Brokers Fees!

[42man]

It is quite rare that the underwriting sheet gets sent with a SAR....As you'll see in the Wilson vs Hurstanger case the lender has a fidiciary duty to provide what has been paid to the broker....the idea of a secret commission did not sit well with that judge in that case....was the 'secret' amount much Fretful ?

[frettful38]

Hi 42man, no not that much about £340, but there are many flaws in my agreement. I have contacted 2 firms of solicitors to look at all the evidence and my agreement and wait to see what they come back with.

 

I don't know if I should contact the FOS direct and put forward to them what my complaint is, as they already are dealing with 2 of my complaints at the moment, and I don't want them to think I am a pain in the xxxxx.

 

YOu think I should just wait and see what the solicitors say, or go to the FOS?

[42man]

If it was me i'd wait to see what the solicitors say...then if it is a no go then i'd give it to the FOS...

[frettful38]

Your right, I will do that. Hopefully the solicitors will agree and take on my case and I can sit back and find more mischief to get in to;), only joking.

 

Thanks 42man,

[42man]

Keep me posted !!

[frettful38]

Will do. Hopefully I should hear something this Friday and will let you know as soon as I do.

[frettful38]

Thanks

Edited October 28, 2009 by frettful38
wrong

[Gallahad]

on bbc teletext today....

GMAC-RFC mortgage lender fined by FSA for mistreating customers who fell into arrears. They have also been told to repay £7.7 million plus interest to 46,000 of its borrowers. FSA said the company levied unfair charges on customers who fell behind with their payments and were too eager to reposses them. GMAC apologised and some of its charges had been excessive.

I trust this may assist your cause.

[frettful38]

Thanks Gallahad I read that and it is awesome news for the consumer, by the way my mortgage is with GMAC to and I don't think I have any arrears, but will check with them.

 

ta

[42man]

You might like to have a read of this - http://www.consumeractiongroup.co.uk/forum/legal-issues/198906-court-case-2-northern.html

[frettful38]

You might like to have a read of this - http://www.consumeractiongroup.co.uk/forum/legal-issues/198906-court-case-2-northern.html

 

 

Thanks 42man, but the above is a little different to what I am searching for. I started this thread about brokers fees, and wanted to know if this should be added to the total loan and then interest charged on top?

 

Love to hear from anyone with their view too. I had a claims company look at my loan agreement back in MAY and they said that I had a case for secret commission that I paid, and they were a no win no fee company. The advice they gave me is attached below. I contacted this company again yesterday by email. I put forward to them all the discrepencies Sparkie found in my agreement and asked them why they did not pick on those points. The lady who was dealing with my claim said that if I wanted her to ask any questions and if I wanted her to look over the agreement again I would have to pay an upfront fee of £250. I said to her that she had already been paid by the legal commission and it was her mistake that she did not read my agreement properly.

 

As for the secret commission being paid it was I who told her of this, so she did not do any investigating herself. I said to her that I will not pay anything as she should have advised me better, I called her bluff and said I got a second opinion and my agreement is Unenforceable, she then agreed to have a quick look at my agreement again for free, how kind of her. Anyway I sent her an email with my agreement attached and all the points I wanted to raise with her, and she will get back to me some time today. If she agrees with my points she will probably think I have good chance against Blemain, if not I will keep trying somewhere else.

Advice from CMC.doc

Edited October 30, 2009 by frettful38

[42man]

Yes the rescinding of the contract means that if successful in your claim, then a judge would take it back to the position that you were in when you took the loan out....so you would pay back just the amount you borrowed and no interest.....

[frettful38]

Yes the rescinding of the contract means that if successful in your claim, then a judge would take it back to the position that you were in when you took the loan out....so you would pay back just the amount you borrowed and no interest.....

 

 

Thanks 42man, is there a possibility that the judge could declare my agreement unenforceable? Or is this the only option that option the judge would give by making rescinding my contract.

 

If I was to challenge it and it was ordered that I only had to pay back the amount I borrowed and no interest, it would literally be impossible as the money has been spent and with how things are at the moment there is no way to get another loan. In other words I am basically stuck in a catch 22 position!

[42man]

Yes of course you can challenge the agreement to be unenforceable.....how much have you paid back already ?

[frettful38]

Yes of course you can challenge the agreement to be unenforceable.....how much have you paid back already ?

 

 

About £7,500.'ish, not including penalties of £35 x 16 letters for arrears.

[midge61]

Seems our friends have been to court

 

BBC NEWS | Business | Five-year block on repossession

[frettful38]

midge61 that is excellent news, I could argue that my agreement with Blemain is more than unfair. I was on Income Support and on anti-depressants when Blemain gave me a loan, and my OH was self-employed with no accounts. This is just the start of things, the things I have discovered after that are even more shocking.

 

I am quite surprised that the solicitor from the CMC has not got back to me yet, I wonder why?. I had a good few words to her yesterday and told her that she did not look at my agreement correctly, and she offered to look at it agin free of charge, how sweet of her.

 

Anyway thank you very much for posting that up, it is very useful and hopefully will come in handy when I start my claim against Blemain, which I have decided to do.

[42man]

Well found Midge. thank you....FF I think you should take heart from that BBC release....sounds like this one mirrors your own !!

[frettful38]

Oh definitely 42man, it does mirror mine and more. I can use that to my advantage, and that solicitor still has not got back to me yet.......................................................

[midge61]

It definitely seems they are desperate not get a court ruling against them !

 

perhaps they are trying to avoid being brought to the attention of the FSA......poor souls!

[frettful38]

Well I am in the process of starting my first steps of complaint against them, I will go through the correct channels. First I will address Blemain with all my concerns and complaints, if I am not satisfied with their response then I will take it further.

 

I wish Client Cartel could take my case on

[frettful38]

This is the emails I received from the solicitor at the CMC who looked at my agreement,

 

1st email.

 

Unfortunately I cannot recall your case and your physical file will be in our archive department now. To retrieve the file would cost £25 plus VAT.

However, having looked at the file on our computer system which only shows letters sent out I can see that on 18th February 2009 I wrote to you to explain that I had assessed your agreement. I attach a copy of this letter and you will note my assessment.

Your agreement is unregulated and was entered into after April 2007 making any challenge to the agreement much more difficult. You would have to rely on the unfair relationship provisions contained within the Consumer Credit Act 2006 and whether the agreement is unfair will depend upon your instructions in relation to what happened.

I didn't hear anything further from you after my initial letter and unfortunately I was unable to contact you by telephone. A chaser letter was sent on 24th April 2009 to confirm this. Your file was then closed on 12th May 2009.

I trust this assists.

 

2nd email

It would appear that you did receive my first letter as you were aware of the issues I had raised about the possible secret commission, following this it does not appear that you tried to contact me to discuss your case further and as a result I had to close your file.

The test for unfair relationships has not really been established through the courts yet but most of the claims tend to relate to expensive payment protection policies or high APR's and the claims tend to be for less than £5000, making them small claims. Please can you clarify why you feel you have a case under the unfair relationship provisions? Why are the other solicitors you have approached unable to assist you?

Unfortunately I cannot open a further Legal Help file for you on the same issue until 6 months have passed and even then I have to feel you have sufficient benefits of bringing a successful claim against Blemain Finance in order to justify opening it.

You can instruct me on a private paying basis if you wish and my charge out rate is £200 per hour. I would need at least £250 on account of your costs up front.

Kind regards

 

 

3rd email

 

 

My initial assessment of your agreement remains the same and therefore currently I cannot see that it would be worth pursuing a claim against Blemain Finance as the benefit you would receive would not outweigh the cost.

If you want to instruct me further on a private paying basis I will need to have a further look at your agreement and I will need to know on what basis you or the other solicitors you have approached feel the agreement is unfair.

Kind regards

 

 

4th email

 

 

Unfortunately, I cannot assess the information for free. If you require me to assess your case I will need money on account to do so.

I am sorry for any confusion.

 

 

5th email

You will appreciate that I cannot recall your specific credit agreement and therefore I am unable to comment on whether I missed anything but I suspect I was off the view that the brokers fee was added to the agreement correctly and that this did not provide you with a challenge.

However, please email the agreement to me and I will have another quick look at it for free.

I trust this assists and I look forward to hearing from you.

Kind regards

 

 

I have not heard anything yet, and to be honest I don't think I will , maybe this is too complicated for this CMC to take on.

 

 

[Gallahad]

subbing

[frettful38]

Has anyone had any dealings with Cartel Client Review. I have googled them and there is more negative feedback than positive but they have also won a recent victory and were in the press so I am a bit confused as my case is almost similar and I am unsure what to do next.

 

Any comments are welcomed good or bad.

[midge61]

Hi

 

Have a read of these

 

House of Commons - Treasury - Written Evidence

 

House of Commons - Mortgage arrears and access to mortgage finance: Government and Financial Services Authority responses to the Fifteenth Report from the Committee - Treasury

 

I wonder if our friends have been referred for enforcement action. I have had trouble paying last month and this month and have had to do it in dribs and drabs. Normally that would start the phonecalls and letters but so far nothing. Very strange.