Mortgage Audit Bureau

edited 30 November -1 at 1:00AM in Reclaiming Mortgage Fees, Council Tax, etc
34 replies 18K views
tillboytillboy Forumite
268 Posts
Anybody had any dealings with Mortgage audit bureau, claim they can identify where you've been overcharged when you've had arrears etc.

Would be grateful of any feedback (not looking for opinions thx)
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Replies

  • worried_jimworried_jim
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    It will be a con.
  • tillboytillboy Forumite
    268 Posts
    It will be a con.
    tillboy wrote: »
    Would be grateful of any feedback (not looking for opinions thx)

    But thanks anyway :money:
  • dunstonhdunstonh Forumite
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    The FOS have consistently been saying that mortgages are not an issue with them at present unless you bought a sub-prime mortgage when you could have had a prime or near prime mortgage. It has criticised CMCs for putting in fake mortgage complaints which nearly all end up in rejection.

    This is why there are so few CMCs operating in this area and those that do, tend to have upfront fees, or more typically, no fee up front but come back to you a month or so later telling you that you were missold but their solicitors need paying to take it further but you have a case (all BS btw). That is where they make their money.

    In respect of arrears overcharging, the FCA has been proactive with the lenders it was not happy with and they had to contact borrowers directly and no CMC was required. However, if a CMC gets involved, they are free to charge against the redress even if it was going to happen automatically.
  • societys_childsocietys_child Forumite
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    Please do, I can't wait, thanks.
  • edited 9 March 2018 at 12:50PM
    dunstonhdunstonh Forumite
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    edited 9 March 2018 at 12:50PM
    We know that the vast majority of these fail and the money is made in the solicitor fees. However, a really tiny minority will succeed. Mainly where it is cheaper to settle than to argue the case.

    If the firm had has evidence of wrongdoing, then the FCA regulated complaints process is free of charge to use and does not require a solicitor.

    Also, if firms have identified a failure like this they are required to notify the FCA. Indeed, several of these have happened and the lenders have proactively taken action to provide redress without using a CMC.

    In the US, they have taken action against mortgage audit claims and have treated them as scammers. The similar method was used over there. No fee up front. Wait a while and then get told you have a case but it needs the solicitor who needs paying. Often string that stage out and repeat it to get increased fees. Then, in the end, the majority fail leaving the person out of pocket. The tiny number that succeed are then heavily advertised to make it appear that wins are normal. Whereas the majority of people end up out of pocket.

    Despite many people posting on this site saying they have been caught by Mortgage Audit Bureau and are going through the process, I don't believe we have ever seen anyone post on this site with a success.
  • [Deleted User][Deleted User] Forumite
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    This firm have some kind of unique auditing system which reads your statements and shows where you've overpaid.
    Oh really? :D

    They "audit" lenders they have no connection to, do they?

    Just realised I've inadvertently put this claim firm back to the top of the forum..

    Won't be doing that again..
    dunstonh wrote: »
    I don't believe we have ever seen anyone post on this site with a success.
    Indeed.
  • The way you've decided to edit out parts of what I actually wrote do make it look like a scam post. Well done to you!

    I haven't had any success with this company yet, so am certainly not giving credit anywhere.

    I was as dubious as others when I responded to this companys' advert, hence me searching for reviews. I found this one and am merely updating whoever is interested about my case.

    I know full well there is as much chance of it going belly-up as there is me getting a payout! If it does, I will be publishing details of that too, trust me.
  • [Deleted User][Deleted User] Forumite
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    I haven't had any success with this company yet,
    I'm certain you'll return regardless.

    I'm afraid I won't be convinced either way.

    Sorry.

    (Awww,I've just put this firm back to the top of the forum again!:mad: )
  • tillboytillboy Forumite
    268 Posts
    I'm certain you'll return regardless.

    I'm afraid I won't be convinced either way.

    Sorry.

    (Awww,I've just put this firm back to the top of the forum again!:mad: )

    Just for the record as the OPI have nothing to do with Mortgage Audit Bureau, my post was a genuine query and hopefully my history and standing on the forum attests to this.

    Sadly certain responses which sound too good to be true quite probably are.
  • I've just received my agreement to sign but an slightly concerned about signing - it says they will charge an admin fee of £25 (which i assume is per hour) plus disbursements plus 25% success fee plus vat. I emailed the mortgage audit bureau as was concerned the admin and disbursements could add up to more than i get back and they said the fee is no win no fee at 30% of amount won. Now very confused and don't know if to sign or not :undecided
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