I received an email from Mortgage.claims about claiming if you had an interest only mortgage from 2004 and a company called Quanta Law are doing the pursuing of claims - is this a Legitimate company? thanks


  • Yes, legitimate in the sense that they can charge you a fee and take your money.

    But obviously not to be recommended.

    If you have a complaint about your mortgage, send it to the lender directly.
  • BrowntoaBrowntoa Forumite, Ambassador
    49.2K Posts
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    The odds of there being a problem with your mortgage are miniscule....

    It's not a PPI scenario
    I'm a Forum Ambassador and I support the Forum Team on the Shopping and Freebies, Phones and TV and Over 50s boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing . All views are my own and not the official line of MoneySavingExpert.
  • dunstonhdunstonh Forumite
    112.5K Posts
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    The Financial Ombudsman have come out and criticised claims companies putting in interest only complaints. The FOS reject most of them. The FOS takes the position that until 2008, interest-only mortgages were acceptable under FCA regulation and having one is not an issue.

    They have found against in a very small number of cases but with those, the person usually ends up with nothing. Most common outcome is that they compare to if you had rented. The interest only payment is usually cheaper or similar to rent. Then they look at the value of the property at purchase and current value. If you have gained in value (as most have) then you are not financially worse off.

    In a recent case, they upheld the complaint but said redress would only be payable if the person sold their house in the next 12 months and sold it for lower than the purchase price. The person wasnt looking to sell. The FOS did it that way because it was viewed as a try-it-on.

    The CMCs active in this area usually have upfront fees or introduce a fee after a few months (they tell you that you have a case and will be paid £x,xxx or sometimes even £xx,xxx but they need you to pay the solicitors to be able to take it further). That is where they make their money.

    In a recent trend, crowdfunding has started to occur where firms try to attract funds saying they can put in mortgage complaints and take a cut of the redress. The more people they have signed up, the more attractive the crowdfunding marketing can be. So, the mugs putting in their money to fund these cases think they are going to get a return but in the end they end up losing all the money. The only winners are the directors of the CMC who have extracted the money out over the period.
    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.
  • One of these companies are now advertising on TV. If what you have posted above is still accurate, I fear a lot of people are going to be conned.
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