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  • FIRST POST
    • tillboy
    • By tillboy 31st Jan 18, 11:45 AM
    • 259Posts
    • 131Thanks
    tillboy
    Mortgage Audit Bureau
    • #1
    • 31st Jan 18, 11:45 AM
    Mortgage Audit Bureau 31st Jan 18 at 11:45 AM
    Anybody had any dealings with Mortgage audit bureau, claim they can identify where you've been overcharged when you've had arrears etc.

    Would be grateful of any feedback (not looking for opinions thx)
Page 1
    • worried jim
    • By worried jim 31st Jan 18, 11:49 AM
    • 9,231 Posts
    • 14,239 Thanks
    worried jim
    • #2
    • 31st Jan 18, 11:49 AM
    • #2
    • 31st Jan 18, 11:49 AM
    It will be a con.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • tillboy
    • By tillboy 31st Jan 18, 11:53 AM
    • 259 Posts
    • 131 Thanks
    tillboy
    • #3
    • 31st Jan 18, 11:53 AM
    • #3
    • 31st Jan 18, 11:53 AM
    It will be a con.
    Originally posted by worried jim
    Would be grateful of any feedback (not looking for opinions thx)
    Originally posted by tillboy
    But thanks anyway
    • dunstonh
    • By dunstonh 31st Jan 18, 12:20 PM
    • 93,042 Posts
    • 60,436 Thanks
    dunstonh
    • #4
    • 31st Jan 18, 12:20 PM
    • #4
    • 31st Jan 18, 12:20 PM
    The FOS have consistently been saying that mortgages are not an issue with them at present unless you bought a sub-prime mortgage when you could have had a prime or near prime mortgage. It has criticised CMCs for putting in fake mortgage complaints which nearly all end up in rejection.

    This is why there are so few CMCs operating in this area and those that do, tend to have upfront fees, or more typically, no fee up front but come back to you a month or so later telling you that you were missold but their solicitors need paying to take it further but you have a case (all BS btw). That is where they make their money.

    In respect of arrears overcharging, the FCA has been proactive with the lenders it was not happy with and they had to contact borrowers directly and no CMC was required. However, if a CMC gets involved, they are free to charge against the redress even if it was going to happen automatically.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • societys child
    • By societys child 9th Mar 18, 11:09 AM
    • 5,224 Posts
    • 5,773 Thanks
    societys child
    • #5
    • 9th Mar 18, 11:09 AM
    • #5
    • 9th Mar 18, 11:09 AM
    Please do, I can't wait, thanks.

    • dunstonh
    • By dunstonh 9th Mar 18, 11:48 AM
    • 93,042 Posts
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    dunstonh
    • #6
    • 9th Mar 18, 11:48 AM
    • #6
    • 9th Mar 18, 11:48 AM
    We know that the vast majority of these fail and the money is made in the solicitor fees. However, a really tiny minority will succeed. Mainly where it is cheaper to settle than to argue the case.

    If the firm had has evidence of wrongdoing, then the FCA regulated complaints process is free of charge to use and does not require a solicitor.

    Also, if firms have identified a failure like this they are required to notify the FCA. Indeed, several of these have happened and the lenders have proactively taken action to provide redress without using a CMC.

    In the US, they have taken action against mortgage audit claims and have treated them as scammers. The similar method was used over there. No fee up front. Wait a while and then get told you have a case but it needs the solicitor who needs paying. Often string that stage out and repeat it to get increased fees. Then, in the end, the majority fail leaving the person out of pocket. The tiny number that succeed are then heavily advertised to make it appear that wins are normal. Whereas the majority of people end up out of pocket.

    Despite many people posting on this site saying they have been caught by Mortgage Audit Bureau and are going through the process, I don't believe we have ever seen anyone post on this site with a success.
    Last edited by dunstonh; 09-03-2018 at 11:50 AM.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 10th Mar 18, 12:05 AM
    • 20,469 Posts
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    Moneyineptitude
    • #7
    • 10th Mar 18, 12:05 AM
    • #7
    • 10th Mar 18, 12:05 AM
    This firm have some kind of unique auditing system which reads your statements and shows where you've overpaid.
    Originally posted by Gym Swerver
    Oh really?

    They "audit" lenders they have no connection to, do they?

    Just realised I've inadvertently put this claim firm back to the top of the forum..

    Won't be doing that again..

    I don't believe we have ever seen anyone post on this site with a success.
    Originally posted by dunstonh
    Indeed.
    • Gym Swerver
    • By Gym Swerver 13th Mar 18, 5:19 PM
    • 5 Posts
    • 1 Thanks
    Gym Swerver
    • #8
    • 13th Mar 18, 5:19 PM
    • #8
    • 13th Mar 18, 5:19 PM
    The way you've decided to edit out parts of what I actually wrote do make it look like a scam post. Well done to you!

    I haven't had any success with this company yet, so am certainly not giving credit anywhere.

    I was as dubious as others when I responded to this companys' advert, hence me searching for reviews. I found this one and am merely updating whoever is interested about my case.

    I know full well there is as much chance of it going belly-up as there is me getting a payout! If it does, I will be publishing details of that too, trust me.
    • Moneyineptitude
    • By Moneyineptitude 13th Mar 18, 10:22 PM
    • 20,469 Posts
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    Moneyineptitude
    • #9
    • 13th Mar 18, 10:22 PM
    • #9
    • 13th Mar 18, 10:22 PM
    I haven't had any success with this company yet,
    Originally posted by Gym Swerver
    I'm certain you'll return regardless.

    I'm afraid I won't be convinced either way.

    Sorry.

    (Awww,I've just put this firm back to the top of the forum again! )
    • tillboy
    • By tillboy 15th Mar 18, 8:26 PM
    • 259 Posts
    • 131 Thanks
    tillboy
    I'm certain you'll return regardless.

    I'm afraid I won't be convinced either way.

    Sorry.

    (Awww,I've just put this firm back to the top of the forum again! )
    Originally posted by Moneyineptitude
    Just for the record as the OPI have nothing to do with Mortgage Audit Bureau, my post was a genuine query and hopefully my history and standing on the forum attests to this.

    Sadly certain responses which sound too good to be true quite probably are.
    • Claire1407
    • By Claire1407 17th Mar 18, 12:10 PM
    • 1 Posts
    • 0 Thanks
    Claire1407
    I've just received my agreement to sign but an slightly concerned about signing - it says they will charge an admin fee of 25 (which i assume is per hour) plus disbursements plus 25% success fee plus vat. I emailed the mortgage audit bureau as was concerned the admin and disbursements could add up to more than i get back and they said the fee is no win no fee at 30% of amount won. Now very confused and don't know if to sign or not
    • dunstonh
    • By dunstonh 17th Mar 18, 12:22 PM
    • 93,042 Posts
    • 60,436 Thanks
    dunstonh
    If the chances of success are so high, why are they:

    1 - not using the free of charge complaints process
    2 - why are they charging upfront fees

    If they have identified failings, why haven't the FCA taken action (as they have with other lenders where CCA failings have been recognised). In those cases, the lenders were required to contact the people directly and pay redress. No CMC involved or paid for.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • worried jim
    • By worried jim 17th Mar 18, 12:26 PM
    • 9,231 Posts
    • 14,239 Thanks
    worried jim
    Sadly certain responses which sound too good to be true quite probably are.
    Originally posted by tillboy
    It will (still be) a con.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • Blue Day
    • By Blue Day 22nd Mar 18, 8:29 PM
    • 1 Posts
    • 1 Thanks
    Blue Day
    Glad I found this thread - seems tillboy has had similar dealings to myself with MAB.

    I filled the forms in a couple of weeks ago and have just received the email saying we are eligible for a claim (hence me searching on here for any advice). Have been told the solicitors will get in touch to arrange an appointment. My guess is, from the content of the email, I will have to sign an agreement to pay them 30% of any monies recovered. I asked how much we were looking at and again they said the solicitors would have the figure for me, but as an aside they did say the solicitors dont usually go ahead with claims if under 10,000.

    So we shall see, Ill keep you informed
    Last edited by Blue Day; 22-03-2018 at 8:31 PM.
    • Zadam
    • By Zadam 23rd Mar 18, 10:50 PM
    • 1 Posts
    • 2 Thanks
    Zadam
    The 30 % will only cover the base cost, i have requested the audited report which has nearly taken two weeks by issuing a subject access request, i personally think there is no claim or figures stating over 10 k in over payments including interest etc, and they will submit a false claim against the lender and charge us !!!8220; the above the base cost!!!8221;which will be in the hundreds if not thousands and you would of signed the paper work by sending it back to Allison!!!8217;s to find out how much you think you are owed. I personally think it!!!8217;s a scam but will update when I have the audited accounts on Monday so they say !!!
    • MoRgAnAtOr666
    • By MoRgAnAtOr666 16th Apr 18, 10:48 PM
    • 2 Posts
    • 0 Thanks
    MoRgAnAtOr666
    Any further news on the claims being handled by Mortgage Audit Bureau? - Im wondering whether I should I go ahead with mine.
    • Moneyineptitude
    • By Moneyineptitude 16th Apr 18, 10:51 PM
    • 20,469 Posts
    • 11,347 Thanks
    Moneyineptitude
    Any further news on the claims being handled by Mortgage Audit Bureau? - Im wondering whether I should I go ahead with mine.
    Originally posted by MoRgAnAtOr666
    Have you read this thread at all?
    • MoRgAnAtOr666
    • By MoRgAnAtOr666 17th Apr 18, 7:25 AM
    • 2 Posts
    • 0 Thanks
    MoRgAnAtOr666
    Yes I have read the thread... thanks for the condescending reply! - its mostly made up of people who have no experience of dealing with the company but who are making assumptions..the couple of members who have started with claims with mortgage audit bureau are yet to post what the outcome was - this is what I was asking about.
    • Browntoa
    • By Browntoa 17th Apr 18, 7:40 AM
    • 33,202 Posts
    • 39,148 Thanks
    Browntoa
    It's a variation of the PPI claim company

    Up front fee

    30% commission

    They scatter gun with letters in the hope that maybe you have a case. (They have no "special software " or insider access)

    So as in PPI claims

    You can make the claim yourself

    You don't need to pay 30%


    There is a very slim chance you have a claim , as pointed out there is NO current proof that this is a big problem (if it's a problem at all)
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • Moneyineptitude
    • By Moneyineptitude 17th Apr 18, 10:46 AM
    • 20,469 Posts
    • 11,347 Thanks
    Moneyineptitude
    the couple of members who have started with claims with mortgage audit bureau are yet to post what the outcome was - this is what I was asking about.
    Originally posted by MoRgAnAtOr666
    There are no assumptions. It's a scam. Those who have posted that they have used the company (on this and other threads) have universally said that their "complaint" came to nothing, but they still had to pay in excess of 800 for a "mortgage assessment".

    I'm now wondering if this thread keeps getting bumped by random first time posters to keep the name of the company at the top of the forum?

    I notice posts by "Gym Swerver" that I partly quoted are now deleted...
    Last edited by Moneyineptitude; 17-04-2018 at 10:48 AM.
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