Quanta Law - Misold interest only

steph118

Hi first post I signed up last November for for the finance just had an email saying I now owe in excess of £10000 getting really worried even though they said it's no win no fee any advice please

dunstonh

steph118 said:

Hi first post I signed up last November for for the finance just had an email saying I now owe in excess of £10000 getting really worried even though they said it's no win no fee any advice please

Can you let us have a bit more detail please.   What are they saying you owe £10,000 for?

steph118

It was for a loan I had to take out with affinity finance it was for £6000 odd but after the first year I got a statement in now it is at £10000 49% Apr it was to cover fees and if I never won it would be covered by insurance it lost at the first court hearing so they are not doing anything with it just now they are in talks with some financial people who they say they never get a reply from

dunstonh

steph118 said:

It was for a loan I had to take out with affinity finance it was for £6000 odd but after the first year I got a statement in now it is at £10000 49% Apr it was to cover fees and if I never won it would be covered by insurance it lost at the first court hearing so they are not doing anything with it just now they are in talks with some financial people who they say they never get a reply from

Was this originally for a missold mortgage claim?
If it is then you have been mugged.  However, you are not alone.    This missold mortgage claims rarely succeed and the money is made from selling ATE and a credit agreement to pay for it.    Sadly, you are likely to need legal advice now.  It is possible you could pursue a misselling case against them (ironic)

Markkjjb001

Hi everyone.
About a year ago I answered to an advert from a company called Trusted Mortgage Claims. Regarding mortgages taken out with Northern Rock and how you could be owed money. I took out a mortgage in 2005 with them. They said I have a case and then past me onto another company called Quanta Law. I have nothing to lose by trying, but what's concerning me is that they take out a loan in my name to pay for the legal cost which is insured. So if we lose the insurance pays up and this is how no win no fee works. I heard nothing for a
 year so I emailed them to see what's happening. They said it's still in progress with Quanta Law. Two weeks later I received an email from Quanta asking me to sign an update letter of authority so they can start moving with the complaint. Like I said I have nothing to lose by trying but should I be worried about this loan. 
Looking forward to your responses 
Mark.

dunstonh

I have nothing to lose by trying, but what's concerning me is that they take out a loan in my name to pay for the legal cost which is insured. So if we lose the insurance pays up and this is how no win no fee works. 

You become liable for loan when it fails.  That is why a credit agreement is in place in your name.

 Like I said I have nothing to lose by trying but should I be worried about this loan. 

yes you should.

Markkjjb001

Because it's been so long and they have asked me to sign a letter of authority. If I don't sign it could this be a way out for me. 

jonesMUFCforever

Markkjjb001 said:

Because it's been so long and they have asked me to sign a letter of authority. If I don't sign it could this be a way out for me. 

You can sign electronically these days by clicking that you have read and AGREED to their terms and conditions.

Markkjjb001

 Should this quote from their last email make me feel any better 

I am pleased to inform you that your claim has been funded by #######. Furthermore, I can confirm that after the event insurance cover has been arranged for your claim, this will provide an indemnity in the event that your claim is not successful.

The_squirrell

Markkjjb001 said:

 Should this quote from their last email make me feel any better 

I am pleased to inform you that your claim has been funded by #######. Furthermore, I can confirm that after the event insurance cover has been arranged for your claim, this will provide an indemnity in the event that your claim is not successful.

Have you signed the letter of Authority yet? If you have not, then I would suggest that you don't. You say that you have nothing to lose, but you most definitely do. These cases are sold by these companies as being no lose and of course they persuade you to sign up by saying that you are owed thousands. This is simply not true.

Trusted Mortgage Claims made there money by selling your lead onto Quanta ( Although Trusted are now owned by another firm of solicitors). Quanta Law will make their money by arranging the finance. You will not make a penny and potentially be liable for very large costs. Please don't think that this is anything like the PPI scenario when you could just send a letter, sit back and hopefully wait for some cash, because it most definitely is not. Don't let the fact that these are "Law" firms blind your judgement. They do this to avoid the tighter regulation of the FCA. If you would like a clearer idea of how the funds are generated for cases like this , then have a look here    https://bondreview.co.uk/2020/12/01/we-review-next-gen-solicitors-bonds-paying-8-over-12-months/

There have been previous examples of schemes like this failing. Do your research, read the negative reviews on review sites, rather than the promoted positive ones and then make a judgement.