CENTRAL TRUST- i am a mole

Hello CTmole,I really need to know why I have been sent this letter and I hope with you being an insider you might be able to throw some light on it.

Sent on Central Trust Headed Paper

Letter reads,

Dear Mr and Mrs +++++++

THIS LETTER IS IMPORTANT-IT CONCERNS THE MORTGAGE ADVICE WE GAVE YOU IN +++++ 2006 AND REQUIRES YOU TO TAKE ACTION TO REVIEW WHETHER OR NOT OUR MORTGAGE ADVICE WAS APPROPIATE

In +++++++ 2006 we gave you advice about your mortgage options and arranged a mortgage for you.We have set out below the details of the recommendations we gave you.

Why we are writing to you?

Following an internal review C****** T**** has become aware that we may not have fully established that the mortgage that we recommendend to you was affordable,based on your personal circumstances and your income and outgoings at the time we gave you mortgage advice.

This is particularly important if the mortgage we recommended to you was either:

an intrest only mortgage, or

the length of the mortgage extended beyond your state retirement age and, therefore beyond when you might still be in employment; or

Involved a remortgage that incurred penalties (sometimes known as "Early Redemption Charges or ERCs) which were then added to your new mortgage

As a result we may have recommended a mortgage that was not in fact affordable to you.

___________________________________________________

This is most of the first page of the letter that has been sent to me,but then the letter goes on to ask about income and expenditure for 2006 and a questionare for me to fill in,

I have got arrears on the mortgage account,but I have managed to keep to an agreed arrangement for around about 9 months without any missed payments and paying small amounts off of the arrears.

2 of the points that they have raised about the mortgage relate to my circumstances,(early redemption charges and extended beyond my husbands retirement age)

Any advice would be greatly received as I feel this broker is cleaning up the there house before its got dirty.

I HAVE NOT REQUESTED ANY INFORMATION FROM THE LENDER OR BROKER REGARDING THIS ACCOUNT THE LETTER WAS RECEIVED COMPLETLEY OUT OF THE BLUE FROM C++++++ T++++


Sorry about dots and dashes not sure what I am allowed to quote.

many thanks in advance of advice.

:rolleyes: yes i had 1 of these letters 2 weeks ago i rang them up and they asked me questions they said they will look into it and get back to me within 8 weeks.

5yno wrote: »

Hello CTmole,I really need to know why I have been sent this letter and I hope with you being an insider you might be able to throw some light on it.

Sent on Central Trust Headed Paper

Letter reads,

Dear Mr and Mrs +++++++

THIS LETTER IS IMPORTANT-IT CONCERNS THE MORTGAGE ADVICE WE GAVE YOU IN +++++ 2006 AND REQUIRES YOU TO TAKE ACTION TO REVIEW WHETHER OR NOT OUR MORTGAGE ADVICE WAS APPROPIATE

In +++++++ 2006 we gave you advice about your mortgage options and arranged a mortgage for you.We have set out below the details of the recommendations we gave you.

Why we are writing to you?

Following an internal review C****** T**** has become aware that we may not have fully established that the mortgage that we recommendend to you was affordable,based on your personal circumstances and your income and outgoings at the time we gave you mortgage advice.

This is particularly important if the mortgage we recommended to you was either:

an intrest only mortgage, or

the length of the mortgage extended beyond your state retirement age and, therefore beyond when you might still be in employment; or

Involved a remortgage that incurred penalties (sometimes known as "Early Redemption Charges or ERCs) which were then added to your new mortgage

As a result we may have recommended a mortgage that was not in fact affordable to you.

___________________________________________________

This is most of the first page of the letter that has been sent to me,but then the letter goes on to ask about income and expenditure for 2006 and a questionare for me to fill in,

I have got arrears on the mortgage account,but I have managed to keep to an agreed arrangement for around about 9 months without any missed payments and paying small amounts off of the arrears.

2 of the points that they have raised about the mortgage relate to my circumstances,(early redemption charges and extended beyond my husbands retirement age)

Any advice would be greatly received as I feel this broker is cleaning up the there house before its got dirty.

I HAVE NOT REQUESTED ANY INFORMATION FROM THE LENDER OR BROKER REGARDING THIS ACCOUNT THE LETTER WAS RECEIVED COMPLETLEY OUT OF THE BLUE FROM C++++++ T++++


Sorry about dots and dashes not sure what I am allowed to quote.

many thanks in advance of advice.

I will never use Central Trust again as the loan I took out with them two years ago is proving very expensive. The payments are going up in direct contrast with all other interest rates dropping and payments going down, Central Trusts are robbing people blind. When you ask them about they give you some drivel about the LIBOR rate which has also dropped. Bad practice!

CTmole wrote: »

Hiya

I work for Central Trust. We're a secured lender and a broker (the broker operates under the name of Central Capital / Debtbuster Loans) and the lender under the names of Central Trust and Central Credit.

Been a long time MSE member, and seen the company appear numerous times on the site as a company a few people had problems with, so thought if anyone had any questions relating to a loan they took out with CT the lender or through CT as a broker to another lender (First Plus etc) i'd be happy to help out with honest advice.

Currently work there so bit difficult to be too specific lest they figure who i am, but happy to answer any questions regards arrears , repossessions, PPI misselling, interest rates etc

koala77 wrote: »

I took out a loan with Paragon Finance in 2007, Central Capital were the broker. I am currently in the process of trying to reclaim my mis-sold PPI. I have only written to Paragon so far but am fully expecting them to direct me towards Central Capital as they were the ones who arranged my loan.

Another complaint I have is that I have noticed as I have been looking over my paperwork, that at no point was I told about any broker fees or commission to be paid by Paragon to Central Capital. I have been reading lots of OFT literature and case law (Wilson v Hurstinger??) and that says that the broker has to tell the borrower what commission they will be paid by the lender. I was not informed orally or in writing about this at any point during the loan processing.

Could you clarify that for me please? Where do I stand with regards to this?

Thanks in advance

Hi there.;)

Did also respond to your post in the discussion thread.

While i'm here though, If you have a copy of the letter you sent to the lender, I would safeguard this now and send a copy to the broker of Cap one.;)
Good luck.

Hi Jason , I am also chasing Central Capital for a PPI refund, I wrote to them about 3 weeks ago, they added £6777 on for my PPI and when I cancelled the policy 5 months later the PPI rebate was only £2264! This meant in effect I paid about £4500 for 5 months policy. I have just received the generic initial response so far. Personally I would push it further, ask them to look at your case again and say that you would like to be put in a position as if you had never bought the PPI. Sounds like they are just offering you a goodwill gesture. If it was me I would be asking them to look at the case again, and give them 14 days to respond or you will be going to the FOS for the full PPI amount plus interest. But it's up to you, I think they will increase the offer if you push it. Koala77