We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Broker Misrepresentation
Can I ask for some views on this. Walker Hammond sent me a letter saying that I had acceptance in principle for a loan. I had to pay a fee in advance as according ot their literature they do not receive a fee from lenders. To cut a long story short I eventually got offered a loan for less than the amount that I had been accepted in principle for but I needed a guarantor. When I received the loan application form it should a payment to the broker of £300. As Walker Hammond state on their website that they do not receive any commission if this payment is in fact payable to Walker Hammond would I be able to reclaim it from them as they misrepresented the facts to me when I originally asked them to source a loan.
What do others think
What do others think
As I am not the Pope or legally qualified I may be wrong so feel free to get a second opinion from a qualified person
0
Comments
-
It will be documented as an admin and arrangement charge. The loan was arranged so why do you think you are entitled to get the admin charge back?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
-
It will be documented as an admin and arrangement charge. The loan was arranged so why do you think you are entitled to get the admin charge back?
The question is not about the admin charge the question is if they fail to disclose that they will receive a commission and then receive a commission are they entitled to keep the commissionAs I am not the Pope or legally qualified I may be wrong so feel free to get a second opinion from a qualified person0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards