Mortgage fees Claim

Technohippy

We were recently contacted by a company called My Financial Claims Ltd regarding the selling of our mortgage. The broker added their fees into the mortgage, meaning we could now have a claim.

Issue is after 2 phone calls with my wife, we were not made aware of any fees relating to the claim. turns out there's a £10 fee in obtaining the relevant documentation AND a fee of £299+VAT after we have passed the criteria of a potentially missold mortgage.

I have a natural distrust of these companies (and as such I ignore them whenever possible), but my wife does not. So to that end, does anybody have any experience of this particular company that they'd like to share?

Many thanks in advance

[Deleted User]

Don't pay this firm anything, it's advance fee fraud.

Your "complaint" ,such as it is, will go nowhere and you'll be out-of-pocket.

Several other threads on the forum about this firm and others.

dunstonh

We were recently contacted by a company called My Financial Claims Ltd regarding the selling of our mortgage. The broker added their fees into the mortgage, meaning we could now have a claim.

That is complete BS. Fees are allowed to be added to the mortgage. Quite normal. Indeed, I have just arranged a new mortgage for myself and done just that.

https://www.fca.org.uk/consumers/mortgage-advice

"The lender’s or adviser’s fee can be added to the mortgage, but you have to agree first. "

The most common reason for adding it to the mortgage is most mortgage fees are non-refundable once paid. By adding it to the mortgage, you can pull out without paying the fee. Whereas if you pay it up front, you dont get it back if the mortgage doesnt proceed.

Issue is after 2 phone calls with my wife, we were not made aware of any fees relating to the claim. turns out there's a £10 fee in obtaining the relevant documentation AND a fee of £299+VAT after we have passed the criteria of a potentially missold mortgage.

Advance fee fraud. Tell you some porkies about some missale claim with big money payout possible and then hit you with a smaller fee.

I have a natural distrust of these companies (and as such I ignore them whenever possible), but my wife does not. So to that end, does anybody have any experience of this particular company that they'd like to share?

its a scam.

Nasqueron

Any company charging £10 for the DSAR is a joke anyway as they are free since GDPR came in so they're trying to charge you £10 for something that costs them nothing

antrobus

MY FINANCIAL CLAIMS LTD
https://beta.companieshouse.gov.uk/company/09800054

Based in Ammanford, which is not that far from, err Swansea.

Nature of business (SIC)82200 - Activities of call centres. Incorporated on 29 September 2015, and has filed dormant company accounts ever since.

Businesses must be authorised by the Claims Management Regulator to legally provide claims management services.
https://www.gov.uk/check-claims-company-registered

My Financial Claims Ltd does not appear to be registered.

Conclusion 100% scam.

Dime_Bar

Nasqueron wrote: »

Any company charging £10 for the DSAR is a joke anyway as they are free since GDPR came in so they're trying to charge you £10 for something that costs them nothing

Well that's not quite true is it, it will clearly cost them some money.

Technohippy

Thanks all for your replies, have passed this on. we will stay well clear of this lot!

Nasqueron

Dime_Bar wrote: »

Well that's not quite true is it, it will clearly cost them some money.

An email to the firm asking for DSAR might cost them 10p, point is that you used to be able to charge £10 for DSAR, now it's free so they don't have to pay the firm £10 so charging you £10 is a joke

touch1337

Nasqueron wrote: »

An email to the firm asking for DSAR might cost them 10p, point is that you used to be able to charge £10 for DSAR, now it's free so they don't have to pay the firm £10 so charging you £10 is a joke

That's not how the world works. If you want someone to do something for you, you'll need to pay them for it.
What about financial advisors, for example? There's no monetary cost for them to give you advice, so does that mean they should give it for free?

Nasqueron

touch1337 wrote: »

That's not how the world works. If you want someone to do something for you, you'll need to pay them for it.
What about financial advisors, for example? There's no monetary cost for them to give you advice, so does that mean they should give it for free?

Under the old system firms were allowed to charge £10 for a DSAR


Under GDPR it has to be done free


If a firm can (and must) dig out your records and send them to you for free, on what grounds do you think it's justifiable for a third party to charge £10 to simply send a DSAR on your behalf? The firm clearly is either still using the rules pre-GDPR and hasnn't bothered to update their form or are trying to profit from you given that YOU can send the DSAR direct to the firm for nothing.


Comparing that process to a financial advisor who gives you expert advice on where to invest your money is just dumb. The cost you get from the IFA also pays their bills, their insurance etc and for their training and so on that helps your money grow. Clearly nothing at all like someone taking 30 seconds to send a template DSAR email out.

touch1337

Nasqueron wrote: »

Comparing that process to a financial advisor who gives you expert advice on where to invest your money is just dumb. The cost you get from the IFA also pays their bills, their insurance etc and for their training and so on that helps your money grow. Clearly nothing at all like someone taking 30 seconds to send a template DSAR email out.

So that person sending the template doesnt deserve to be paid for their time because they havn't had as much training or expertise as a financial advisor?