Friend signed mortgage 16 years ago - broker been taking cut every month since - help

chrisjoanne

Hi
My wifes friend has told her she got a telephone call from a company she gave her details to that she is due around £7,000 from a miss-selling mortgage around 16 years ago.
She is due to receive the money because the broker didn't give them the whole of market choice and also took a percentage every month (I assume from what she has said that its been ongoing - about £30 per month).
This company wants £1500 just to look into it a bit more + 25%!

I've completed many PPI for family and friends - all cash back too. I would like to help her but don't know where to start. Is there a thread on this? It's not PPI. Is there a name for what this is called (taking a percentage of mortgage payments every month)
Cheers for any help.
Chris

-taff

chrisjoanne wrote: »

Is there a name for what this is called (taking a percentage of mortgage payments every month)

There is indeed a name for this. It's called a complete and utter lie.

They are lying and trying to entice your friend to give them money for nothing. They offer you a large sum of money and then tell you you have to pay a small sum of money. The large sum of money doesn't exist, nor does the hiddden PPI payments.

It's just to get some money out fo yuor friend up front.

wildwestfan

We used to get a mortgage statement every year, detailing all payments made, interest charged etc. Does their statement show £30 a month payment to Mr. X or does all the cash paid go into their mortgage account?

Sounds like a scam to me.

chrisjoanne

wildwestfan wrote: »

We used to get a mortgage statement every year, detailing all payments made, interest charged etc. Does their statement show £30 a month payment to Mr. X or does all the cash paid go into their mortgage account?

Sounds like a scam to me.

Hi - yeah, she said they have kept all bank statements going back years and there are two monthly payments - one for the mortgage and one to the mortgage broker company.
Cheers.

-taff

is it the mortgage broker company or is it the life insurance/critical illness? etc?

chrisjoanne

-taff wrote: »

is it the mortgage broker company or is it the life insurance/critical illness? etc?

As far as I'm aware, her bank statement only lists the broker company name - I'm certain it's not for critical illness or the like.
I'll make contact today and ask her exactly what it does say.
Thanks.

dunstonh

My wifes friend has told her she got a telephone call from a company she gave her details to that she is due around £7,000 from a miss-selling mortgage around 16 years ago.

This is a well known and common scam phone call.

She is due to receive the money because the broker didn't give them the whole of market choice and also took a percentage every month (I assume from what she has said that its been ongoing - about £30 per month).

Unless she employed an independent or whole of market broker then she would not have got whole of market choice. If she did employ one then she did get it. There is no monthly payment of £30 (or any other). That is just a lie. Lenders dont pay commission that way. Her details are not in the public domain (other than lender name). So, any cold caller would not have access to her details.

This is completely bogus. It is designed to play to the greed of the person being scammed. If you think you are getting £7000 back then you wont mind paying the smaller advance fee.

This company wants £1500 just to look into it a bit more + 25%!

And there is the advance fee that completes advance fee fraud.

I would like to help her but don't know where to start. Is there a thread on this?

Its a fraud. A scam. There is nothing to help your friend with. Other than to tell her not to fall for it.

Is there a name for what this is called (taking a percentage of mortgage payments every month)

No. It doesnt exist. No londer pays money that way. Its a lie.

As far as I'm aware, her bank statement only lists the broker company name - I'm certain it's not for critical illness or the like.

Is this on her mortgage statement or her bank statement? If its on her bank statement and has the broker name then it could be that she is paying the advisory company a retainer. It tends to be used by IFAs and accountants rather than mortgage brokers (unless either of those has mortgage brokers as part of their business). Typically retainers are paid to firms who will cover all work on most transactions without incurring any other explicit charges and typically on a non-commission basis.

chrisjoanne

dunstonh wrote: »

This is a well known and common scam phone call.



Unless she employed an independent or whole of market broker then she would not have got whole of market choice. If she did employ one then she did get it. There is no monthly fee of £30 (or any other). That is just a lie. Her details are not in the public domain (other than lender name). So, any cold caller would not have access to her details.

This is completely bogus. It is designed to play to the greed of the person being scammed. If you think you are getting £7000 back then you wont mind paying the smaller advance fee.



And there is the advance fee that completes advance fee fraud.



Its a fraud. A scam. There is nothing to help your friend with. Other than to tell her not to fall for it.



No. It doesnt exist. No londer pays money that way. Its a lie.



Is this on her mortgage statement or her bank statement? If its on her bank statement and has the broker name then it could be that she is paying the advisory company a retainer. It tends to be used by IFAs and accountants rather than mortgage brokers (unless either of those has mortgage brokers as part of their business). Typically retainers are paid to firms who will cover all work on most transactions without incurring any other explicit charges and typically on a non-commission basis.

MUCH appreciated for your post - I'll ask about the retainer and see what she come back with. Cheers again.

magpiecottage

16 years ago also predates even the Mortgage Code.

Therefore, there is nobody to complain to.

However, the recipient of the call should report it to consumer@claimsregulation.gov.uk and, ideally, to ActionFraud as well.

chrisjoanne

magpiecottage wrote: »

16 years ago also predates even the Mortgage Code.

Therefore, there is nobody to complain to.

However, the recipient of the call should report it to consumer@claimsregulation.gov.uk and, ideally, to ActionFraud as well.

Cheers for the info.