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Missold an Interest Only Mortgage?

Discussion in 'off topic' started by Minio, Feb 26, 2020.

  1. hifinutt

    hifinutt hifinutt

    thanks for clarification, it's the rolled up compound interest that I have difficulty with after seeing the plight of a lady near us paying appalling amounts of interest now
     
  2. misterdog

    misterdog Not the canine kind

    Audiophile fuses and mains cables included ?
    How many have been 'mis sold' these and many other products.
     
    Gaycha likes this.
  3. Thorn

    Thorn pfm Member

    Slightly different. A financial adviser is, in effect, employed as your agent. He's not a shop keeper. But, if a shop keeper wilfully misleads you, you're entitled to recompense.
     
  4. Ponty

    Ponty pfm Member

    How about estate agents? Yes Sir, this property will be a great investment. The area is really on the up, etc etc...Can you imagine how many more ambulance chasing claims lawyers would appear?!
     
  5. Gaycha

    Gaycha pfm Member

    "The value of your investments can go down as well as up". Has been embedded into small print of financial agreements for years. Trouble is that there is a plethora of "small print and legalese TnCs to hid this stark fact of reality. It's hard to imagine someone borrowing IO and not understanding that the capital will remain at the end of the loan period.

    But we do have to cater for the lowest common denominators in society. Plenty IFAs (they arrogantly call themselves Wealth Managers these days) glossed over the reality of IO loans back in the day, in the rush to get their upfront commissions, before they moved on. It's cost the banks billions since advent of pfi etc. Whilst many will snigger and laugh at the banks misfortune, it should be remembered that ultimately they pass it all back onto other customers, namely us lot. The lawyers are only ones who have benefited.

    I feel it's a bit rich for anyone who knows what IO means, to seek to pass responsibility for them not having made provision to clear the loan at end of period. IO mortgages are cheaper for that reason, invest the savings in something that grows to cover.

    Back to first point, what goes up MIGHT come down, should also be clear to most responsible people. However if they have been actively mislead and msisold, they should be considered for compensation.

    Otherwise, take yer medicine.
     
    misterdog and Ponty like this.
  6. Ponty

    Ponty pfm Member

    Where there is a genuine grievance and deception, absolutely. The problem is the vast swathes of people looking to (fraudulently) gain from a situation they had full knowledge and understanding of. They can sling their hooks, along with the parasitic lawyers.
     
  7. Gaycha

    Gaycha pfm Member

    Over-egging the 'victim' cake isn't necessarily fraud. But it's seemingky becoming endemic in society and we all pay, not just the banks. Ditto nsurance frauds etc. This is a growing problem.

    I like to think that majority of folk are decent and well intended. Too much finger pointing and self righteous vilification crept into our culture. And some will always take the p**s
     
    Ponty likes this.
  8. Minio

    Minio pfm Member

    It's hard to imagine someone taking out an interest only mortgage whilst not knowing what it is.
    If nothing else you have to sign all the paperwork which will tell you what you are getting into.
    Some clients will get into trouble with the payments as no one who works has an absolute guarantee of income.
    You might argue that some insurance should be offered but I don't know of any reasonably affordable policy that covers redundancy.
    As for repayment vehicle the best way is to budget to make capital sum payments every 6 months or whatever from your income. The interest goes down as you pay.
    But buying a house with a mortgage is always risky. I had a Northern Rock mortgage back in 1999. I'm sure glad I remortgaged with another lender before Northern Rock crashed.
    And I always remember Northern Rock saying they would match any offers elsewhere. Glad I didn't go for that.
     
  9. misterdog

    misterdog Not the canine kind

    Someone slipped on an icy pavement which was part of our local hospital, she broke her hip.
    She claimed compensation from the NHS and was awarded tens of thousands of pounds, then of course our NHS treated her broken hip.

    Imagine if she had slipped on her own path or driveway, who would she have claimed from ?

    Again we have all paid for this.

    Most people have little sympathy claiming from 'greedy bankers' yet few criticise the me,me.me culture.

    A friend of mine was head of corporate finance for our local council, part of his job was to oversee compensation claims. One such claim was from a motorist who collided with a bollard in the centre of the road, he claimed that the council were negligent for not having sufficient street lighting.

    The reply to him was- that is why vehicles are fitted with headlights, no compensation paid.

    https://www.dailymail.co.uk/news/ar...us-compensation-claims-totalling-250-000.html

    This one was outrageous, and thankfully they all spent time in prison.
     
  10. Thorn

    Thorn pfm Member

    And why am I not surprised that you and the Daily Mail travel the same path?
     
  11. Gaycha

    Gaycha pfm Member

    Maybe other rags reported it too?
     
  12. misterdog

    misterdog Not the canine kind

    Though the quoted sources from friends of mine are both members of the Labour party, where does that leave your assumptions ?

    Are you saying the story in the DM is not true and that those involved were not given custodial sentences ? The story was also carried by our local newspaper - The Star if you wish to do some research for yourself.
     
  13. misterdog

    misterdog Not the canine kind

    I'll save you some trouble these are different fraud cases though.

    Ben Fletcher, director of the Insurance Fraud Bureau, said: "While we were pleased with the outcome of phase one of this investigation which resulted in a total of 601 months' jail time for the 81 fraudsters, we saw an opportunity to continue the fight and ensure that everyone involved was brought to justice."

    [​IMG]
    The people who were sentenced:

    • Andrew Ashford, 42, Rhymney, Caerphilly county - 16 weeks in prison, suspended for 12 months, and 80 hours of unpaid work. Must repay £1,700
    • Lee Baker, 26, Fleur-de-Lys - 12 weeks in prison, suspended for 12 months, and 80 hours of unpaid work
    • Nicola Bartlett, 51, Bargoed - 12 months in prison
    • Daniel Barwood, 37, Maesycwmmer - 12 weeks in prison, suspended for 12 months, and 80 hours of unpaid work
    • Phillip Bowditch, 37, Treowen - 26 weeks, suspended for 12 months and must pay £1,820 compensation
    • Lee Burgess, 33, Pontllanfraith - 20 weeks, suspended for 12 months, and 120 hours of unpaid work. Must pay £3,813.82 compensation
    • Lyndon Carey, 66, Markham - 12 weeks in prison, suspended for 12 months. Must repay £1,800
    • Andrew Carpenter, 50, Cardiff - Jailed for 15 months for breaching the suspended sentence imposed at the last cash for crash trial in 2015
    • Emma Cook, 33, Cardiff - 26 weeks in prison, suspended for 12 months. Must repay £8,160
    • Emma Cooper, 40, Caerphilly - 12-month community order and 40 hours of unpaid work. Must repay £2,360
    • Suzanne Cosh, 40, Cardiff - 26 weeks in prison, suspended for 12 months and 150 hours of unpaid work. Must repay £2,020
    • Jamie Cotter, 34, Penpedairheol - 10 months in prison, suspended for 12 months and 200 hours of unpaid work. Must repay £3,522.90
    • Jade Cotter, 31, Caerphilly - 12-month community order and 120 hours of unpaid work. Must repay £1,945
    • Bethan Davies, 28, Blackwood - conditional discharge for 12 months. Must repay £1,700
    • Noel Davies, 58, Blackwood - 18 months in prison
    • Ryan Dix, 25, Blackwood - 26 weeks in prison, suspended for 12 months, and 150 hours of unpaid work. Must repay £4,720
    • Jason Foat, 36, Caerau, Cardiff - 30 weeks in prison, suspended for 12 months, plus a concurrent six weeks for breach of a previous conditional discharge and 180 hours of unpaid work
    • Jonathan Fuller, 45, Cefn Fforest - 12-month conditional discharge
    • Christian Gallent, 43, Bargoed - 16 weeks in prison, suspended for 12 months, and 120 hours of unpaid work. Must repay £2,209.40
    • Stephen George, 43, Abertysswg - 26 weeks in prison, suspended for 12 months, and 150 hours of unpaid work. Must repay £1,375
    • Michael Griffiths, 34, Nelson - 12-month community order and 120 hours of unpaid work. Must repay £1,600
    • Victoria Griffiths, 35, Newport - 26 weeks in prison, suspended for 12 months, 150 hours of unpaid work. Must repay £800
    • Gary Hamer, 31, Blackwood - 12-month community order and 60 hours of unpaid work
    • Phillip Hammond, 34, Ynysybwl , Rhondda Cynon Taff - 12 weeks in prison, suspended for 12 months, and 80 hours of unpaid work
    • Natasha Hardacre, 33, Aberbargoed - 16 weeks in prison, suspended for 12 months. Must repay £3,575
    • Raymond Hardacre, 32, Bargoed - 18 weeks in prison, suspended for 12 months, and 120 hours of unpaid work
    • Christopher Hayes, 37, Cardiff - 12-month community order and 40 hours of unpaid work. Must repay £2,310
    • Jodie Instone, 37, Pontllanfraith - 12-month community order and 120 hours of unpaid work. Must repay £1,600
    • Mark Instone, 41, Pontllanfraith - 12-month community order and 120 hours of unpaid work. Must repay £5,000
    • Daniela Jones, 50, Gelligaer - 15 months in prison, suspended for 18 months. Must repay £1,200
    • Dean Jones, 42, Aberdare, Rhondda Cynon Taff - 16 weeks in prison, suspended for 12 months, and 120 hours of unpaid work. Must repay £1,830
    • Kirsty Jones, 41, Aberdare - 12 weeks in prison, suspended for 12 months, and 100 hours of unpaid work. Must repay £3,350
    • Stacey Jones, 30, Bargoed - 18 weeks in prison, suspended for 12 months, and 120 hours of unpaid work
    • Rafal Lamot, 40, Crewe, Cheshire: 12 months in prison
    • Joseph Lewis, 28, Cardiff - 26 weeks in prison, suspended for 12 months, and 150 hours of unpaid work. Must repay £1,720
    • Carrie Miller, 32, Blackwood - 26 weeks in prison, suspended for 12 months, and 150 hours of unpaid work. Must repay £2,525.98
    • Amanda Morris, 53 Aberbargoed - 12 weeks in prison, suspended for 12 months. Must repay £3,200
    • Kyle Morris, 31, Penallta - 20 weeks in prison, suspended for 12 months, and 120 hours of unpaid work. Must pay £1,140 compensation
    • Nathan Morris, 33, Aberbargoed - 10 months in prison
    • Matthew Nicklin, 28, Newbridge - 26 weeks in prison, suspended for 12 months, and 150 hours of unpaid work
    • Kieron Nutt, 28, Blackwood - 26 weeks in prison, suspended for 12 months, and 150 hours of unpaid work. Must repay £1,035
    • Nick O'Connor, 35, Maesycwmmer - 26 weeks in prison, suspended for 12 months, and 160 hours of unpaid work. Must repay £2,430
    • Gemma Owen, 35, Rhydyfelin, Rhondda Cynon Taff - 12-month community order and 40 hours of unpaid work
    • Darren Phillips, 34, Blackwood - 12-month conditional discharge
    • Ceri Powell, 41, Treharris, Merthyr Tydfil - 16 weeks in prison, suspended for 12 months, and 80 hours of unpaid work
    • Mark Powell, 37, Treharris, Merthyr Tydfil - 16 weeks in prison, suspended for 12 months, and 80 hours of unpaid work
    • Gemma Price, 28, Blackwood - 26 weeks in prison, suspended for 12 months, and 150 hours of unpaid work. Must repay £2,120
    • Ian Price, 70, Blackwood - 26 weeks in prison, suspended for 12 months, and 150 hours of unpaid work. Must repay £3,725
    • Sharon Price, 47, Blackwood - 18 months in prison, suspended for eight months, and must do 200 hours of unpaid work
    • Aiden Rees, 43, Bargoed - 12 months in prison, suspended for 18 months, and 180 hours of unpaid work
    • Laura Rees, 31, Gelligaer - 26 weeks in prison, suspended for 12 months, and 150 hours of unpaid work. Must repay £1,500
    • Daniel Roberts, 34, Argoed - 12 months in prison, suspended 18 months. Must repay £3,670
    • Mathieu Roberts, 37, Treharris, Merthyr Tydfil - 18 months in prison
    • Stacey Roberts, 32, Maesycwmmer - 10 months in prison, suspended for 18 months, and 200 hours of unpaid work. Must repay £1,720
    • Terry Roberts, 68, Hengoed - 12 weeks in prison, suspended for 12 months. Must repay £2,815
    • Maciej Sadowski, 26, New Tredegar - 26 weeks in prison, suspended for 12 months, and 150 hours of unpaid work. Must repay £2,500
    • Jan Sadowski, 57, New Tredegar - 26 weeks in prison, suspended for 12 months, and 150 hours of unpaid work. Must repay £3,815
    • Guy Swift, 32 Aberbargoed - 16 weeks in prison, suspended for 12 months, and 120 hours of unpaid work. Must repay £750
    • Ross Taylor, 33, Aberbargoed - 12-month community order and 150 hours of unpaid work
    • Nicky Taysome, 35, Blackwood - 12-month community order and 120 hours of unpaid work
    • Paula Thomas, 52, Nelson - 28 weeks in prison, suspended for 12 months, and 180 hours of unpaid work. Must repay £3,176.41
    • Paul Thomas, 53, Nelson - 15 months in prison and must pay £3,000 compensation
    • Sean Thomas, 33, Nelson - 15 months in prison
    • Diane Veall, 70, Bargoed - 26 weeks in prison, suspended for 12 months. Must repay £1,200
    • Rachel Veall, 30, Bargoed - 12-month community order and 40 hours of unpaid work. Must repay £1,880
    • William Veall, 73, Gelligaer - 18 months in prison, suspended for 18 months. Must repay £1,200
    • William Andrew Veall, 52, Bargoed - 12-month conditional discharge
    • Jonathan Wagstaff, 42, Newport - 12-month community order and 120 hours of unpaid work. Must repay £1,750
    • Matthew Walther, 32, Pontllanfraith - 20 weeks in prison, suspended for 12 months, and 120 hours of unpaid work. Must pay £1,500 compensation
    • Carl Wilkins, 46, Blackwood - 26 weeks in prison, suspended for 12 months. Must repay £1,850
    • Garhard Williams, 50, Tredegar, Blaenau Gwent - 12-month community order and 80 hours of unpaid work. Must repay £160.84
    • Kayleigh Williams, 31, Pontypridd, Rhondda Cynon Taff - 12-month community order and 80 hours of unpaid work
    • Elzbieta Wlodarczyk, 53, Crewe - eight months in prison
    • Jonathan Wood, 43, Senghenydd - 16 weeks in prison, suspended for 12 months, and 100 hours of unpaid work. Must repay £170.40
    • Anthony Beckett, 42, - eight-month prison sentence suspended for 12 months plus 120 hours unpaid work and pay compensation of £2,224
    • Mark Alexander, 41, - eight-month prison sentence suspended for 12 months plus 120 hours community service and pay compensation of £5,695
    • Anne Marie Alexander, 41, - eight-month prison sentence suspended for 12 months, plus 120 hrs of unpaid work and pay compensation of £1,845.
    https://www.bbc.co.uk/news/uk-wales-south-east-wales-40901111

    Of course as we all know the BBC is also biased as is the DM. Sometimes if you take your blinkers off you can get a clearer picture of what happens in the real world.
     
  14. Bob McC

    Bob McC Living the life of Riley

    So only 7 off that list actually saw a jail cell.
     
  15. Gaycha

    Gaycha pfm Member

    It is a shame that that sort of detection rigour above cannot be applied to 'tidying' up around some of the dubious banking, investments, currency betting, corporate pension pot raiders and hedging bandits out there, who have seemed to have operated with impunity, and who all bring FSi into further disrepute.
     
  16. Ponty

    Ponty pfm Member

    Utterly pathetic sentences. I’d be interested to see some data analysis of people who fraudulently claim crash for cash / PPI / councils / NHS etc etc. I’d suggest there would be some cross correlation.

    I think it’s going to get to the point with the NHS whereby if you want treatment, you sign a full disclaimer or go privately.
     
  17. Thorn

    Thorn pfm Member

    I accept the story is true. However, for many years the Mail has scraped the barrel to find any story that demonises injured claimants. It aligns itself with the insurance industry.
     
  18. Bob McC

    Bob McC Living the life of Riley

    write away your rights to sue for malpractice or incompetence?
    I don’t think so.
     
  19. Ponty

    Ponty pfm Member

    Alternatively, don’t have treatment or pay for it privately. Sounds extreme but that’s where it will end up.
     
  20. Bob McC

    Bob McC Living the life of Riley

    Not in English law it won’t.
    You cannot sign away your rights.
     

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