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Letter for Unfair Relationship claim???
miss-piggin
Posts: 537 Forumite
Hi I received a letter saying I can claim compensation for secret commission paid to my broker or lender, is it a scam? Or can I claim? Also if it is true westill owe them so can we still claim? Thanks
miss-piggin :j Mum of 2 wonderful girls and a gorgeous little man.DFW Halifax£2330 Tesco£2576 Virgin£3238 Little£5468 Asda£242 Barc£240 Catalogue£1600 Halifax1£2k Halifax2£250 [STRIKE]Capital£100 Picture£53k GE Mo £30k. Mortgage1 £135k. TOTAL £236044.
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There are no secret commissions...none im aware of anyway. They are also disclosed in section 12 (I think) on the offer.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Have you ever had a second charge loan/secured loan from a finance house?miss-piggin wrote: »Hi I received a letter saying I can claim compensation for secret commission paid to my broker or lender, is it a scam? Or can I claim? Also if it is true westill owe them so can we still claim? Thanks
If not, the answer is no as these "secret commissions" relate to such loans and not to mortgages.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Mortgages became regulated in October 2004 and commission disclosure was required after that point. it wasnt required before that date and it appears on the docs from that date. So, there is no secret commission with mortgages or brokers.
The only area where "secret commission" can apply is on secured loans (second charge typically like the type you used to see advertised on daytime TV a lot). If you used an independent broker who charged a fee and took a commission and they failed to disclose that commission then they have to refund the commission. If the broker was not independent, it does not apply.
If you went direct to lender then there is no commission as they have all the costs and dont pay anyone else outside of the firm.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Who do I sue to get my 'secret commissions'? Someone must owe me a squillionI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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