Interest only mortgages

mickthevin

Morning

I have seen a few adverts for reclaiming any overpayments on interest only mortgages recently (interest miscalculation) – can you tell me if this is a scam or is it worth pursuing as we have had three mortgages on an interest only basis.

bigisi

What makes you think there have been miscalculations on these mortgages? What evidence do you have that it has been miscalculated?

foxy-stoat

bigisi wrote: »

What makes you think there have been miscalculations on these mortgages? What evidence do you have that it has been miscalculated?

There wont be any - only an advert that gives incorrect information.

davidmcn

mickthevin wrote: »

I have seen a few adverts for reclaiming any overpayments on interest only mortgages recently (interest miscalculation) – can you tell me if this is a scam or is it worth pursuing as we have had three mortgages on an interest only basis.

They are scams designed to attract the attention of the gullible and/or greedy.

csgohan4

I would be asking why are you considering these adverts? Are you struggling with debt? high outgoings?

bigisi

csgohan4 wrote: »

I would be asking why are you considering these adverts? Are you struggling with debt? high outgoings?

Possibly none of these, people just like the idea of money for nothing.

SonOf

davidmcn wrote: »

They are scams designed to attract the attention of the gullible and/or greedy.

And they then tend to get hit with a fee. Not on day one but usually later. i.e. initially told they will look at the case. Then some weeks later they will be told that their solicitors have looked at it and there is a case but to proceed they need a payment of £x.

And there is the is money making angle of it.

The FSCS recently complained about CMCs making speculative complaints on mortgages.
https://www.mortgagestrategy.co.uk/news/fscs-sees-rise-in-spurious-mis-selling-claims-against-brokers/

The Financial Services Compensation Scheme says that it is seeing a growing number of spurious mis-selling claims against mortgage brokers.

Its report says: “During 2018/19 we have seen a change in claims made to FSCS with increasing volumes of mis-selling claims being provided with very little substance or evidence to support the claim being made.

“Due to this, these claims have a low uphold rate.”

The report continues: “We are making efforts to stop these claims before they are made and to make clear the evidence we would need to fully investigate the claims.

mickthevin

The point of the post - if you read it - was to ask if it is a scam - they are all paid and are historical - we are NOT struggling to pay them - will ignore them as we do with all the other ads - The difference between ignorance and stupidity is if you are ignorant you just dont know

The_squirrell

mickthevin wrote: »

The point of the post - if you read it - was to ask if it is a scam - they are all paid and are historical - we are NOT struggling to pay them - will ignore them as we do with all the other ads - The difference between ignorance and stupidity is if you are ignorant you just dont know

I think this subject promotes strong reactions as you can see from the reponses. I have been known to rant as well! While some these companies submit Spurious claims at the very best, there are also those that definitely fall into the Scam category. Its not difficult for anyone to work out an Interest Only calculation. Try it. If the figures look about right then there will be nothing to complain about. If they don't look right, then speak to your lender.

csgohan4

mickthevin wrote: »

The point of the post - if you read it - was to ask if it is a scam - they are all paid and are historical - we are NOT struggling to pay them - will ignore them as we do with all the other ads - The difference between ignorance and stupidity is if you are ignorant you just dont know

I think the key point is, on what basis do you have a claim? Do you believe a random facebook ad over you doing due diligence and doing some simple math?


There's also a difference between greed/ taking the biscuit and stupidity as well.