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    • Future Comms issues. Read more at https://www.consumeractiongroup.co.uk/topic/416504-future-comms-issues/
      • 3 replies
    • This is a bit of a lengthy one but I’ll summerise best as possible.
       
      THIS IS HOW THE PHONECALL WENT 
       
      I was contacted by future comms by phone, they stated that they could beat any phone contract I have , (I am a limited company but just myself that needs a business phone and I am the only worker) 
      I told future comms my deal, £110 per month with a phone and a virtual landline, they confirmed that they could beat that, £90 per month with a phone , virtual landline  they also confirmed they would pay Vodafone (previous provider) the termination fee. As I am in business, naturally I was open to making a deal. So we proceeded. 
      Future comms then revealed that the contract would be with PLAN.COM and the airtime would be provided by 02, I instantly told them that this would break the deal as I have poor 02 signal in the house where I live as my partner is on 02 and constantly complaining about bad signal
      the salesman assured me he would send a signal booster box out with the phone so I would have perfect signal.
      so far so good.....
      i then explained this is the only mobile phone I use for business and pleasure, so therefore I didn’t want any disconnection time in the slightest between the switchover from Vodafone to 02
      the salesman then confirmed that the existing phone would only be disconnected once the new phone was switched on.
      so far so good....
      • 14 replies
    • A shocking story of domestic and economic abuse compounded by @BarclaysUKHelp ‏ bank complicity – coming soon @A_Gentle_Woman. Read more at https://www.consumeractiongroup.co.uk/topic/415737-a-shocking-story-of-domestic-and-economic-abuse-compounded-by-barclaysukhelp-%E2%80%8F-bank-complicity-%E2%80%93-coming-soon-a_gentle_woman/
      • 0 replies
    • The FSA has announced large fines against DB UK Bank Limited (trading as DB Mortgages) - DeutscheBank and also against Redstone for their unfair treatment of their customers.
      Please see the links below for summaries and full details from the FSA website.
      It is now completely clear that any arrears charges which exceed actual administrative costs are unfair and therefore unlawful.
      Furthemore, irresponsible lending practices are also unfair and unlawful.
      Additionally there are other unfair practices including unarranged counsellor visits - even if they have been attempted.
      You are entitled to refuse counsellor visits and not incur any charges.
      Any charges for counsellor visits must not seek to make profits. The cost of the visits must be passed on to you at cost price.
      We are hearing stories of people being charged for counsellor visits for which there is no evidence that they were even attempted.
      It is clear that some mortgage lenders are trying to cheat you out of your money.
      You should ascertain how much has been taken from you and claim it back. The chances of winning are better than 90%. It is highly likely that the lender will attempt to avoid court action and offer you back your money.
      However, you should ensure that you receive a proper rate of interest and this means that you should be seeking at least restitutionary damages - which would be much higher than the statutory 8%.
      Furthermore, you should assess whether the paying of demands for unlawful excessive charges has also out you further into arrears and if this has caused you further penalties in terms of extra interest or any other prejudice. This should be claimed as well.
      If excessive unlawful charges have resulted in your credit file being affected, then you should take this into account also when working out exactly what you want by way of remedy from the lender.
      You should consult others on these forums when considering any offer.
      You must not make any complaint through the Ombudsman. your time will be wasted, you will wait up to 2 yrs and there will be a minimal 8% award of interest and no account will be taken of any other damage you have suffered.
      You must make your complaint through the County Court for a rapid and effective remedy.

      http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/120.shtml
      http://www.fsa.gov.uk/pubs/final/redstone.pdf
      http://www.fsa.gov.uk/pubs/final/db_uk.pdf
       
      http://www.fsa.gov.uk/pages/consumerinformation/firmnews/2011/db_mortgages.shtml
      Do you have a mortage arears claim to make? Then post your story on the forum here
      • 0 replies

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Hi

I'm not quite sure in which forum to post this thread, so this is just a taster of what's to follow, so perhaps someone can ensure its in the right area for best advice??

In essence, a broker placed a loan with a lender. 

The loan was secured on an owner occupied private residence. 

Few years later borrower is in trouble & takes independent financial advice. 

Borrower sends in a SAR to broker. 

Turns out the broker did not act correctly. 

They did no fact find;

have no Suitability letter;

they did not fill out an income and affordability form,

they filled in the application form on behalf of the borrower

just emailed the signature page for borrower to sign

- so borrower had no sight of what the application form contained;

the broker did the same for the Terms

- just sent the signature page for borrower to sign. 

The broker did all this on an "Advised" basis.

There's a whole story to follow

- but I just want to ensure its in best forum before continuing.

Thanks 

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moved to the mortgages and secured loans forum.

split the beans..name names..


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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I will.

I just need to get all the info together...

Thanks

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Is the broker still in business?

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The broker firm is still very much in business yes.

The specific broker has left the firm

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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?

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can you calculate your loss

- ie the difference between what you ended up payng compared to what you would have paid if the due diligence had been done.

 

Now it may be you wouldnt have got the loan if it was all legit but that is by the by.

It is the comparison between your bad deal and an honest one that is the figue you want.

Then let them know that you have suffered because of their slap dash commission earning activity and you wnat a refund.

 

When they laugh at you you go to the FCA and reason with them that all of the excess fees, add ons and whatever are down to the misrepreseantations of the broker about your position.

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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?

 

 

 

 

 

 

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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.

 

The position I want to be returned to is where I still have the house and a btl.

 

Could this be achieved if the broker firm reimburse me - a deal be struck with the lender - and a btl given now?

 

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@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...

 

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Does anyone have some input on quantifiable loss situation?

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Have you calculated how much the quantifiable loss is? If not, there is plenty of information on the internet.

 

HB


Illegitimi non carborundum

 

 

 

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Posted (edited)

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?

 

Edited by HP Mum

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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?

 

 

And how does one begin to demonstrate non-quantifiable losses - such as stress? 

 

 

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show them all your posts here...🤣🤣 that should do..


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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I understand the humour dx and your comment is funny 🤣 - but you are correct that I am crying with stress...😭

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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...

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