Money back from Sub Prime Mortgages

[belle2007]

Has anyone heard of the newest claim in the mortgage industy?

 

You can now claim money back if you've had sub prime mortgage due to a faulty contract.

Been told you can claim thousands and thousands back.

 

Anyone any experience with this?

[Stornoway]

Maybe if you could prove that you were mis-sold the mortgage because you could have obtained a prime loan then you would have an argument to claim back some of the interest paid. The FSA have recently reviewed the practices of a number of sub prime brokers and found problems.

[nickel]

Hello,

 

I have someone getting me some money back on a Northern Rock together mortgage. Apparently lots of contracts between 1990 and 2005 are actually invalid. I'm not sure of all the legal details but if you want to message me I will give you their contact details.

 

One of my friends is also going through the same process for a repossession, again the contract was invalid and shes looking to get back the value of her home at todays market value!

 

Speak to you soon.

 

N

[madh21]

Thats interesting...where did you get this information from?

[nickel]

Hello,

 

I was actually approached by the consultant herself, and she came round to see me for a review and then a few days later said I could get the money back. She showed me a list of the sub prime lenders and all sorts of names were there including C&G, Norwich & Peterborough and Manchester Building society.

 

The intial review is free so you have nothing to lose by getting it done and hopefully get yourself some money back - which is always nice!

 

I thought it would probably be more common but I think its quite a new thing.

 

If you want her details send me a private message.

 

N

[sequenci]

lol @ C&G being "sub prime"

[The Lantana]

Sounds like a [problem] to me nickel and belle

 

Regards

 

Lantana

[nickel]

Hello,

 

Yep I thought it sounded too good to be true. Its actually associated and backed by Barclays Bank so I figured it must be genuine. I've had great communication from them and received all official paperwork.

 

I thought C&G sounded a bit strange but I don't know much about mortgages and in 1990 I was only 13 so had no interest in what mortgage companies were prime or not!

 

N

[sequenci]

I work within this industry, if it was something genuine then I would know about it. Why would Barclays back something like that when they have their figures in MANY sub-prime pies?

[Guest TaffR]

Updated:

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/144942-sub-prime-mortgages-repossessions-4.html#post1527167

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/139123-if-you-have-mortgage-7.html

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/137769-possession-order-my-house-9.html

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/131036-redstone-mortgages-2.html#post1527142

[Guest TaffR]

absolutly!!

 

You only have to read their recent report (01 April) to see how much they are involved in this market.

 

Seq - Have they had any write downs this year?

 

Taffr

 

 

I work within this industry, if it was something genuine then I would know about it. Why would Barclays back something like that when they have their figures in MANY sub-prime pies?

[Guest Legallychallenged]

where are all taffrs posts gone this is maddening now

[Guest Legallychallenged]

he emailed me and my husband to go these posts but i cant find therm

[Guest Legallychallenged]

please put taffr's posts abck up

[Guest Legallychallenged]

i want his posts back up pls

[Guest Legallychallenged]

who can i talk to about this he was really generous with his money to you as well as updating people here on what is really goinmg on in this markets what is wrong with you people pls? I am so angry. he has shown me his messages to you all and ignoring him didnmt you like what he was saying?

[Graham777]

Nickel,

 

I would be interested in your contact as I have a NR Together mortgage.

 

G

[catwoman150]

Nickel,

I would be interested in getting some more information on this as well as I have a NR Together mortgage as well. Could you please pm me the info.

 

Thanks.

[GRIFF27]

I don't know whether my case is the same thing as you were discussing but if it is, it certainly isn't a [problem]. I went on a site called 'My Vesta' and solicitors took up my case. I had a secured loan taken out in 1993 the interest was extortionate but apparently the way the agreement was put together was wrong. The agreement was not drafted as if it were regulated by the Consumer Credit Act 1974 because the advance was in excess of £15,000 but it should have been because aa a condition of the loan the arrears on our mortgage had to be paid off (restricted credit) so this was a multiple agreement. As a multiple agrrement the amount of credit in each part was below £15,000.

I have not won this case yet but a barriater said I have a very good chance of recouping all monies paid plus interest from day of redemption. Court papers have been issued so we are just waiting.

I would advise anybody with old agreements to get them looked at. I know we were lucky as we were granted legal aid to fight this, but if you don't try you will never know.