Problem with Mortgage Adviser

MoneySaver2014

Hello All

I was looking for a mortgage adviser to help me find me a mortgage due to my past credit problems. The guy was recommended to me by a work colleague so I thought I could trust him. I was advised to pay £495 up front for his services and thought this was normal practice (I have since discovered this is not the case!) He also said if he was unable to secure me a mortgage he would refund my money. I transferred the money to him electronically so there was proof of payment taking place.

Basically the guy, has led me along, taking a month to answer any queries, since October and has still not secured me a mortgage. I have asked him for my money back as he hasn't delivered me a mortgage. He now refuses to answer his phone, reply to his emails. An I have since realised his address is just a PO Box!!

What I want to know is the best way to get my money back. He trades under the name PJ Commercial Finance and has disclaimers all over his site. The thing which swayed my judgement was the fact he was recommend to me by someone I trusted.

Any advise would be great!

Thanks all

ACG

This seems really dodgy.
His website says he is not regulated but as he is doing residential mortgages he should be.

I think you need to contact trading standards and possibly issue court proceedings? Im not sure if you can take him to the financial ombudsman with him not being regulated.

For the record though, its not uncommon for brokers to charge upfront fees. Personally i dont but a lot of brokers i know (who are reputable in my opinion) do charge them.

DebtFree14_2

This is unfortunately a tragic situation. I have just checked his website and it states

"P J Commercial Finance doesn’t offer regulated mortgage advice, is not a regulated mortgage lender and is unable to assist members of the general public with any information on regulated mortgage contracts"

Unfortunately you can't complain to anyone. Your only option here from what I can see is small claims court and that is only if you can prove you were due a refund. By the look of his site and disclaimers I think he probably didn't even give you an invoice. I know you don't want to hear it but you have been well and truly had. Advise for the future. Make sure your broker is regulated and feedback from one person is not a good statistic.

Sorry to be the bearer of bad news. If your looking for a broker for a certain set of circumstances why not post your situation on here and people will advise what to do and who to go with. Obviously MSE have their own preferred brokers too.

Wh05apk

I am in the same town as this guy, but have never heard of him.


I think that you should complain to trading standards initially, as it sounds like he may have been trading illegally if he was accepting regulated mortgage business without being authorised.

ACG

If your based close by, you could try and arrange an appointment as a prospective new client?

MoneySaver2014

One of the initial emails I received stated: "The application, packaging and valuation fee is £495.00 – which is fully refundable if a mortgage certificate is not forthcoming. But, as we are going to place this with Precise Mortgages, this will not be an issue as long as you have a 10% deposit – which I understand you have."

I rang the FCA and the guy on the phone basically advised my only option was to take him to the small claims court. I am willing to do this, but as his mailing address is a PO Box, could you just ignore this? For reference he's called Patrick Earl. I'm not 100% sure but I think I found him on a director search (ID 915936512) but I may be wrong.

I live miles away. He doesn't answer his email or phone even when I withhold my number.

MoneySaver2014

Amazingly I have received a response from the mortgage adviser. I sent him an email advising he was acting like a con-man and I'd be sure to make his treatment of me available to the wider world...

His response

"Be very careful of accusations such as "con man" etc.
My colleagues & I have spent considerable time & effort in sorting out a mortgage for you.
You were placed with [company name removed], but did not want to proceed with their terms. (Due to their minimum loan amount being more then than I had told him I wanted)
You were also placed with [company name removed], but you did not want to proceed due to time factors, & subsequently we had to withdraw the application. (This was me telling him to give me my money back after I wanted to put an offer on a property and he didn't respond for about 2 weeks, the property being sold in the mean time, and still not receiving a Mortgage in Principal - He then came back to me and advised he'd managed to secure a mortgage but he no longer wanted to proceed as I had left him a message - obviously very annoyed at his level of service and requesting my money back.)

I am awaiting return of the application fee via the broker used to place you with [company name removed] - who is aware of your request.

I have documented all of our correspondence & time spent (wasted) on trying to help.
The Decision In Principle form [company name removed] has been requested from the broker used as evidence that a mortgage was successfully placed to meet your requirements.

I trust that makes my position perfectly clear & will contact you when funds have been returned to me."

Wh05apk

Not sure where you get a PO box address from the address on their web site is:


P J Commercial Finance
9 St Johns Street
Colchester
Essex
CO2 7NN

MoneySaver2014

Tracing the address reveals a company called Mail Boxes etc - Its an alternative to a PO Box

amnblog

PLEASE NOTE EVERYONE

The Broker referred to above is NOT REGULATED by the Financial Conduct Authority.

A borrower using a correctly FCA REGULATED mortgage broker will always have recourse if they are dissatisfied.

ACG

It sounds like the broker is referring it over to another broker and is acting as a middle man. Rather than passing you over directly he is trying to keep himself involved - which is wrong anyway.

Forward that email on to trading standards. It basically confirms he is doing things he should not be doing. Once he has referred you on, he should have nothing more to do with the case what so ever, he certainly shouldnt be taking money from you.