• Welcome to the LegalBeagles Consumer and Legal Forum. If this is your first visit to LegalBeagles and you need assistance then you can ask a question here;
    Create a Thread
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

2007 interst only morgagee misssold, loands/card added , advice for a friend

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • 2007 interst only morgagee misssold, loands/card added , advice for a friend

    Hi

    Atter a casual discusion with someone they mentioned they was on an interst only morgagee from years ago,¬* numbers being my thing, i asked if i could have a look at his paperwork.¬*

    After looking at it, it looks like he was a classic case of missselling.¬* prior to 2007, he had repayment morgagee, a loan, 2 cards.¬* All in payment for a number of years.¬* ¬*

    They wanted to sell/move and were advised to take an interst only morgagee, and told that they needed to add the loans/cards to it becasue they could not get a morgagee for less than 80k.¬* ¬*

    The actual morgagee terms are/were terrible, even for the time.¬* ¬*Hes has got a bit behind over the years ( 2010-12 ) but has always maintained a resonable payment.¬*

    I have gone through the inital parts of making a complaint with him, through the firm he got the morgagee with ( still with same firm ) and they are in the process of dealing with it,¬* I undersatand that he may have to go through the regulators, but i suspect his firm will do the right thing.

    My question relats to how missold loan additions¬* to interst only morgagees ( and cards ) are dealt with.¬* ¬*

    If a person was clearly badley advised ( he kept all related paperwrok, even the calculations done by the agent selling him the bad deal ) , do you have to deal with this seporate to the morgagee.¬*

    My take on his situation was,¬* they was paying the cards loans for a long time prior to this change, on relapyment terms.

    This then changed to interst only ( they clearly didnt understand ), so there still outstanding, 13 years later.¬* ¬*They account for nealry 30k¬* ( out of 110k )¬*

    I did a caluclation for them, converting there morgagee to repayment from 2007,¬* keeping the loands/cards off but maintaining the repayments on them,¬* ¬*and the difference is shocking,¬* They was a bread and butter type family, they wasnt pushing the envalope when it came to outstanding finace and the amount they had outstanding prior to the morgagee of 2007 was resonable.¬* ¬*

    His morgagee company, on initial refairal of his disatisfaction, seems quite good,¬* ¬*i just want to know if he is supposed to persue the added loans seporatly.¬* ¬*

    regards George.¬* ¬*

    .¬* ¬*

    ¬*
    crazy council ( as in local council,NELC ) as a member of the public, i don't get mad, i get even
    Tags: None

View our Terms and Conditions

LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.

Announcement

Collapse

Court Claim ?

Guides and Letters
Loading...



Search and Compare fixed fee legal services and find a solicitor near you.

Find a Law Firm


Working...
X