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Some Mortgage Mis-Selling Solutions
If you’ve been mis-sold a mortgage, you may be facing higher costs, unsuitable terms, or long-term financial strain. Whether you were offered a mortgage without proper affordability checks, sold a product with hidden fees, or misinformed about the terms, this page is here to guide you. We provide clear information to help you identify if you were mis-sold a mortgage, understand your rights, and explore the steps you can take to seek redress. Our goal is to ensure you have the support and resources you need to address the issue and take control of your financial future.
Review Your Mortgage Agreement and Documents
The first step in addressing mortgage mis-selling is to carefully review your mortgage agreement and related documents. Look for terms that were not clearly explained to you, such as interest rates, fees, and conditions. Pay special attention to whether you were made aware of the full cost of the mortgage, including any hidden charges or penalties for early repayment. If you were offered a mortgage product that doesn't suit your financial situation or if important details were not communicated at the time of sale, this could be an indication of mis-selling.
A Debt Management Plan
Snowball Your Debts - if you can make at least the minimum payments each month and your debts are decreasing, not growing. Or a create a debt management plan - this approach improves your credit rating over time, unlike other solutions that may negatively affect it. This involves paying less than the usual monthly payments while creditors freeze interest—this is often agreed upon. Can be a temporary measure, e.g., until you secure another job. Payments can be as low as £1 per month, though these are typically holding measures rather than permanent solutions.
Debt Relief Order (DRO) or IVA (Individual Voluntary Arrangement)
A great option if you owe less than £30,000 (this limit increases to £50,000 in June 2024), have less than £75 in monthly disposable income, and don’t own a house. Individual Voluntary Arrangement (IVA) - suitable for those with a steady income and assets to protect, such as a house with equity.
Victim of Irresponsible Loans
If you believe you’ve been mis-sold a mortgage, contact your mortgage provider immediately. Explain your concerns and request a clear breakdown of the mortgage terms, including any fees or commissions that may not have been disclosed to you. You may have been the victim of "irresponsible lending" or "unaffordable lending." This refers to situations where a lender fails to properly assess whether a borrower can afford a loan without undue financial hardship, as required by regulations set by the Financial Conduct Authority (FCA).
Your Rights
Lenders must assess whether the borrower can make repayments without compromising their ability to meet other financial commitments, such as household bills or living expenses. Consumer Credit Act 1974: This law regulates consumer credit agreements, including car finance, and provides protections for borrowers. If you discover that your mortgage was mis-sold and it is no longer suitable for your financial needs, you may want to consider transferring or remortgaging to a more appropriate product. A remortgage could allow you to secure better terms, reduce your monthly payments, or eliminate excessive fees that were initially included in your mortgage.
Recourse
Breach of FCA Rules: The FCA requires lenders to ensure loans are affordable, and failure to comply can lead to a complaint through the Financial Ombudsman Service (FOS) or legal action. If a loan is deemed unaffordable, borrowers may be entitled to redress, such as a refund of interest or fees, or adjustments to the terms of the loan. If mis-selling is confirmed, you may be entitled to compensation, which could include a refund of fees, interest, or charges that were applied incorrectly or were not disclosed. Contact your mortgage provider to discuss compensation options or escalate the issue if needed. Keep all relevant documentation, including your original mortgage agreement and evidence of any losses, as this will be essential for claiming compensation.
You could be owed £Thousands
Financial Claims Experts
Where you forced to take out additional loans due to irresponsible lending?
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Please remember there may also have been fees added to the finance too.
There are three less common debt solutions to consider. Full & Final Settlements are ideal if you’ve been on a Debt Management Plan (DMP) or unable to make payments for some time and now have access to a lump sum to negotiate settlements. Write-off debts are usually only an option in exceptional circumstances, as creditors rarely agree to this. Administration Orders, once more common, are now extremely rare, with only 16 issued in England and Wales in September 2016.
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**Note: For exceeding 120 no. of payments, a group of 12 payments will be combined into a single payment number for better chart visibility.
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Calculator Disclaimer
The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, claim approval, agreement or advice by Claims 4 PCP. It does not take into account your personal or financial circumstances.
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If you’ve experienced financial hardship due to unaffordable repayments, we’re here to support you in achieving financial fairness.
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Scammed?
When scammers offer fake investment schemes or fake loan offers that appear legitimate, but are designed to steal money from customers or when fraudsters pose as reputable banks or financial institutions to gain trust and access to personal financial details or funds you may have a claim.
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Widespread Malpractice
Frauds and scams are prevalent in the financial sector, where individuals or companies deceive customers into making financial decisions based on false or misleading information. These scams can range from fake investment opportunities to fraudulent loan offers or phishing schemes targeting personal and financial details.
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Experienced
Recognizing and addressing frauds and scams is vital to protect individuals from becoming victims and to ensure that they are not misled into harmful financial agreements. Our goal is to provide you with the support and solutions you need to regain control of your finances and reclaim what’s rightfully yours.
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Making a claim for unfair discretionary commission charges or unaffordable car finance could result in significant benefits, including a refund of overpaid interest and additional compensation, such as statutory interest (typically 8% per annum). Beyond financial reimbursement, a successful claim can alleviate financial strain, helping you regain stability and control over your finances.