Mortgage/Endowment Compensation

[screenmachine]

Right.  To start with this has nothing to do with me and I have no idea what is involved with a Mortgage/Endowment Compensation claim.  Someone has asked me to put their query to the online guru's that dwell on here.  To be fair , they know less about the subject than I do and that's not much...

Anyway, apparently there is some compensation to be had on their mortgage/endowment and some crowd keep calling them back asking them to fill in some forms so they can start the process moving.  Apparently the jist of it is that if the claim is successful the company dealing with the claim take 42% and the mortgage holders take the remaining 58%.  If the claim is unsuccessful then there is no fee.  They initially thought why not go ahead with it as 58% of something is better than 100% of nothing?  Is this the right approach to take and has anyone any past experience with this type of mortgage claim?  Or is there any kind of funny business which can go on with this type of compensation?

Either reply here or PM me if anyone has any useful input to the situation.

Cheers.

[bennydorano]

Not related but I got a cheque from the Halifax for £250 as a goodwill payment as they mis-sold mortgages a few years back, I wasn't even effected by the mis-selling, which was nice.

[screenmachine]

Aye its something to do with mis-selling mortgages but I wouldn't imagine an outside company would have much interest in 42% of £250. 

I just think they don't want to commit to something which they don't really have any idea about and their isn't much point asking the people trying to persuade you to go ahead with it as they will sell you the world and his wife as it benefits them directly.

[seafoid]

Right.  To start with this has nothing to do with me and I have no idea what is involved with a Mortgage/Endowment Compensation claim.  Someone has asked me to put their query to the online guru's that dwell on here.  To be fair , they know less about the subject than I do and that's not much...

Anyway, apparently there is some compensation to be had on their mortgage/endowment and some crowd keep calling them back asking them to fill in some forms so they can start the process moving.  Apparently the jist of it is that if the claim is successful the company dealing with the claim take 42% and the mortgage holders take the remaining 58%.  If the claim is unsuccessful then there is no fee.  They initially thought why not go ahead with it as 58% of something is better than 100% of nothing?  Is this the right approach to take and has anyone any past experience with this type of mortgage claim?  Or is there any kind of funny business which can go on with this type of compensation?

Either reply here or PM me if anyone has any useful input to the situation.

Cheers.

42% commission for a standard compensation job is a rip off.
I would look up the thing online and see how to do it without involving any parasites.

[under the bar]

Why involve a company?   Just write to the FSA in Canary Wharf giving all the details of the mortgage you were sold and they do it for free.  I got £5k back from an endowment sold to me in 1997.

[Abble]

scrrenmachine get them to go ahead with a compensation claim BUT first of all i'd rethink about letting the crowd that is pushing it with them to process it. that is a very big cut. if they can shop around for a mortgage advisor or something and explain only about the mis-sold mortgage (do not say anything about cut percentage that other outfit wants) they may just get a pleasant surprise and that someone else out can help and at a far lower percentage.

if i'm right, i think the situation you are trying to describe is a mis-selling of endowment. i cant honestly say what the situation is currently with endowments but i do know that approx 10-12 years ago endowments were the rage in some parts and a lot of mis-selling was going on. people were basically being promised that the part of their mortgage repayments would be invested in something to cover full payment of any remaining mortgage at end of term. this indeed was bullshit. and so many years later compensation claims start flooding in as peoples endowment/investment part of their mortgage was not meeting said levels, ie a massive mis-sell.

at least that is my understanding, an expert could give a better more understandable description

as i say though, if it is endowment compo your friends are after, go right ahead, but fight for a far higher % cut. they should really be getting near the full 100% compensation in my eye

[screenmachine]

Aye I thought the 42% was a bit much but as I said my knowledge on the subject is pretty much zero.  Cheers anyway lads, I'll maybe advise them to ring around a few mortgage advisers and pass on the details of the FSA in Canary Wharf.

If anyone else has any further input, please feel free to fire away.

[passedit]

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance