Interest only mis selling claim

bamboo999 · 14 July 2019 at 9:09PM

Hello all.
Just wanted to know if anybody has been in this position and how it ended.

so I contacted the company to ask if I had PPI with a mortgage that I took out around 2007. I received correspondence back telling me amongst a lot of jargon that I had a good possible chance at winning a claim. Of course I presumed that this was referring to the ppi. It was however referring to the fact that I had an interest only mortgage through a broker. by the time I realised that this was what the claim was for I'd signed the paperwork and returned it to the solicitors. I have recently after many months giving a statement to a company that contacted me on their behalf to prepare a statement for court. I have no idea if I was in fact mis-sold my interest only mortgage but the solicitors are full steam ahead with the claim. To be honest the whole thing makes me quite anxious because I don't really understand much of it. Has anybody been in a similar position to this and how did it end do these claims really go to court and if they do do they win, it's no win no fee but does anybody know if there any risk to me if I missed off details in the statement that I've forgotten etc.
Kind of wish I hadn't started it as it is making me worry.

Many thanks.

Bamboo

[Deleted User] · 14 July 2019 at 9:45PM

bamboo999 wrote: »

Kind of wish I hadn't started it

Yes, it would have been wise to have never started.

Sorry.

SonOf · 14 July 2019 at 10:54PM

It was however referring to the fact that I had an interest only mortgage through a broker.

So, you were given the usual sales BS by the claims company. Despite statistically, the vast majority of interest only mortgages failing and the FSCS, in particular, but also the FOS criticising claims companies for putting in spurious mortgage complaints.

I have no idea if I was in fact mis-sold my interest only mortgage but the solicitors are full steam ahead with the claim.

The poor broker. Although, if its like most of these, the court reject it and its the investors funding the complaint that suffer or the solicitors foolish enough to buy the complaint pack.

haras_nosirrah · 15 July 2019 at 7:52AM

I feel sorry for the broker who is now having to defend themselves against this. It will be causing him a financial loss and mental distress even if you don't win.

In order to be proceeding with a misselling claim for interest only you must have put reasons down? Why do you think it was missold?

[Deleted User] · 15 July 2019 at 9:09AM

haras_nosirrah wrote: »

In order to be proceeding with a misselling claim for interest only you must have put reasons down? Why do you think it was missold?

I think the whole point is that the OP thought the "complaint" would be about PPI, not the whole mortgage

bamboo999 wrote: »

I have no idea if I was in fact mis-sold my interest only mortgage

I fully expect this is what Claim Companies will be moving onto in a desperate bid for survival when the PPI gravy train ends next month...

haras_nosirrah · 15 July 2019 at 9:43AM

Moneyineptitude wrote: »

I think the whole point is that the OP thought the "complaint" would be about PPI, not the whole mortgage

But then 'I was missold because I was told I wouldn't get my mortgage unless I had PPI' or similar wouldn't translate to going to court for an interest only selling complaint.

To have got that far the complainant must have put that they feel they were missold their interest only mortgage for some reason. Either that or they are saying that the claims company has made up some bs as part of the complaint in which case they should complain about the claims management company

[Deleted User] · 15 July 2019 at 11:48AM

haras_nosirrah wrote: »

or they are saying that the claims company has made up some bs as part of the complaint

I think that is indeed what the OP is inferring. He returned the signed paperwork without reading it.

bamboo999 · 15 July 2019 at 1:08PM

Thank you all for your quick replies.

Yes it kind of does feel like a hard sell tactics from the mortgage claims people. It seems like they use the interest you show in checking to see if you have a claim just to get hold of all the information regarding your mortgage and look for any possible chance of it's being mis-sold.

To those of you that are absolutely yes when I got the original reply stating I had grounds for a claim I did indeed believe this was around the ppi. It wasn't until after the cool down As it were that I realised this was actually about the mortgage itself. Ironically I haven't actually had an answer around the ppi thing at all.

So really the best outcome I can hope for is to just lose I guess.
does anybody know how likely it is to end up going the full distance to court and if not what are the alternatives if any.

Appreciate all of your help with this.

bamboo999 · 17 November 2019 at 9:23PM

Hi guys.

Thought I would update you with what's gone on recently.

I have received a letter from the firm stating my claim doesn't reach the minimum amount for a claim and.blaned it on a company that work for them. All sounds a bit to me like they have woken up and can see they are unlikely to win and have pulled the plug as they have restated they wont be going ahead with the claim.

Best outcome I could wish for.

Thabks for all your help.

Hopefully this helps other who read this. I hate the claim culture that has become so normal these days, it's really damaging.

Thanks guys

McKneff · 17 November 2019 at 9:46PM

Glad things sorted out for you. Thanks for updating us

Interest only mis selling claim

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