Can anyone recommend a decent company to investigate Interest Only Mortgage overpayments?

I had a large Interest Only mortgage with Birmingham Midshires which was fully paid off when the house was sold approximately 10 years ago, out of the blue earlier this year I received a cheque for about £800 From BM, stating it was to cover overpayments that they had miscalculated over several years, it was then suggested to me by a friend that I could well be owed a more substantial amount.  I really have no clue how to investigate this, I have looked at Trusted Mortgage Claims and they have absolutely shocking reviews, can anyone please point me in a sensible way to look into this?  Thank you.

Replies

  • edited 9 July 2020 at 2:16PM
    zx81zx81 Forumite
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    edited 9 July 2020 at 2:16PM
    Why does your friend believe you are owed a more substantial amount?

    The chances of the redress being wrong is miniscule.

    What calculations is he or she working off?

    You'll end paying a fee to any company you employ as they know there is virtually no chance of any payout and therefore no commission for them.
  • dunstonhdunstonh Forumite
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    it was then suggested to me by a friend that I could well be owed a more substantial amount

    So, your friend is suggesting that BM have committed fraud?    - that is effectively what they are saying as the error correction should be spot on.

    can anyone please point me in a sensible way to look into this?
    Ask BM how they calculated the redress.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • The_squirrellThe_squirrell Forumite
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    As above. If they have given you £800.00 they will have completed a thorough investigation and repaid what is owed plus statutory interest. The positive here is that they have identified and accepted their error. There is a reason why the reviews are shocking for TMC. Of course you could always believe what your friend and the CMC tell you, take out a very large loan and then wait.................
    I work in Data Protection and spend my days dealing with CMC's. Only here trying to help!!
  • sourcratessourcrates Forumite, Board Guide
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    Simply write a letter to the company concerned asking them to look again at the calculations, to make sure they are correct.
    What is it you think a claims company would do differently ???
    They would just write the same letter as you would, and charge you 35% for the pleasure.
    Claims companies thrive on the myth that they can achive something you cannot, its absolute rubbish, both you and they have the same access to information, and the legal system as anyone else has.
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  • dunstonhdunstonh Forumite
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    a whole bunch of posts removed on this thread...
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • brettctabrettcta Forumite
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    dunstonh said:
    a whole bunch of posts removed on this thread...
    Posts relating to a certain company? Probably had Too Many Complaints?
    helpful tips
    it's spelt d-e-f-i-n-i-t-e-l-y
    there - 'in or at that place'
    their - 'owned by them'
    they're - 'they are'
    it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)
  • dunstonhdunstonh Forumite
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    There was no company name mentioned.  It was someone claiming they were pressured to be a guarantor.  The answers were reasoned and had no abuse and asked more questions.   That post and the replies in relation to that removed.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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