Mis-sold Mortgage

[joedachef]

well I was contacted by a claims company back in December, asking about mis-sold mortgage from a broker, I filled in a form and sent it off and after a long, while it came back with the yes answer
So they sent me the paperwork for me to sign, and when I ask how much did they think it was worth they said about £30k, I took a look at the charges
eg: claim value -£50,000 vat=£3500, drawdown fee= £180, ATE PREMIUM (INC IPT @12% =£2,564.80 AND THERE 35% contribution £17,500 leaving the lucky person £26,255.20
When I said the broker had gone out of business, apparently it does not matter they get the money from somewhere
Is it possible I could do this my self - I did successfully get my bank charges back from the nationwide
they said I had about 30k to come back, so I would be left with about 15k
what do you think folks

[Amethyst]

Did you sign the paperwork ?

Is the ATE fee payable up front ? What happens if they don't get a refund ? What happens if they try to take it to court and lose - how much will that cost you ?

And what kind of mis-selling are you talking about - mis-sold interest only mortgage ? what makes you think it was mis-sold ?

And is it your current mortgage ?

The SOMEWHERE will likely be the FSCS ( financial services compensation scheme ).

Can you say which company it is - research shit out of them before signing anything.

And yes, you can do anything yourself but need to know what you filled in and sent back, what you have agreed to, and what the cancellation terms are. Have you actually heard anything back from them since December ?

[joedachef]

Hi
No, I have signed nothing
their website is https://myclaimsolved.com/
the legal company is Pure legal limited-solicitors
they want to get a Mortage Audit Report, as it was an interest only with a mortgage broker, who they think mis-sold the mortgage
All fees come out of payout-no win-no fee
there are pages of conditions -here is a brief copy

All of the work we do on Your claim for damages against Your mortgage broker or any other party subsequently found
liable for professional negligence or breach of statutory duty, which arose from the provision of financial advice and or
financial services to You. This includes any claim made to the Financial Services Ombudsman (FOS) or the Financial
Services Compensation Scheme (FSCS)
. Any appeal by Your opponent
. Court action to enforce Your compensation award if You win but Your opponent does not pay
. Any appeal You make against an interim order during the proceedings
What lS NOT covered by this Agreement
. Any counterclaim against You
. Any appeal You make against a final judgment or order
The Agreement
This agreement is in two parts.
Part 1. Damages Based Agreement.
lf the company or person who is alleged to be negligent is no longer trading the Claim will be handled by the FOS or dealt
with under the FSCS.
ln these circumstances Our fees will not be recoverable from the FOS or FSCS, Our fees will therefore be payable by you only
if Your claim for compensation is successful and You receive damages from the FSCS or FOS, from any damages you receive.
Our fees will be 35% of any damages You receive plus VAT.
lf Your CIaims is not successful we shall charge no fees.
The reason for setting Our fees at this level are the same as those set out as section 7 of the Conditional Fee Agreement
Terms and

this is some nice reading-lol

[Amethyst]

Did they email the terms in a PDF ? ( post it ) Otherwise what's

section 7 of the Conditional Fee Agreement

Terms ?

Pure Legal - not sure which -
http://solicitors.lawsociety.org.uk/...citors-limited
http://solicitors.lawsociety.org.uk/...-legal-limited

My Claim Solved

My Claim Solved Limited, Tormohun House, Barton Hill Road, Torquay, TQ2 8JH
MOJ -

https://www.claimsregulation.gov.uk/...ddate=99991231

Companies House - https://beta.companieshouse.gov.uk/company/07718504

Basic Terms - https://myclaimsolved.com/terms-conditions.php ( which says 30% plus VAT btw )

35% + VAT on a £50k refund is £21,000. Plus the other bits and bobs you listed earlier.


Cancellation seems to be work to date charged at £80 per hour ( calculated in 6 minute increments )



Anyway that aside, why do you feel you were missold your mortgage ?

Was it opened between 2004 and 2008 ?

Was you a first time buyer ?

Did you know it was interest only and what that was ?

Did you discuss a repayment vehicle to repay the mortgage at the end of the term ?


if you have a complaint you should make it first of all to the mortgage company specifying that your broker is kerputt, send a Subject Access Request to your mortgage provider for the original application documents, Was he part of a company that has gone under? if so a SAR to the administrators. Check with the FCA that the broker was authorised at the time of the sale ( https://www.fca.org.uk/firms/financi...vices-register) and put your complaint in writing … then take it to FOS ( financial-ombudsman.org.uk/publications/technical_notes/interest-only-mortgage-case-studies.html )

[joedachef]

they posted out the papers

[WSPH]

Don't get involved with this lot. They are regulated but operate like a claims management company. You dont need them. Just call the lender and complaint. They have to look into it - its their regulatory obligation. if they don'd do go to the Financial Ombudsman. Its free of charge and you will retain 100% of any redress. Dont give it to Pure legal Limited.

[joedachef]

Is there anywhere online i can get info on it,or idiot's guide to claim-i did take nationwide to court over there bank charges and won

[SwiftNick]

Be very careful with this lot Pure legal. They are part of a law firm in Sheffield which is notorious for sharp practice. can't go into detail but they tried sticking a pal of mine with a big massively bigger than what was agreed.

[Lawing]

Ex staff here. I felt compelled to sign up just to reply. I realise I’m a bit late to the party.

PLEASE don’t use this company. They haven’t settled a single case. Beyond the commission for the loan they get they have zero interest in your case.*

I quit because of how unprofessional they are in every way imaginable.*

[robinhood]

Ex staff here. I felt compelled to sign up just to reply. I realise I’m a bit late to the party.

PLEASE don’t use this company. They haven’t settled a single case. Beyond the commission for the loan they get they have zero interest in your case.

I quit because of how unprofessional they are in every way imaginable.

Thanks for the heads up. I'm still confused as to how they are making money. It all seems a bit smoke and mirrors. I'm sure they probably ramp up the cost of the ATE policy (ie probably costs less than quoted), and the funding agreement (which pays for the ATE policy) is signed up quickly (prior to data even being received from the lender). But where are Pure Legal making money on this? Are they hoping people just cancel so they can charge them a large fee? Clearly they're not winning any cases? Someone has to be earning somewhere down the line. I just haven't figured it out yet.*

[starbutton1]

I am also wondering how Pure Legal are making money to survive as a business?* If they have no successful claims surely no commission?* and I cannot see the insurance company attached to it would keep allowing policies if they were just constantly paying out?

[Peklams]

I've signed up to pure legal in York with regards to a broker payment, I'm very unsure about this, someone came to my house and I signed paperwork regarding a "loan" that pure legal said I needed to take out a novitas or something, the paperwork I recently signed is for them to get compensation from Norton finance and picture loans who myself and late husband took secured loans out with against property. I would like to know if anyone has had a successful claim through pure legal.

[monsal]

Without knowing the details of your case, it is difficult to know if there is a genuine reason for complaint. Of course, only you will know this. Pure Legal are known for submitting very speculative "complaints" and so there success rate is absolutely tiny....if anything!
I would imagine that you have signed for a loan to cover After The Event Insurance. I would be very wary about doing this and if you can cancel with Pure Legal without incurring any fees, then I would suggest that you do.
If there is a complaint to be made, you can always do this directly with the lenders and you will then receive 100% of any redress due.
I spend my days dealing with firms like Pure. I have absolutely no issues with genuine complaints, but these are just bottom feeders. The administration and data protection issues with them are horrendous

[Knighthopper]

Ex staff here. I felt compelled to sign up just to reply. I realise I’m a bit late to the party.

PLEASE don’t use this company. They haven’t settled a single case. Beyond the commission for the loan they get they have zero interest in your case.

I quit because of how unprofessional they are in every way imaginable.

Hiya, I tried to make a claim with them against my Mortgage provider for Mis-sold Interest Only Mortgage. They said that they couldn't pursue my case because I singed all the Mortgage Docs, even though my Broker advised that I couldn't get a Mortgare unless I serl=certified. I've just received a letter from them saying that I now owe them for the costs they've incurred in investigating the case! Is this a scam or should I be taking this letter seriously?

[Knighthopper]

Can anyone advise please?