We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Interest only mortgages

Options
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.

Comments

  • bigisi
    bigisi Posts: 925 Forumite
    What makes you think there have been miscalculations on these mortgages? What evidence do you have that it has been miscalculated?
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    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
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    I would be asking why are you considering these adverts? Are you struggling with debt? high outgoings?
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • bigisi
    bigisi Posts: 925 Forumite
    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
    SonOf Posts: 2,631 Forumite
    1,000 Posts Fourth Anniversary
    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.
  • 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
  • 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.
    I work in Data Protection and spend my days dealing with CMC's. Only here trying to help!!
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    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.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.