highcontrast Posted February 8, 2019 Share Posted February 8, 2019 Apologies if this has already been mentioned (mods please merge/remove if so), but saw an advert for this on TV earlier so had to re-post here: https://www.mortgage.claims/ "Welcome to Mortgage.Claims! If you have had a mortgage in the UK in the last 25 years you may be due compensation. Mortgage.Claims specialise in mortgage assessment and can help you get any potential compensation you deserve." Were people that dumb not realising what they were signing up for? Or is it a case of reality (i.e. falling prices/no capital gains) that's making them poop themselves and therefore play the "i woz swindled guv!/I didn't know what I was doing guv!" card? Interesting comments here: https://forums.moneysavingexpert.com/showthread.php?t=5721130 and of course, here: https://www.mumsnet.com/Talk/am_i_being_unreasonable/3410639-mortgage-claims Quote Link to comment Share on other sites More sharing options...
Si1 Posted February 8, 2019 Share Posted February 8, 2019 Nurse! Quote Link to comment Share on other sites More sharing options...
Si1 Posted February 8, 2019 Share Posted February 8, 2019 Wouldn't it be amazing if any of the mortgage sellers on the hook for this were internal mortgage advisors for one of the big nationalised banks. Meaning the taxpayer pays. Just waiting.... Quote Link to comment Share on other sites More sharing options...
Arpeggio Posted February 8, 2019 Share Posted February 8, 2019 From the Mumsnet thread: "They told us not to worry about a repayment vehicle because the property value would continue to increase! " Quote Link to comment Share on other sites More sharing options...
Discustard Posted February 8, 2019 Share Posted February 8, 2019 How can you buy in 2007 and be in negative equity now? We are just off all time high prices, certainly recovered from the crash and more. If they have kept up payments on the interest-only mortgage they should be able to sell up and just call it square (at least). Quote Link to comment Share on other sites More sharing options...
highcontrast Posted February 8, 2019 Author Share Posted February 8, 2019 Someone on here did mention that the next big scandal (i.e. an excuse to try and claim something because of negligence) after PPI, would be IO mortgages. I'm sure the over leveraged BTL slumlords have saved these phone numbers on to the speed dials...lolz P.S. Isn't mumsnet "always" great value? The delusion is strong there. Although to be fair on that particular thread there is nice dose of reality being fed to the OP. Quote Link to comment Share on other sites More sharing options...
highcontrast Posted February 8, 2019 Author Share Posted February 8, 2019 12 minutes ago, Si1 said: Wouldn't it be amazing if any of the mortgage sellers on the hook for this were internal mortgage advisors for one of the big nationalised banks. Meaning the taxpayer pays. Just waiting.... Indeed. Quote Link to comment Share on other sites More sharing options...
Exiled Canadian Posted February 8, 2019 Share Posted February 8, 2019 (edited) Interesting to note that on a IO claim (as on a PPI claim related to a mortgage product) if the lender agrees to pay out they will often settle by reducing the amount outstanding on the loan or mortgage. For the punter who has used a no win no fee firm this means that they have to pay the fees of their lawyers while they don't actually receive a cheque from their lender (just marginally reduced mortgage payments over the remaining term of the loan). They end up cash negative on the deal in the short term. This might not be the gravy train you'd expect for the overleveraged....... Edited February 8, 2019 by Exiled Canadian Quote Link to comment Share on other sites More sharing options...
Voice of Doom Posted February 8, 2019 Share Posted February 8, 2019 I bought some gluten-free bread the other day and it didn't contain any gluten! Anyone got the number of a good lawyer? Quote Link to comment Share on other sites More sharing options...
mrtickle Posted February 8, 2019 Share Posted February 8, 2019 Good point. They have an IO mortgage. They win their "mis-selling" case. The compensation money being used to pay off 10% of the Capital. Now to find the other 90%, oh and they've had it for 24 years Quote Link to comment Share on other sites More sharing options...
mrtickle Posted February 8, 2019 Share Posted February 8, 2019 2 minutes ago, Voice of Doom said: I bought some gluten-free bread the other day and it didn't contain any gluten! Anyone got the number of a good lawyer? I bought a tin of evaporated milk, but when I opened the tin it was all still in there! Quote Link to comment Share on other sites More sharing options...
btd1981 Posted February 8, 2019 Share Posted February 8, 2019 4 minutes ago, mrtickle said: I bought a tin of evaporated milk, but when I opened the tin it was all still in there! ??? Is fine if people wish to claim they were mis-sold PPI or interest only mortgages, but it should be a condition of such claims that they are forced to have 'I AM MENTALLY RETARDED' tattooed onto their foreheads, both forwards and in reverse, so that they may also be reminded each time they look into a mirror. Quote Link to comment Share on other sites More sharing options...
Chunketh Posted February 8, 2019 Share Posted February 8, 2019 Anyone that does not understand what an interest only mortgage is "deserves" nothing on account of them being a incompetent ****wit. Quote Link to comment Share on other sites More sharing options...
Si1 Posted February 8, 2019 Share Posted February 8, 2019 16 minutes ago, Voice of Doom said: I bought some gluten-free bread the other day and it didn't contain any gluten! Anyone got the number of a good lawyer? Was it not free either? Quote Link to comment Share on other sites More sharing options...
Voice of Doom Posted February 8, 2019 Share Posted February 8, 2019 6 minutes ago, Si1 said: Was it not free either? No! Thanks. My case is even stronger than I thought. Quote Link to comment Share on other sites More sharing options...
mrtickle Posted February 8, 2019 Share Posted February 8, 2019 (edited) 10 minutes ago, Si1 said: Was it not free either? This aisle in Asda is always FULL of biscuits. Not free from them at all. Edited February 8, 2019 by mrtickle Quote Link to comment Share on other sites More sharing options...
longgone Posted February 8, 2019 Share Posted February 8, 2019 And so it begins. I tried claiming from Betfair that the terms and conditions did not state I could lose money. Never worked. Quote Link to comment Share on other sites More sharing options...
peter_2008 Posted February 8, 2019 Share Posted February 8, 2019 2 hours ago, Discustard said: How can you buy in 2007 and be in negative equity now? https://www.rightmove.co.uk/property-for-sale/property-77215670.html Yes, you can. That's £4000 loss after 12 years... And Bristol is one of the hottest spot in the country. If it can happen in Bristol, it can happen anywhere. Quote Link to comment Share on other sites More sharing options...
Ah-so Posted February 8, 2019 Share Posted February 8, 2019 These IO misselling claims have been around for years but very few win, largely because the borrowers sign a piece of paper that clearly stated that they were not repaying the principal and would need to do so at the end of term. Quote Link to comment Share on other sites More sharing options...
Kosmin Posted February 8, 2019 Share Posted February 8, 2019 4 hours ago, Discustard said: How can you buy in 2007 and be in negative equity now? We are just off all time high prices, certainly recovered from the crash and more. If they have kept up payments on the interest-only mortgage they should be able to sell up and just call it square (at least). Borrowing more against increased value is one way. Quote Link to comment Share on other sites More sharing options...
highcontrast Posted February 9, 2019 Author Share Posted February 9, 2019 3 hours ago, Ah-so said: These IO misselling claims have been around for years but very few win, largely because the borrowers sign a piece of paper that clearly stated that they were not repaying the principal and would need to do so at the end of term. I had a feeling that was the case, but first time I'd seen a TV advert for something like this. Interesting that it's become more mainstream perhaps? But also the fact that these companies even exist in the first place show there is "demand", and that they want to jump on to the bandwagon. Quote Link to comment Share on other sites More sharing options...
Bear Hug Posted February 9, 2019 Share Posted February 9, 2019 I was missold renting. Where is my compensation? Quote Link to comment Share on other sites More sharing options...
Si1 Posted February 9, 2019 Share Posted February 9, 2019 4 minutes ago, Bear Hug said: I was missold renting. Where is my compensation? Peasant Quote Link to comment Share on other sites More sharing options...
Captain Kirk Posted February 9, 2019 Share Posted February 9, 2019 15 hours ago, highcontrast said: P.S. Isn't mumsnet "always" great value? The delusion is strong there. Although to be fair on that particular thread there is nice dose of reality being fed to the OP. From that mumsnet thread Quote Yes we took it in the knowledge that it needed to be repaid. However we completed the sale in April 2007... literally on the cusp of the financial crash, so we are in negative equity. We also borrowed at a time when the banks were chucking money at anyone who asked!We had a joint income of around £38k and borrowed £200k!!!The plan was to live here for a couple of years then sell up and move on because house prices were still rocketing. That didn't go to plan obviously! There was irresponsible lending but there was also irresponsible borrowing on our part. We were 23 and wetting ourselves to be homeowners!! I'm wondering if 2 crashes will be enough. Quote Link to comment Share on other sites More sharing options...
spyguy Posted February 9, 2019 Share Posted February 9, 2019 I would guess theres an entire industry built around PPI claims, looking for its next meal. No change. Endowment mortgages really were missold - the companies lied out of their teeth and paid huge levels of commission. IO has two big hurdles: 1 - That they did not know what IO meant. 2 - IIRC most IO mortgages were sold via a broker. If you have an issue, youll have to take it up with the broker, whos probably gone bust. Quote Link to comment Share on other sites More sharing options...
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