Unfair relationship - second charge lender

[Ruby]

Re: Unfair relationship

Good luck figaro, I am trying to fight my own case with a second charge lender (ADV2/Arrow)under the unfair relationships umbrella, but have been much less brave than you and gone through the FOS. This I know will be a long and drawn out process, but I remain quiety confident.

Would you be able to give us a hint who your lender is?

[figaro123]

Re: Unfair relationship

I am so sorry at this stage I would rather not say who the lender is. Please forgive me. Yesterday I received the underwriting sheet. So I have vacated the hearing but asked for the application fee. The underwriting sheet discloses a hidden broker commission of £3000, but oddly they put my income down as £6000, on the application form I put £5000. I wonder how significant this will be.

[Ruby]

Re: Unfair relationship

Don't worry I understand - It looks like you are in for a very significant refund! Best of luck in getting this matter all sorted and once you have please help the rest of us beat these sub-crime lenders.

[figaro123]

Re: Unfair relationship

I am so sorry at this stage I would rather not say who the lender is. Please forgive me. Yesterday I received the underwriting sheet. So I have vacated the hearing but asked for the application fee. The underwriting sheet discloses a hidden broker commission of £3000, but oddly they put my income down as £6000, on the application form I put £5000. I wonder how significant this will be.

The lender is Blemain Finance

[figaro123]

Re: Unfair relationship

If anyone has a situation with Blemain Finance we might be able to work together on this

[Ruby]

Re: Unfair relationship

Sorry no direct association with Blemain - thankfully - their reputation is notorious!

[figaro123]

Re: Unfair relationship

Is anyone aware of Blemain Finance having any CCJs against them

[figaro123]

Re: Unfair relationship

They have requested judgement be set aside. Are now asking for $14,500 in late payment interest and penalties. Any ideas?

[alham]

Re: Unfair relationship

So sorry for not noticing this thread earlier. Appeal their request and if they are starting a claim against you, counterclaim requesting void of the agreement, plus interests plus the rest. Read this , as recommended above http://www.bailii.org/cgi-bin/markup.../2007/299.html It should bring smile to your face.

[miliitant]

Re: Unfair relationship

if you have now proof of the commission/broker fee and you were not made aware of it, then its game over for the creditor

does the underwriting sheet show if that fee has been incorporated back into the loan, it will be well hidden

[miliitant]

Re: Unfair relationship

Under common law principles of agency, a broker owes fiduciary duties to act in the client's best interests and not to put himself in a position of conflict or make a secret profit. In this case, the broker had an incentive to look for a lender who paid the best commission, rather than getting the best deal for his clients. The only way he could act without breaching his fiduciary duty would be if the borrowers had consented.

it concluded that disclosure of the amountof commission was necessary "to bring home to such borrowers the potential conflict of interest".

But, in failing to disclose the amount, he had, nevertheless, acted in breach of his fiduciary duty because he had not obtained his clients' informed consent to the potential conflict of interest

Where there has been a breach of fiduciary duty, the court has a discretion whether or not to grant rescission. In this case, it could have ordered rescission of the whole loan agreement.

[alham]

Re: Unfair relationship

Spot on MT, the Honorable Judge couldn't put it better.

[figaro123]

Re: Unfair relationship

After requesting the underwriting sheet through the court, I saw they paid over 3000 to the broker which i was not made aware of. Also they stated my income as 6000 per month the income I wrote on the application form my income was 5000 per month per month.I also wrote on the broker application form i would have trouble meeting their monthly payments as my income was sporadic as i am self employed. Do u think I have a good case for having the agreement recinded

[figaro123]

Re: Unfair relationship

After having to involve the court I obtained the underwriting sheet. It showed a broker commission paid by them for £3000 of which I was not aware. Also they overstated my income, I wrote on the broker application form my income was 5000 per month they wrote on the underwriting sheet 6000 per month. I also wrote on the application form I would have difficulty in paying the monthly figure as my income is sporadic being self employed. Also on the application form I was told by the broker to keep the purpose of the loan blank. Do u think I have an unfair relationship case

[figaro123]

Re: Unfair relationship

sorry didnt mean to post twice