Refund offer from Mortgage Broker

adason

Hi All,
i have rec'd the following letter to my suprise today. I would like to know really what my, if any, options i have other then to accept what they are offering me?

Thanks

herbiesjp

It took 3 months to get to you?

adason

Sorry would just like to add i haven't writtent to them or had any dealings with them since i got my Mortgage in sept 2005 so this letter isn't in response to anything i have sent them, i was not aware of any wrong doing on ther part.

adason

Do you know i didn't even notice that!!!! yes it only arrived today

Will that mean the 21 days has expired the snealy B's should i call them up or wite? i have the envelope with the franked date of last week?

thanks Herbiesjp

dunstonh

I would like to know really what my, if any, options i have other then to accept what they are offering me?

redress payments on a review are normally set to a defined calculation and not something you can haggle.

This broker has appears to have been caught by the FSA giving bad advice on multiple cases and has been instructed to go back and review all cases and report back to the FSA.

They are offering an amount to cover the financial loss and that is all that is required of them. You could take it to the FOS and wait 3-12 months for them to look at it but they would just ask if the calculation used the correct figures. So, you would just be delaying the money.

adason

so in other words dunstonh i should accept? as i wouldn't get anymore then they have offered? but will i still be able to accept given the time difference now?

homer_j_3

with it stating that you have 21 days to accept, do you have have the envelope with post mark on it?

Not being funny here but could it be a way of trying to niggle out this even lol.

adason

i am visiting family at the mo, on my mums PC, but as soon as i get home i will check, but i am sure it was franked just last week, i have just tried calling them but there is no answer.

homer_j_3

Check that and keep the envelope as proof. Send back the offer if you want to accept.

I like the part where they say "we do not have sufficient information to tell you whether the advice was right" and then follow it up by the fact that "they do not believe you have paid higher repayments as a result of this advice".

Its all a bit contradictory to me but the issue is that, how can they say what was available at that time.

Who was the lender if you do not mind me asking? If they were not a high street bank, was there any reason that you knew of to why they had been chosen over high street lender?

Tiddler_2

It appears that they are not offering the difference between what you have paid and what you could have paid - they are just giving you the commission they earned from the mortgage company, so no calculation has taken place.

adason

homer_j wrote: »

Check that and keep the envelope as proof. Send back the offer if you want to accept.

I like the part where they say "we do not have sufficient information to tell you whether the advice was right" and then follow it up by the fact that "they do not believe you have paid higher repayments as a result of this advice".

Its all a bit contradictory to me but the issue is that, how can they say what was available at that time.

i agree, it is contradictory. i will definitly be keeping the envelope.

homer_j wrote: »

Who was the lender if you do not mind me asking? If they were not a high street bank, was there any reason that you knew of to why they had been chosen over high street lender?

I don't mind at all, it was GE Money we have our mortage with, we were not offered any other lender and told they were the only one who would offer us a mortgage at the time.

They offered us 3 types of deals from GE though and we went for the one at the time we thought would be the best as they said they couldn't tell us which one to go with.