Interest only missold?

Snowy789

I've been contacted by a claims company about having an interest only mortgage.
They say they are no win no fee, but charge a high percent of they win. I've sent forns back etc and now a solicitor has advised I had a strong case of being missold.
I'm guessing it's from the interest only. I took my mortgage out in June 2007. I'm in heavy negative equity and I can't sell the place. GMAC sold my debt on to another company, who sold it onto another company who sold it on.... 5 companies down the line, and this one went let me rent it out and don't let me remortgage onto a repayment! It's a mess as I can't sell and I can't rent (family of 4 in a studio flat don't work).
Can I do this myself so I can use any compo to sell the flat and pay the difference or is it best to give about 50 percent to a claims company to get it done properly?
Any help greatly received.

ACG

You can complain to the original lender/broker it was miss sold - but interest only in itself is not a miss sale. You can still get interest only mortgages today.

You need to be able to explain and justify why an interest only mortgage were miss sold.

If you can not go on to repayment, can you overpay? If you can not overpay on the mortgage, why not set up a savings pot and put the extra you would be paying in there in order to overpay a large chunk if/when you come to sell.

Snowy789

Hi thanks. I can't over pay as currently living on maternity leave pay. I have to sell flat despite being in negative equity.
I shouldn't have had the mortgage as at the time I was over £26k in debt and couldn't afford a mortgage. My broker told me to takè the mortgage out and do an iva afterwards which I did and finished paying. I was so badly advised.

Snowy789

My broker also told me to self certify as id get a bigger mortgage.

[Deleted User]

No "compo" here, just money to the Claim Company and their "solicitors".

Under no circumstance pay an upfront fee..

AnotherJoe

Snowy789 wrote: »

My broker also told me to self certify as id get a bigger mortgage.

So you are planning to claim misselling on the grounds you lied on a legal document ?:eek:

Snowy789

I didn't lie. I had no idea what it meant. I trusted what my broker told me was correct.
I was also never told to have a savings account or anything set up with a plan to pay it off. To be honest, it hadn't even crossed my mind. Until I've come to sell and can't cos I'm in negative equity by a lot!

Snowy789

The solicitor is called pure claims limited and said I have a case. It's a win no fee. But doing my homework tonight it looks like they might be all they're claiming.
I'm not after making money. I just want to sell my flat, and not owe any money. I'd be so happy to walk away with no profit, and not owing the mortgage company anything. That's unlikely to happen as its about 25% lower in value than when I purchased it!

BoGoF

You lied on the forms, pure and simple. 'Trusting' your broker is not a defence for mortgage fraud which is what you will be admitting to.

csgohan4

Did you read the Terms and conditions of the documents you Signed when you bought the place? 'My broker' told me will not stand in court, you signed them I'm afraid.




No mis sold on this, your desperate and some dodgy company come to you and you think they will save the day, sadly not the case.


Hit the debt, have a look at the debt free wannabee forums for help




What plan do you have when the mortgage term finishes to pay it off? selling it seems to not be an option due to the negative equity. Is it in Ireland?

Snowy789

No I'm not in Ireland, I'm in England.
I have to sell it now as my new company won't take it being rented. I will owe them money when I sell in the new year. Going to plunge into debt through no fault of my own. (I'm definitely not saying it's my broker or mortgage company, just one of them things)

I doubt I read the terms and conditions. I can't remember. The broker seemed to know what he was talking about and I went with what he told me.