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mashmallow

Reclaiming Brokers Fees

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Is it possible to reclaim the fee brokers charge for getting you a loan as they include it in the loan.

 

Regards,

 

Thanks

 

 

Mashmallow

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Guest Old_andrew2018

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hi , not too sure about it but if they are charging you twice for the same thing i would think you have a good case.

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Hi mashmallow:)

 

Are you meaning the broker's fee is added to the loan and interest is charged on it, as opposed to it being charged separately upfront?

 

Regards,

 

Landy x


LTSB PPI on various loans (current/settled) - Refunded inc 8%

 

MBNA 1 Charges - Refunded inc CI

 

MBNA 1 PPI - Refunded

 

MBNA 2 Charges - Refunded inc 8%

 

MBNA 2 PPI - Refunded

 

MBNA 2 Accident Ins - Refunded

 

Swift Advances (settled) Mortgage Charges -Partially refunded

 

Swift Advances (settled) Mortgage PPI - Refunded inc CI & 8%

 

Sainsburys (settled) Loan PPI - Refunded inc CI +8%

 

Sainsburys (closed) Card Charges - Refunded inc CI + 8%

 

M&S Money (closed) Card Charges - Refunded inc CI

 

M&S Money (closed) Card PPI - Refunded inc 8%

 

Direct Line (settled) Loan PPI - Refunded inc CI + 8%

 

Debenhams Card (closed) PPI - Refunded inc 8%

 

Swift Mortgage Charges -Refunded

 

Hitachi Finance (closed) Charges - Refunded

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Sorry I did not reply earlier I thought I was getting blanked. I will check my agreement and see if it is included and get back.

 

Thanks for replying back to me.

 

regards,

 

Mashmallow;)

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I was trying to make sense of our agreement I would scan but scanner is not working. Any way if I just explain of figures on the agreement someone would be ale to see if it is correct or not, I am not the brain of Britain and get confused easily so here goes, if someone could just have a look and give me their opinion i WOULD BE VERY GRATEFUL.

 

Amount of Credit:- 15,000

Amount of Monthly Repayment:- 238.28

No of repayments: 120 months

 

Other Financial Information

 

Interest:- £11,843.60

Broker Fee:- £1300.00

Loan Admin Fee:- 450.00

Total charge for Credit:- £13,593.60

rate of Interest:- 11.79% p.a variable

 

This info is on the Loan Agreement

 

Please could someone be kind enough to see if this is correct.

 

Kind Regards,

 

Mashmallow

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Someone has kindly got back to me on this thread, apparently Swifts have included interest on the brokers and admin fee. Can they do this or is this reclaimable?

 

Thanks

 

Mashmallow

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Customers looking for a low rate loan do not understand that their broker has placed money upfront on their behalf. For example, some broker are paying upfront fees for BSQ (Building Society Questionnaire) at £98, Valuations from £85 up to £250 and first charge consent forms at £100. This means that your broker has paid on average £280 before your application is sent to the lender. If the application fails your broker will incur this deficit.

Edited by 42man
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Aside from the brokers fee it is very likely Swift will have paid the broker a backhander too (in adition to the brokers fee mentioned)....which YOU paid for.


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Someone has kindly got back to me on this thread, apparently Swifts have included interest on the brokers and admin fee. Can they do this or is this reclaimable?

 

Thanks

 

Mashmallow

 

In short, yes they can do this and no you can not claim it back. The FSA does not clearly state how APR should be calcualted and Swift do include the Lender Fee/Broker Fee onto the loan before working out the APR. This compounds your payment. You can work this out uisng Microsoft Spreadsheet using the (APR-(monthly rate * 12)*loan amount) to give the total fees.

 

Edited by 42man

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