Investment In Litigation Funding ?

Kymberley

Roger Allanson is doing a Webinair at 9.00 am this Saturday 13th July. This should give us investors an opportunity to submit questions and to be updated on the current situation. In order to be invited to join and register for this online meeting you will need to email Allansons. I’ve never participated in a Webinair meeting before, so will be interested to see how this works.

Malthusian

Not sure how much light a guy who was banned from running his practice half a year ago and whose practice has just been shut down by the SRA is going to shed on it.

In this particular endgame the question appears to be how Allansons can claim with a straight face that everything is fine when the clients whose shonky cases were supposedly going to fund everyone's risk-free 50% returns have been told they must find alternative solicitors. Solicitors who, even if they take the cases on, aren't going to pay 50% returns to investors.

Allansons' story so far is that the clients are going to be passed to a bigger firm, but that firm has no ownership over the alleged "mortgage capitalisation" victims - they are free to go to any solicitor they like and have no particular reason to pick a solicitor who will pay 50% returns to an Allansons investor. Normally you can't walk away from a solicitor who's agreed to act on a "no-win-no-fee basis" because you then become liable for the costs you've incurred so far, but the SRA's shutdown of Allansons has changed that. The Intervention Agent has told Allansons' investors to find a new solicitor.

The only way transferring the clients to another firm of solicitors can "safeguard" investors' returns is if the new firm is willing to pay enough for introductions to fund returns to investors. That seems unlikely to say the least. Especially when the clients are free as birds to approach the new lawyers directly, in which case the new lawyers owe Allansons investors nothing.

How Allansons attempts to explain this away will be interesting. I imagine he isn't going to bother to organise a webinar just to admit the money is gone.

Malthusian

PS In case anyone is wondering why I am referring to Allansons in the plural when the name of the eponymous guy who used to run it would be more accurate, as Allansons is no longer run by the guy whose name is the same minus the plural suffx, it is because of MSE's eccentric policy that you can't mention individuals.

AnotherJoe

So, @TheNobel1, and @John200 how did it all work out for you :rotfl:

Alan_B

For anyone affected by all this, there is a Facebook group of people in the same boat. PM me for the link, as they won't let me post it here as I'm a new member.

dmooney

Hello I need some advice if someone could please help. I Have had a mortgage with NRAM which, according to the documentation I have, been over charged. The total amount of overcharge is over £20,000. I have no idea where to go with these documents now. Is it worth trying to do it myself? All the information seems to have been gathered at this stage, just wondering about best course of action. Thank you for any advice.
The below is the last email I had from the firm handling the case.

Good Morning D*****,

Thanks for your email and for your ongoing patience regarding your mortgage over payment claim.

Sadly, following legal advice provided to us, we’ve been advised that it is not possible for us to redirect your case. (The intervention by the SRA being one of the reasons).

Please contact Gordons LLP on 0113 227 0361 to obtain your file if you haven’t already done so and instruct a solicitor of your choice.

Malthusian

Make a formal complaint to the mortgage lender. If you are unhappy with their final response you can make a complaint to the FOS.

This is a straightforward process and you do not need a solicitor or claims management company.

It is very possible the £20,000 figure Allansons gave you is as imaginary as their risk-free 50% returns.

If you suffered a loss due to "automatic capitalisation" your mortgage lender should already have contacted you when they were ordered to do so by the FCA (but they may have failed to do so).