Interest only missold?

foxy-stoat

What was your repayment strategy?

dunstonh

It is possible you were missold. Or it is possible that you have been coached by a CMC to say all the things they hope will increase your chances. And that is largely the problem. You can make all sorts of allegations of what you think was said 11 years ago. However, it will largely come down to evidence and which party is the most believable.

A lot of what you have said would be considered missale. However, if you apply the four truths principle, it may well end up looking different. What you say happened. What the broker says happened. What actually happened. How the available information and evidence suggests what happened. It is rare for all four to match.

Claims companies will automatically tell you that you are missold and you have a case. It only takes them a few minutes to churn off a template letter and stick it in an envelope. So, they have little to use. The low success rate on interest only complaints reflects the high rate they are taking.

AnotherJoe

Snowy789 wrote: »

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!

When you said "I had no idea what it meant" what do you mean?
Did you put down the correct figures for income, expenses, loans?

If so then self certify is irrelevant so why mention it?

Brock_and_Roll

First things first, the OP should have a quick look at this article:

https://www.theguardian.com/money/2013/may/02/interest-only-mortgage-claims-management-companies

I had a quick scoot around for information on Pure Claims Ltd, and could not help raising my eyebrow to see that one of the directors was the head honcho at Slater & Gordon / Quindell, names which will be very familiar to many here as well as fans of spectacular financial collapses !

Snowy789

I called to cancel with pure legal and they say they ate not a claims management company but a regulated firm of solicitors. They are registered on the SRA and therefore unable to ask for money if they ate no win no fee.

What does that mean brock_and_roll. Does that mean they are dodgy?

Dunstonh - I definitely haven't been "coached" by a cmc. They haven't even said why is been missold, just that I have a case.

dunstonh

What does that mean brock_and_roll. Does that mean they are dodgy?

The companies mentioned failed due to poor financial management.

Dunstonh - I definitely haven't been "coached" by a cmc. They haven't even said why is been missold, just that I have a case.

They always say that.

However, you say they are not a CMC but solicitors. Solicitors are barred from cold calling and a number have been struck off for doing so. Did they contact you by cold calling? If so, they have breached the SRA code of conduct. If they are breaching rules to contact you, what other rules are they breaking.

antrobus

Claim Your Mortgage is a trading style of Pure Claims Limited. Pure Claims Limited is authorised and regulated by the Claims Management Regultor (CMR41735). It's registered address is Pure House, 4th Floor Building, 8 Princes Parade Liverpool L3 1DL. Registered in England and Wales Company Number 09587752.

https://claimyourmortgage.co.uk/

Pure Legal Limited is a private limited company registered under number 09511435 in England and Wales, and is authorised and regulated by the Solicitors Regulation Authority number 624740. Registered office: Pure House, Building 8 Kings Business Park, Kings Drive, Prescot, Liverpool, Merseyside, L34 1PJ

http://purelegallimited.co.uk/legal-regulatory-info/

The gentleman known as Philip James HODGKINSON, formerly of Slater & Gordon is a director and shareholder of both companies.

JimmyTheWig

Snowy789 wrote: »

I can't over pay as currently living on maternity leave pay.

Sounds like a good job you are on interest-only, then...

-taff

You wanted to buy so you found a broker, they didn't come and knock your door to find out if they could get some business from you on the off chance.
You told him what you could afford, he found a mortgage for you in those circumstances. [out of interest, which company did you have the mortgage with? Was it kensington or similar?]
I'm not seeing what you have to complain about to be honest. You can sell your flat but you ill have a shortfall that you have to make up. That's the case for everyone in negative equity.



DOn't compound your financial decison making with more bad decisions, like employing a company that is going to take money off you again for no result. Look at their terms and conditions. There will probbly be a clause that says you have to pay them for some reason or other despite their no win no fee claims.
ALso, it's funny that I can't find a working website for them at all only one that's 'under construction'. Surely a regulated firm which were above board would have a working website?

davidwood681

Snowy789 wrote: »

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.

Really? Be an adult and admit you made a mistake