Pursuing a claim against Ocwen/Igroup

[Cybernoid]

Hi all

 

I do hope I have posted this in the right place. I have endeavoured to do as much of my own research as possible so far on this subject (detailed below), and don't expect busy people to do the legwork for me, but pointers would be very much appreciated please.

 

My parents have recently been contacted by a firm of solicitors regarding a loan they took out in the late 90s with Ocwen/Igroup, offering to pursue a claim on a no-win no-fee basis, for a 35% commission, for secret commissions paid by the lenders to a number of brokers.

 

My parents are elderly now, and I would like to do my best to reclaim the funds on their behalf. In addition, they have been hounded by GE Money on a regular basis in respect of a mortgage they are still paying off(in my view they have made bad financial decisions, unfortunately). Therefore, although I intend to pursue this matter dispassionately, I know it would give them a great deal of satisfaction if I were successful :-D

 

My research so far as yielded the following:

 

• Secret commissions were quite common in the sub-prime lending market at this time.
  
• Ocwen/Igroup are now GE Money (can be corroborated by info held at companies house?)
  
• Relevant case law is Wilson & Anor v Hurstanger Ltd (sorry not able to link to Bailii as new poster)
  
• Failure of the broker to disclose a commission paid by the lender constitutes a breach of his fiduciary duty
  

My next steps, however, are uncertain. I have asked my parents to find any relevant paperwork they have dating back to this time. I am assuming I can get them to submit a Subject Access Request under the Data Protection Act to both the lender (and the broker, if they still exist) and gather all information they can about the loans, to find out the nature and extent of any additional commission paid in respect of these loans? Guidance here would be appreciated, please.

 

 

Things I am not sure of, yet:

 

• Are we able to pursue the commissions paid in the respect of these loans, given the time that has elapsed since?
  
• What will be seeking to claim? The amount of the commission? The interest paid as a result? presumably it would be difficult to prove any loss incurred by being sold a more expensive product as a result of this conflict of interest
  
• I am not a lawyer. I am what I would class as legally literate, and am used to reading legislation and case law (in an entirely different field - social care), and i am tenacious ;-) will I be able to bring this claim on my parents behalf?
  
• Are we likely to incure significant costs in the process?
  

Guidance on any of these points would be appreciated, please.

 

 

Thank you in advance for any pointers you are able to give. And apologies if I have missed any answers to these questions in the research I have already carried out.

Edited October 18, 2014 by Cybernoid
Missing words

[Lesdyxic]

I've been contacted on the same issue. I have spoken to them (Clearview Solicitors), who will not forward any information.

 

I found an older thread with people starting actions against them?

[dx100uk]

I've been contacted on the same issue. I have spoken to them (Clearview Solicitors), who will not forward any information.

 

I found an older thread with people starting actions against them?

 

 

you need to start a new thread

 

 

of your own

 

 

this one is from 2011

 

 

dx