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  • FIRST POST
    Cashpig74
    The TMB, Challenor Investments and a Mis-sold Mortgage
    • #1
    • 8th Mar 09, 9:18 AM
    The TMB, Challenor Investments and a Mis-sold Mortgage 8th Mar 09 at 9:18 AM
    Bought a place through "challenor" in 2006 - they are now being investigated by the fraud squad thankfully - and I end up (via dodgy solicitors and mortgage brokers) with an 85% mortgage from the TMB.

    They used the "valuation" at the time as a purchase price and used the so called 15% discount I received as a "gifted deposit".

    No actual deposit was ever made. I got an apparent discount from 180,000 to 150,000 and the TMB lent me 150,000. SO - I have a 100% mortgage as they lent me 100% of the purchase price.

    Has anyone ever come accross these "gifted deposits" - "discounts" and dodgy "valuations" before?

    It's all in hand now as I've raised the complaint with the FOS and they are fully investigating it for me.

    There's more to it than that also - dodgy paperwork, no actual monies changing hands, AND the bank says that this was a re-mortgage application but they have no evidence of who actually owned it previous to my mortgage application.!!
Page 9
  • Mr E Man
    I have documments that fill and entire black sack realting to this from all sources,

    Cashpig.
    Originally posted by Cashpig74
    Do you have a paper skip near you where you can dump them?
  • AverageJoe
    Do you have a paper skip near you where you can dump them?
    Originally posted by Mr E Man
    give us your address and I'll send him round.
    • Dan_1976
    • By Dan_1976 12th Mar 09, 10:06 PM
    • 915 Posts
    • 379 Thanks
    Dan_1976
    The Valuations company could be involved in the whole scam!
    "Banking establishments are more dangerous than standing armies." Thomas Jefferson
    "How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen

    Debt Apr 2010 0
  • AverageJoe
    I would imagine so - by the looks of it, it has to be a well thought out operation in order to be cleverly concealed. It's easy to sit here and point at what went wrong, but life doesn't work out so neat and tidy in reality.

    No one would make mistakes if we all saw it coming.
    • HelpWhereIcan
    • By HelpWhereIcan 12th Mar 09, 11:06 PM
    • 1,228 Posts
    • 1,282 Thanks
    HelpWhereIcan
    Its a grey area I think. It is not cut and dried otherwise the FOS would have said the same thing.
    Originally posted by AverageJoe
    The FOS is obliged to investigate before they adjudicate and are unlikely to tell you upfront that you have no chance even if that is likely to be the case

    http://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm

    what happens next?

    If your complaint is one we can deal with, we'll usually start by seeing if we can help you and the business sort things out informally.
    We will:
    • look at your side of the story
    • contact the business to get their side of the story
    • weigh up the facts and
    • tell you and the business what we think.
    We might decide the business has treated you fairly and that you've not lost out as a result of its actions. If so, we'll tell you why we think this.
    Sometimes we find there's no clear-cut right or wrong. If so, we might suggest a compromise to help you and the business settle the matter.
    But if you've clearly lost out because of what the business has (or hasn't) done, we'll tell the business what to do to put things right.
    I am an IFA (and boss o' t'swings idst)
    You should note that this site doesn't check my status as an IFA, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • mollypockets
    the exact same thing has happened me with this company and I currently have a case wi
    I had the exact same experience with this company and I also have a case against them currently ongoing with the Ombudsman
    Bought a place through "challenor" in 2006 - they are now being investigated by the fraud squad thankfully - and I end up (via dodgy solicitors and mortgage brokers) with an 85% mortgage from the TMB.

    They used the "valuation" at the time as a purchase price and used the so called 15% discount I received as a "gifted deposit".

    No actual deposit was ever made. I got an apparent discount from 180,000 to 150,000 and the TMB lent me 150,000. SO - I have a 100% mortgage as they lent me 100% of the purchase price.

    Has anyone ever come accross these "gifted deposits" - "discounts" and dodgy "valuations" before?

    It's all in hand now as I've raised the complaint with the FOS and they are fully investigating it for me.

    There's more to it than that also - dodgy paperwork, no actual monies changing hands, AND the bank says that this was a re-mortgage application but they have no evidence of who actually owned it previous to my mortgage application.!!
    Originally posted by Cashpig74
  • kazasid
    I read the former TMB Headman on a radio interview (published on the internet) about December last year say that TMBs "Back Room" were rubbish.
    He was not wrong. My docs say they will debit bank account 11111111 with a strange amount not related to anything.
    Strangely I have a mortgage with draw-downs, but my one advance takes me to the max (this it turns out allows penalty interest charges)
    They failed to set up my redundancy PPI and for 7 months pretended I didn't apply. When I proved I did apply they pretended to set-up an insurance that would not cover my redundancy,
    Then they allowed me to accrue £72,000 in ARREARS before going to court. In court, 5 years later, I was crap (following a mental illness (depression and stress - well who wouldn't) and now they intend to reposses my house quite legally this month.wouldn't???))got a reposession order!!
    So good luck getting anything out of TMB - they are either liars/charlatans or completely inept. - No wonder Halifax wont let them write business.
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