Take extra care when using brokers at moment

dunstonh

jediknightwarrior wrote: »

just thought I would add...

As most brokers do not post here for personal gain anyway, should the site not ban weblinks in user names? This will remove any suspicion.

AFAIA, there are no brokers with user names that give a clue to where they work. Someone did try it and it was dealt with by board admin. Can we keep this thread on topic though please as its a important subject that often gets overlooked with the boards general misunderstanding of explict and implict charges. We dont want it going off topic and lost like so many others.

Cazza

jediknightwarrior wrote: »

just thought I would add...

As most brokers do not post here for personal gain anyway, should the site not ban weblinks in user names? This will remove any suspicion.

Forgive me if I'm wrong, but I thoght we weren't allowed to anyway? I haven't spotted any

minimike2

Conrad wrote: »

You know I've spent a good part of the last few days trying to place an extreme case, a case that every packager and lender I tried said would not be possible. I have'nt been paid a penny yet and there is every chance she will change her mind and not go ahead.

Just managed to place it with a tiny private lender (solicitors actually) that only do about 3 loans per month. The risk to me is very high as the client cannot prove a sustainable income or even that she is self employed (no biz card, no invoices, nothing, she just cuts old ladies hair for cash - always has), however she is selling the property and this is just short term finance to help her buy the new one - her retirement home abroad. Many many other complications.

For that I charge £5500. I like these extreme cases as they pay very hansomly, but no doubt some would say my fee is extreme, but without me she will not fullfil her dream (she cant sell for 12 months - long story) and all other brokers had totaly cold shouldered her, so I think the fee is justified afterall I could well end up having to defend myself one day!

I would have reported her for money laundering. If she cannot even produce a tax return then the revenue obvisouly dont know about her....

I wouldnt touch it with a barge pole. Not worth £5500 to have an FSA investigation tbh.

payless

Conrad, sorry can't see what your last post as to do with the subject matter discussed in this thread

Jedi, yes usernames should not be the name of an obvious weblink/ business name . If you mean website as homepage in profile- to be fair someone going to have to look for that .. and in reality I would say contact is usually made via PM anyway.

Although again I would say what Dun said.. this thread is highlightling an important issue and we should not fall into trap of mudding the waters.

I have already PMed Martin suggestion as a temp measure perhaps he needs to add some comments to his article to reflect the current situation ( I know some big players might not like it though )

rzr101

minimike2 wrote: »

I would have reported her for money laundering. If she cannot even produce a tax return then the revenue obvisouly dont know about her....

I wouldnt touch it with a barge pole. Not worth £5500 to have an FSA investigation tbh.

I doubt the loan would be regulated - sounds like a short term bridge private lender - therefore would not be under FSA remit. Nice fee by the way :beer:

minimike2

Well if she cant sell for 12 months I cant really see it being bridging finance. If it is then thats a poor recommendation to make. What if the house goes into negative equity in 12 months? We dont know the details, or will know, but im guessing as he was looking at many packagers etc, whos core business is mortgages, im guessing it was regulated. Plus if it was non regulated he wouldnt be worried about maybe havingto defend himself.

Even if it is non regulated, the implcation of not reporting for money laundering is a fine, or even a prison sentance.

rzr101

minimike2 wrote: »

Well if she cant sell for 12 months I cant really see it being bridging finance. If it is then thats a poor recommendation to make. What if the house goes into negative equity in 12 months? We dont know the details, or will know, but im guessing as he was looking at many packagers etc, whos core business is mortgages, im guessing it was regulated. Plus if it was non regulated he wouldnt be worried about maybe havingto defend himself.

Even if it is non regulated, the implcation of not reporting for money laundering is a fine, or even a prison sentance.

Dont be a drama queen. I bet it is an open bridge (which can extend for over 12 months eg. Credit and Mercantile) and granted this would be FSA regulated, much more likely a second charge. If so the max LTV will be no more than 70% softening the risk of negative equity.

Many if not all packagers do non reg business, I don't really follow you there.

There is always the risk of civil proceedings with non-reg business (as in all other business) but I maintain, I doubt it is FSA regulated.

By the way tax evasion and money laundering are two differant things.

minimike2

Drama Queen? LOL. Have you just come here to aruge?

You do know that the process for reporting someone for tax evasion is to raise a money laundering report, right? Becuase it is actually classed as that...

rzr101

minimike2 wrote: »

Drama Queen? LOL. Have you just come here to aruge?

You do know that the process for reporting someone for tax evasion is to raise a money laundering report, right? Becuase it is actually classed as that...

Not at all - I think you are just being over the top - look at the situation - a lady on the brink of retiring who is cuts hair for a living. Hardly the big time is it. God forbid any self-employed clients coming to you asking for a self-cert (black cab driver prime example).

Sure you are comfortable selling nice easy regulated loans to first time buyers and remortgages but in the current market but most brokers need to go out of the ordinary to get the cream these days. And lets face it - its a nice fee to get. (CUE RAMBLINGS ABOUT HOW ITS NOT WORTH YEARS IN PRISON ETC ETC AD NAUSEUM)

minimike2

I do plenty of self cert deals. I also turn away plenty of self cert deals when people ask me to do something I KNOW is wrong. If you think everything I do is 50% clean credit remortgages you are mistaken - i would be out of business by now if it was. The way you talk seems like you think you "know" me....you have made an assumption based on one post, an incorrect one.

The correct part about your assumption though as that I dont touch anything "dodgy" with a barge pole, because you are right, its not worth 10 years in prision for a bit of cash.

You will see on this forum people like to debate things, often, and mostly the debates are good healthy ones, but when you start your life on the forum taking cheap pot shots at people it doesnt tend to go down too well really.

Sorry for being professional and integral in the way I conduct myself in my line of work, but thats the way I operate (and thats the reason I wont lose my licenses and the reason why I am sucessful).