Mis-sold Second Mortgage

spudafett

To be honest, as it's all secured debt now, no one is going to be able to help, are they?

Thrugelmir

Is there much equity in the property if you were to sell?

spudafett

With the 2 mortgages on I would come away with little to nothing as it stands.

Going to have to take this one on the chin. Build credit file back up, wait for wife to finish Uni and find a job, save as much as we can, sell up in some years, have some equity at this point and a deposit saved and NEVER do 2nd mortgages again.

amnblog

I blame Carol Vorderman

spudafett

I don't suppose there's anyway I could sue her...:)

amnblog

She is more likely to be able to pay than Compass Finance.

spudafett

You're not wrong there :rotfl:

ViolaLass

spudafett wrote: »

I was trying to find the best way to deal with my mounting unsecured debt, the second mortgage was their advice, probably helped by the nice commission they received from FirstPlus for sending them the deal.

Again, were they advising you on what to do with your debts or on how to get a second mortgage? If they weren't debt advisors then you really can't complain about them suggesting a second mortgage as you should have done your research elsewhere first.

SIMOED

dunstonh wrote: »

For PPI, the courts ruled that the lender is responsible for PPI when the commission is of a high amount and the commission was not disclosed. So, the liability for PPI has gone back to them for PPI. (Plevin case)

PPI is regulated. Second charge lending was not (and no, it wont be retrospective)

To be honest, your list of complaint reasons reads a bit like a dodgy internet template letter including a number of irrelevant points. One doesnt even have anything to do with borrowing. The others are first charge lending requirements or not applicable to second charge borrowing. You may not be happy with it but back then it was a case of you getting what you asked for. Typically, you only used First Plus in the first place if you couldnt borrow money from your own 1st charge lender. They were a sub prime lender.

You need to call it a day and stop wasting time on this as you are out of options. Put it down to experience and move on with your life. See if you can get anything from your current lender if you move it to them.

Quote;"Second charge lending was not (and no, it wont be retrospective)"

The CCA 1974 140 Unfair relationships is, retrospective on "unregulated" loans & will remain so even after the new directive.

SIMOED

spudafett wrote: »

Hello,

I'm very new here, this is my first post, and hope it's in the correct place.
I'll try to keep it brief.

I have recently tried to claim against FirstPlus for the mis-selling of a second mortgage I took out with them in Oct. 2005. I went through the Financial Ombudsman, who were very good, but it turns out they can't find anything wrong with what FirstPlus did. However, it transpires they used a broker lead in the selling of the loan a Compass Finance LTD.
From the nature of my complaint it appears I would have to make my comlpaint against Compass Finance LTD. Unfortunately, they have ceased trading. Not to worry, I thought, I'll contact the FSCS as I had checked and they were register after the scheme came into existence, etc.
What I didn't realise was the FSCS do not deal with second mortgages.
I am now stuck with a second mortgage that I believe I have a good case was mis-sold to me but no one who can actually look at my case that I know of.
Would any of you good people know of any other avenue I could pursue?

Cheers, Spudafett.

Perhaps you need to consider what is wrong now & not so much what was or has been.

http://www.legalbeagles.info/forums/showthread.php?64054-Firstplus-Requirements-%96-OFT-FOI-Release&highlight=firstplus+disclosure