Your chances of taking on the lenders

petermb_2

For Information Only.

As I have said in many posts, mis-selling is only one way a borrower may have the right to redress against a lender.

In many situations It is simply a case of institutions, lenders and brokers misunderstanding and misinterpreting the laws that govern their own industry.

Here is a list of loans and the circumstances where issues have been identifed and the opportunity exists for successfuly seeking compensation against your lender.
In most cases if you simply took out a loan in the time frames and in the circumstamces below you are likely to have a potential claim.

The issues I refer to have been highlighted by landmark High Court Appeal hearings.

1) Sub-prime mortgages. Prior to 1998, Excellent chance. From 1998 to 2004, 50% chance. From 2004 to present, 35% chance.
2) Secured loans arranged through a finance house or broker prior to 2005, Excellent chance. .
3) Home improvement loans, if finance arranged by improvement company or broker, when loan was taken out is irrelevant, Excellent chance.
4) Payment Protection Insurance (Mortgage or Loan). Single premium or monthly payment. (check terms and conditions if third party provider is involved). No time issue. Excellent chance.
5) Repossesions. If you have had your property repossessed where either of the first two items above were the case then you are very likely to be eligible for redress.
6) Car Loans. If finance arranged through the forecourt or broker, Excellent chance. If insurances included (ie gap, breakdown or ppi), Excellent chance.

In the majority of the above cases redress can still be sought after the loan has been redeemed.

The redress for the above situations will range from relatively small amounts of money returned to full unenforceability of a loan or mortgage (ie unenforceable may mean borrower walks away from the loan with return of all payments made to date).

In the case of mortgages being rescinded it would probably mean the redress (could mean all payments made to date plus interest and compensation) being deducted from the original capital borrowed. If those payments equal the amount originally borrowed then the loan may be deemed to be dead.

In the instance of a repossession, where one of the above first two categories was the case the repossession itself could be challenged and any compensation is likely to estimated on the full value of the property at today's value. Especially seek assistance If a second charge lender/secured loan lender repossessed the property.

I hope this is of assistance.