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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.* *
.* *
*
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.* *
.* *
*
