Interest claim

croesy

I’ve seen a number of ads about claiming interest on a mortgage up to 1995. Does anyone know if this can be done someone who’s deceased?

Thrugelmir

Ads on Facebook? 

[Deleted User]

What reason would there be for claiming the interest?  It's something the borrower normally pays.

DCFC79

Croesy do come back and tell us where you saw the ads.

dunstonh

 Does anyone know if this can be done someone who’s deceased?

There are hardly any successful interest-only complaints. The FSCS said a while back that the uphold rate was in single digits and it was scathing of claims companies trying it on.     

The scambook adverts and similar exist because a number of these companies are making money by generating complaint numbers and selling the packs onto solicitors.   However, solicitors are now getting wise to it so some of the companies have turned to crowdfunding in litigation where they get mugs to invest in their company with the promise of x number of clients with potential compensation outcomes.   There is a race to get people signed up for fake complaints knowing that they are unlikely to succeed as it helps them sell the investment side to mugs who will eventually lose their money as the company has eaten it all up paying their director's nice bonuses.  The winning is not from the complaint itself (which will fail in most cases) but getting more mugs putting their money into it.

Mortgages were not regulated until October 2004.  So, there is no need for any pre 2004 sale to be considered in a complaint. 1995 is before 2004.  So, not regulated.

The_squirrell

As dunstonh has said above....everything is correct. All these companies will do is tell you that you are owed at least £15,000. This seems to be a standard figure to hook you in and they claim because it is so large, that's why they will take it on. You will probably be asked to take on a loan of circa 6-7 k to pay for the cost of a mortgage assessment ( which is a joke) and an insurance policy which of course ensures that you cannot possibly be out of pocket ( you definitely can!) This loan is probably secured on your home and will increase considerably as time goes on. they will of course tell you of course that most claims are completed within 12 months. Well after 18 months of receiving this nonsense, I have yet to see one with a valid claim, let alone go any further. Of course, those who fell for the marketing will still be paying interest on their loans. You will receive an agreement which runs to nearly 40 pages which you are expected to sign. Good luck understanding what you are actually signing up for! The administration of these firms is atrocious and they lose / pass on all your details on a regular basis. PLEASE do not fall for these.

ACG

Interest only in itself is not a problem - you can still get them now.
For it to be a miss sale it needs to fall into a certain category:
Not needed,
Not wanted,
Not known,
etc. 

If someone has passed away it is difficult to evidence they did not know about it or they did not want it. You could possibly argue it was not needed but unless you know their circumstances at the time of taking it out, you are going to struggle. I think this is probably going nowhere bar wasted time.