim and how many claims you may have. T&Cs apply".

However ACA found:

The ASA acknowledged the examples of four claims where Money Boomerang had said an expert in mis-sold mortgages had given their opinion that Money Boomerang's clients could pursue claims of damages of up to around £30,000. However, we understood that those cases had not yet been taken up and therefore no decision as to the level of damages to be awarded, if any, had been made

So, they were showing people getting cheques but not one person has been paid out any redress. Disgraceful.