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HP Mum

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HP Mum last won the day on December 5 2016

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  1. So my complaint has been acknowledged. The clock is now ticking. Does anyone here have any experience of broker firms breaching fca regs and being found guilty and liable to reimburse all fees and interest paid over the period of an unsuitable loan? This is such a huge issue - my loss is huge - and I am prepared to go to press with it...
  2. I understand the humour dx and your comment is funny - but you are correct that I am crying with stress...
  3. This is kind of the bare bones of my complaint: Provided with regulated product on advised basis. But no documentation to state what advice given or why. I now understand this is major breach of fca regs. Suffered financial loss as a result of the loan advised to take. Questioning the suitability of the advice given.. No-one can check the suitability of the advice given - due to firm's lack of the required documentation to justify and evidence the advice that I did receive. Summary - that If they are unable to demonstrate advice given was suitable, then I believe I'm due restitution for the loss I have incurred... Does this sound ok? I'm still not sure on where I find details on calculating quantifiable loss?
  4. Thanks honeybee. I need advice definitely on how I work it out. A couple of broker friends have given some tips. I'm just not sure what is allowed to consider? I know: the level of borrowing at the outset / the property valuation organised by the broker (paid by me) / the amount of interest I have paid from then til now / the amount of legal costs paid. The property has just been repossessed & the marketing price is 20% lower than the original valuation. So is the quantifiable loss the difference between high % interest payments I paid instead of low btl % interest I could have paid? And the difference between the original value and the current advertised value (actual sale price) of the property. Plus legals costs?? Not sure how one quantifies emotional stress compensation? There is also an element of loss of rental income?
  5. Does anyone have some input on quantifiable loss situation?
  6. @ericsbrother Thanks for the input. I have now made a formal complaint. And wait to hear... I have also done a bit of research. Whilst the lack of docs and formal advice given is evident - what happens if they try and dispute beyond the 8w? The amount I'm talking about is above the fos limit. I note the fos can "ask" the company to pay more, it would mean probably making it a legal issue...
  7. Update to this: The bank stepped in to protect their interest and paid the service charges owed & 6m in advance - added to friend's mortgage. Amazing result for friend. Although clearly need to ensure there's provision for future charges so friend doesn't end up in same situation again... Thanks for assistance
  8. I am sending in a formal complaint letter. I have checked all the docs with a financial advisor - who confirmed the broker firm breached fca regs. He also says that they've admitted this in their responses to my request for info (SAR). He suggested that the loss incurred is the difference between the property valuation (done by the firm/ paid by me) and the amount of the loan at the time the loan started. The firm should return me to that position. Refund the difference. Is this correct? Just using random figures here - so if the property was valued at 2m and the loan start value was 1.2m - should they return 800k? Or would they return the interest charged during the loan term? + costs? + compensation? What do I need to claim for? I'm a bit confused. I have email trails specifically asking for a btl. Yet they placed in a more expensive short-term loan solution, for a higher fee and then never followed up with the btl. Would I need to work out what a btl would have cost over the same period? (i have examples from the same firm). Work out the potential income earned? And calculate the difference between what I did pay and could have paid - as my loss? And would I include the potential rental income loss? At the time of discussions with the firm I had a short-term tenant (4m) but by the time they eventually placed the loan I was resident. I have checked the docs - and it was a regulated loan. The firm advised me. They confirmed in writing they did no fact find. They also confirmed in writing they did no suitability letter. Thanks for some aid here. I'm very raw with this situation and been left in a really vulnerable position, with kids to care for still. X
  9. If due diligence had been done? I wanted a btl. I was given quotes by different dept within same firm and thus have a record of a % btl interest rate at that same time. The firm organised the valuation. So they were aware of the property value. The value didn't change according to which loan they offered. So - yes - over the loan period I can work out what I would have paid as a btl loan compared to what I paid as a bridge loan. At the time of processing my loan request the firm was aware that the property had a short-term tenant - which was proof of rental that could be achieved (very high and plenty to service loan for very long time (1y) even w/o another tenant) The firm did not secure me a btl loan, the tenant moved out and I moved back in, still hoping for a btl loan. But then the broker said my only option was a bridge. They charged me a huge fee. The difference between what I could have paid as a btl loan, whilst making a rental income, and what I did pay on a rolled-up pay at redemption bridge loan is huge. I am talking bridge rates of 1%/month compared to annual btl of under 4%. I lost my ability to rent the property under the terms of the bridge loan. I was charged a fortune in interest over the bridge period. So is it the figure between a btl and the bridge over the loan period that I need to calculate? And add into my complaint for reimbursement? There have been subsequent huge legal fees incurred - by the lender chasing me for repayment of the bridge loan & by my attempts to defend. Suffering? Well - the very worst type of suffering has now happened. I couldn't sell. I had an incredibly valuable asset. Huge equity. But the interest accrued / the property market suffered and I couldn't find a buyer even at a level just to clear the debt. And now I have lost the property. Repossessed. Lost everything I had. So this is my potential claim?
  10. Ok So I want to now follow up on this. I'm not sure of the process. Do I first make a simple formal complaint to the broker? Or straight away make a complaint to the ombudsman?
  11. I did check the bills. They have tripled the bill as an estimate. No reason. My usage could not possible have tripled; nor will it. In fact it would have reduced a lot as there has been lifestyle changes. Yes I am on a low amount/month - by agreement. I called my bank. There is - apparently - an insurance indemnity which allows you to reclaim the direct debit. I actioned that - so the money will be refunded. It would have been immediate if I had realised what TW had done on the same day as the dd - but as I only realised 2 days later and at the w/e - it will take a couple days for the £s to be refunded. I now need to call/ discuss with TW. Thanks everyone
  12. The broker firm is still very much in business yes. The specific broker has left the firm
  13. Yes And I did a quick check of on-line previous bills. Consumption has gone up a bit - which I will query as I have had faulty meters before. But usage doesn't equate to this bill or their new requested monthly amount.
  14. I will. I just need to get all the info together... Thanks
  15. Hi I pay £10/month to TW by direct debit. They just debited £260. I checked my account on-line and it says this is now my monthly amount payable. I've had nothing in writing/ no discussion with them/ can't possibly be consuming that amount of water monthly. It must be an error. Can I notify my bank and get an immediate refund? And contact TW and tell them to rectify the amount back to where it was?
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