Mis Sold Mortgage Claims
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by: Gareth Hoyle
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Word Count: 585
Date: Tue, 9 Nov 2010 Time: 7:58 PM
The Financial Standards Authority (FSA) have stated recently that over two million people in the UK will make claims for mis sold mortgages or mis sold payment protection insurance. There has been uproar in recent months over the banks handling of mis sold mortgages and PPI policies. Many people are not even aware that they can claim for being mis sold a financial product.
Mis sold mortgage claims
Is there a difference between a mis sold mortgage and a mis sold payment protection insurance policy? Yes there is, a mis sold mortgage is exactly that. A mortgage that was sold to a potential home owner that failed to outline certain aspects of the actual loan agreement. For example a mortgage that was sold with very high charges that were not fully explained upon signing the contract. Were you advised to add a few extra zeros on to your salary to enable you to get a higher mortgage? Mis sold mortgages are normally handled by mortgage brokers or agents. However it is possible for a bank to make the same mistake, this is where mis sold mortgage claims come in. A person can actually claim compensation for being mis sold a mortgage product.
Mis sold payment protection insurance
Mis sold payment protection insurance, is when an individual is sold an insurance policy that promises to cover them if they suddenly become ill and they can no longer pay off their loan. These kinds of policies are offered for loans, mortgages, credit cards and any other form of credit. However in recent years there have been thousands of cases of people realizing that they were mis sold their policy. There are various factors which could contribute to a case of a mis sold payment protection policy. One of those factors is, if you were a pensioner, student or self-employed at the time of taking out the policy. These groups of people can actually not be included in a payment protection policy. Therefore if a policy was sold to a pensioner, the advisor would have knowingly sold a policy to that person under false pretences. This is actually considered a crime and banks can be fined large amounts of money and have to pay out compensation claims if they are found guilty; however recently banks have been displaying opposition to the FSA's new rules regarding the banks handling of mis sold policies. Certain larger banks have even stated they will be taking complaints from individuals who feel their policy was mis sold, however they will not be looking into any fresh cases for the time being.
How to go about making a claim
With mis sold mortgages claims, it is best to contact a company that specialises in representing people that have been mis sold a mortgage. There are a plethora of these companies around, however it is best to go with one that has a good reputation and that has had experience in the field. They must also be fully regulated to work on your behalf to claim your money. They normally take a small portion of the money that you win instead of charging you a lump sum up front.
Similarly with PPI, you can also find help by contacting a company who specialises in dealing with these cases. They will be able to look over your case and tell you if you have a realistic chance of winning.
About the Author
Do you need Mis sold mortgage claims? Gladstone Brookes can help you out – See details on our Mis sold mortgage claims here
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