Advice needed - received this email regarding claiming back over payments on mortgage

ryanoakes04

Please see email below from trusted mortgage claims after months of looking into claim, any advice on what i should do next, is there an easy way of doing this myself as they want 41% costs , is it legit etc any advice/comments welcome 

I am writing to you by way of a progress report of your claim with Barings Solicitors. We appreciate the process so far has been laborious and often frustrating, so we greatly appreciate your patience and understanding thus far. 

 

As we discussed, we have  completed the audit on your mortgage account you held with Santander, and have detected the sufficient criteria necessary for a successful claim for what we call an Overcharge. Furthermore, as an additional piece of good news; we have surmised the claim to be worth in excess of£10,000.

 

The reason for the call was to make you aware of this, and also to inform you of what happens next. As we originally agreed, the case will be run on a No-Win, No-Fee basis with No Upfront Costs whatsoever. The way that is achieved, as I mentioned, is using what's called Disbursement Funding. The solicitors take out what is called a Disbursement Loan on your behalf  to fund the claim, so you don't have. At the exact same time, they take out what is called After The Event Insurance (ATE), which is what ensures that in the event of an unsuccessful outcome - you're not liable to pay a penny. The two things working together form what is known as a Non-Recourse Agreement; as in, there is no recourse/consequences for you, the client, were the claim to be unsuccessful. 

 

Once you provided me with the verbal confirmation that you were happy to proceed based on everything you were told - I inputted your information into a portal that sends you the documentation - complete with a pre-populated, printed version of you signature in what we call an 'E-Stamp' - allowing Barings to take on your case and progress forward to litigation. Please find attached a copy of the documentation for Barings. Feel free to peruse it at your leisure. 

 

As soon as Barings confirm that all the documentation has been received and everything is correct - we will get back in touch with you with a confirmation email. At that stage, there is an obligatory 14-day cooling off period, after which point the funding becomes active - and the real progress can begin. 

 

Please find attached a copy of the documentation. Feel free to peruse it at your leisure. 

 

If you had any queries or concerns in the meantime however, feel free to give me a call on 0161-974-3541 (Mon-Fri 9 AM - 6 PM). I am always more than happy to help. 

 

Besides that, we wish you the very best of luck with y

[Deleted User]

If you believe there has been an error with your payments, simply contact Santander.

However, there almost certainly won't have been.

[Deleted User]

Let's be realistic, a company claims they can get you £10000+ from Santander for overpayments on your mortgage - on what basis did you over pay? Did you monthly payments not match what you agreed with Santander? Do Santander have any response to this claim of you paying more than you should - did you ask them?

This raises more red flags than a red flag factory testing station

dunstonh

Furthermore, as an additional piece of good news; we have surmised the claim to be worth in excess of£10,000.

If a lender was found to be creating failures costing over £10,000 they would face regulatory action and fines.   

How much are your monthly payments on the mortgage?

How long have you had the mortgage?

How much did you borrow?

Why I ask those questions is that we have seen people quoted figures by some of these mortgage claims companies that are just not possible.   There was a thread recently where someone posted that they were told they were likely to get over £20,000 but to date, they hadn't incurred anything close to that in interest and their monthly payments were nowhere near that figure.    So, the figure was just not possible.  It was made up.

IIRC, that person also said they contacted their lender themselves and were told that the claims company had never come to them to request any details.

Nobody, as far as I know, has ever posted a success case here.  I cannot find any successes on a google search.  I have not seen any success stories in the financial press and there have been no bulletins or announcements from the regulator regarding these.  Except for Halifax several years back that found overpayments were not being applied correctly in some cases.   Thousands were affected but the nobody was more than £10 worse off and Halifax paid people £20 to cover it.      CIS had an issue due to a technicality that meant they had to refund interest charged during a period of about a year.  Again, everyone affected was proactively contacted by the CIS and process monitored by the FCA.

The regulator would be all over the lenders if cases of tens of thousands of pounds were appearing.  They would require all mortgage customers to be reviewed and corrected.  Martin Lewis would be all over it as well and an article would exist on this site on what you need to do for yourself.

Does the bits you need to sign also include a credit agreement?   The ATE insurance often fails to pay out as the case never made the criteria.  So, the person ends up owing for costs which are then covered by a credit agreement.  Often at sub prime interest rates.  See this thread for an example: Quanta Law - Misold interest only - Page 5 — MoneySavingExpert Forum

The_squirrell

A big thumbs up, round of applause, fanfare etc for the post above. No need for anybody to read any further!!