Tweet
I was recommended to a financial adviser by an insurance broker when I was looking for a loan. Chap came around, discussed my loan requirements for a 50k loan he said he'd need to go to a broker and I thought no more of it. He came back with the paperwork from xyz loan company and he filled in all the application form himself and we signed it, he sent them off, spoke to the brokerage, came back for copies of passports etc and the loan was approved. Before the paperwork came back he phoned and said to me " I have built into the figures a further 10k if you need it so you can have 60k if you want - I said okay, he came back with new loan company paperwork sent it all off witnessed our signatures on the legal charge and we got the loan.
Now, as I'm taking the loan company to Appeal over the agreement shortly as a multiple agreement I needed to do what I do best and gather all the documentation regarding broker fees and secret commissions etc and I emailed this guy asking for the paperwork he had and I asked him how much he received as a fee. His email said " I didn't have anything to do with your loan, I just introduced you to the broker and any paperwork I had we only keep for 3 yrs and then it's destroyed.
Keeping this as short as I can here, I emailed back saying that's not true and you know it, (the brokers had by this time gone bust) so if you don't supply what I need I will call you as a witness in the high court at the appeal as I need to know. That brought him to life and he wrote me a letter saying he didn't advise me (he did) as he was not authorised to do so. With his name all over my paperwork, the copy of the Application form in his own hand and now this letter I have enough to sasy this guy was not actually licensed by the OFT for arranging, selling or introducing Loans. His headed paper states that :
xxxxx is the trading style of Mr A. Gent and xxxxx is an appointed representative of ABC Network Ltd which is authorised and regulated by the FSA in respect of mortgage and insurance mediation activities only.
So, it appears he is licensed only to undertake Mortgages and insurance, but not loans.
The OFT Booklet page 9 and page 18 http://www.oft.gov.uk/shared_oft/bus...ces/oft147.pdf states that it appears he would at least require a Category C license and that it is a criminal offense to do what he did and that the loan agreement would be deemed unenforceable as a result. :tinysmile_grin_t:
My question here is:
The OFT cannot give advice, so how does one go about approaching the loan company to tell them about this, do we need a solicitor? (I've already got myself to an appeal court thus far with only a direct access barrister, done all the ground work myself) and how might this all pan out once I have told the loan company. What might the remedies be for me?
I don't rightly care about this agent fellow, I couldn't care if he was prosecuted or not, I doubt I would pursue him myself, having the loan agreement sorted would be good enough for me on the lines I have been following to date, but has anyone any experience of how I handle this at all?
Thank you
Now, as I'm taking the loan company to Appeal over the agreement shortly as a multiple agreement I needed to do what I do best and gather all the documentation regarding broker fees and secret commissions etc and I emailed this guy asking for the paperwork he had and I asked him how much he received as a fee. His email said " I didn't have anything to do with your loan, I just introduced you to the broker and any paperwork I had we only keep for 3 yrs and then it's destroyed.
Keeping this as short as I can here, I emailed back saying that's not true and you know it, (the brokers had by this time gone bust) so if you don't supply what I need I will call you as a witness in the high court at the appeal as I need to know. That brought him to life and he wrote me a letter saying he didn't advise me (he did) as he was not authorised to do so. With his name all over my paperwork, the copy of the Application form in his own hand and now this letter I have enough to sasy this guy was not actually licensed by the OFT for arranging, selling or introducing Loans. His headed paper states that :
xxxxx is the trading style of Mr A. Gent and xxxxx is an appointed representative of ABC Network Ltd which is authorised and regulated by the FSA in respect of mortgage and insurance mediation activities only.
So, it appears he is licensed only to undertake Mortgages and insurance, but not loans.
The OFT Booklet page 9 and page 18 http://www.oft.gov.uk/shared_oft/bus...ces/oft147.pdf states that it appears he would at least require a Category C license and that it is a criminal offense to do what he did and that the loan agreement would be deemed unenforceable as a result. :tinysmile_grin_t:
My question here is:
The OFT cannot give advice, so how does one go about approaching the loan company to tell them about this, do we need a solicitor? (I've already got myself to an appeal court thus far with only a direct access barrister, done all the ground work myself) and how might this all pan out once I have told the loan company. What might the remedies be for me?
I don't rightly care about this agent fellow, I couldn't care if he was prosecuted or not, I doubt I would pursue him myself, having the loan agreement sorted would be good enough for me on the lines I have been following to date, but has anyone any experience of how I handle this at all?
Thank you
lost the plot. and also their reply.
Comment