GE MONEY MIS SOLD MORTGAGE

Jennsabs81

Does anyone have any advice on mis sold interest only mortgage please? 
I have been contacted my a mortgage claim custimer trusted and now they are asking me to take out insuramce policy to cover costs 
I am not happy to do this and wondering if there is another way i can contact the lenders direct as they seem to think i had a big amount to claim? 
Many thanks in advance 
Gemma

[Deleted User]

You simply write to GE and explain how you were mis sold. 

They will then review your complaint.

The claims company doesn't think you have a large amount to claim though. They've only said that because they want an upfront fee or insurance from you. Steer clear of them.

Why do you believe you were mis-sold?

Jennsabs81

As it was interest only and at rhe time i wasnt aware that had to have the lump sum at end of the term, i was young and nieve 

Jennsabs81

• I was advised to take an interest-only mortgage and couldnt afford to repay the capital

• the brokerdidnt explain the consequences of having an interest-only mortgage. I cpuld have afforded repayment but was advised to take interest only out but not advised on implications this would have should i need to sell my property and if value ended ul lpwer than what owed on mortgage 

  
  

[Deleted User]

That would mean there's a lot of missing documentation.

Gave you checked to make sure it didn't say that interest only meant you were only paying the interest? It would be an unusual omission.

[Deleted User]

From other interest only complaints that have made it to the ombudsman they will ask what you did with the payments that would have been the repayment element.

Your compensation is that you didn't have to pay the extra payments for the years of the mortgage.

Their goal is to put you back in the same position had the situation not happened.  This would have meant you having a repayment mortgage so you would have been paying extra each month.

Most complaints are time barred anyway as you will have been aware your mortgage was interest only prior to now. 

I read a lot of the ombudsman complaints when I'm bored and I've never seen anyone get anything substantial from an interest only complaint 

McKneff

It would have all been in writing which you would have signed to say you had read and understood.
They dont have to tell you, you just have to read the terms and condions and sign to accept. 
No offence intended but you still seen to be young and niave. 

Jennsabs81

Hi 
I am.not still nieve 
I ahve been told by an insurance claim company that they have an amount can claim but 35% fee of what they recover but i need to fill in an insurance claim form of which i would need to pay for the policy  at the end 

McKneff

They have no idea hiw much money is involved, 
They are scamming you. 
They cannot possibly know whether your case would win or lose but they will have your insurance money...
They will win at your loss. Tell them politely to do one

[Deleted User]

Jennsabs81 said:

Hi 
I am.not still nieve 
I ahve been told by an insurance claim company that they have an amount can claim but 35% fee of what they recover but i need to fill in an insurance claim form of which i would need to pay for the policy  at the end 

Listening to that nonsense is the very definition of naiive.

It will be cheaper and less painful to just send them a few hundred quid and forget about it.

dunstonh

Does anyone have any advice on mis sold interest only mortgage please? 

Firstly, you need to be aware that very few interest only complaints succeed.   So, be wary of companies trying to sell you their services.   A good number of these have other motives.   Such as using you as a statistic to help gain investors in litigation (those that do that earn far more from those mugs than they do from those signing up for a missale complaint).  Some will try to sign you up for insurance a few months down the road to cover legal costs if it fails (which they usually do).  Some even get you to sign loan agreements.        

I have been contacted my a mortgage claim custimer trusted and now they are asking me to take out insuramce policy to cover costs 

And we have a winner.     

I am not happy to do this and wondering if there is another way i can contact the lenders direct as they seem to think i had a big amount to claim? 

Another thing that these claims companies do on this front is invent figures that are quite large to appeal to your greed.   In reality, it is completely made up.    Examples posted on this site from those that have engaged them have shown that sometimes the amounts are greater than the size of the repayments made to date or in one case, bigger than the mortgage itself.    The figure is not real.   

If you ever watched an episode of Hustle, you would know the format.   Play to someone's greed by letting think they are going to get  big pay off but to do so they need to pay a smaller amount.    

As it was interest only and at rhe time i wasnt aware that had to have the lump sum at end of the term, i was young and nieve 

I am going to blunt but that is utter !!!!!!.

You didnt know that interest only meant interest only.   You didnt know despite the warnings on the contract you signed that you would only be paying the interest and would need to repay the money at the end.  You didnt know your despite your conveyencor warning you before you took out the mortgage.  Or (if its after October 2004) that the mortgage broker wrote you are report saying that it was interest only.   Or the annual mortgage statements warning you that it was interest only.

I ahve been told by an insurance claim company that they have an amount can claim but 35% fee of what they recover but i need to fill in an insurance claim form of which i would need to pay for the policy  at the end 

Insurance companies do not put in mortgage complaints or litigation.   You are being told this by a claims company. Not an insurance company.

i was young and nieve 

Unfortunately, you are still naive.   Next you will be telling us that you saw their advert of facebook (aka scambook).