Mercantile Claims Management Solutions Limited 2019 ©. Claim Your Hidden Commissions is a trading style of Pure Legal Limited. 1 thank; Comment. If you used a broker and paid a broker fee it is possibly the broker received additional hidden commission, it was common practice. Were brokers involved in the mis-selling scandal. This is our No Win No Fee agreement. These include: The Unfair Terms in Consumer Contracts Regulation, The ‘Unfair Relationship’ provisions set out in the Consumer Credit Act 1974 (as amended) at section 140. If you are eligible to make a claim for Secret Commission, Mercantile Claims will work on your behalf managing the legal documentation and liaising with the court in order to secure a financial settlement resulting in the cost of the fees and other charges being fully reimbursed to you. Enquiry TypeSecret CommissionUnfair RelationshipUnfair LendingSEO ClaimsSection 75, I have read and understood the statement below. However, the law firms we partner with on these claims are highly experienced at settling quickly with an average claim taking 9-12 months, Our partner law firms take a maximum of 25% of your damages. i thought nothing of this -until i missed a payment. No, the claim does not affect your relationship with the lender as you are entitled to make a complaint. Acenden GE MoneyMAS Mortgage PLCCheshire Mortgage Corporation Beacon Home Loans Lancashire MortgagesPlatformParatus I Group Mortgage ExpressSPMLGMACAdvantage Home Loans Amber Home Loans Roof Top Mortgages Kensington ParagonFuture Mortgages High Street Home Loans Redstone DB Mortgages Money PartnersLapithusPink Home Loans Southern Pacific Swift First The Mortgage Business Interbay Limited Victoria Home LoansUCB Home Loans, Blemain Finance Cedar HoldingCity Mortgage Corporation Endeavour First Plus (Part of Barclays)Future GE Money (multiple group companies)Household Mortgage Corporation I Group J&J Securities Kensington Personal Loans Lancashire Mortgage Corporation London Personal Loans Money Partners (Part of Kensington)Nemo Personal Loans (Principality Building Society)Norton Home Loans OCWENPicture Financial Prestige Finance (now part of one savings bank)SPPL (Acenden)Spring Finance Swift Advances White Label LoansParagon Personal Finance. We are a specialist law firm helping our clients secure refunds for financial mis-selling so you can claim what’s rightfully yours. Provide services of a reasonable standard. An end to secret commission, provided you can provide restitution (Pengelly v Business Mortgage Finance 4 plc) Send to Email address * Open Help options for Email Address. The law relating to secret commission claims is highly complex. We will review the loan documentation and, drawing on our 30 years’ combined experience in consumer credit complaints, will identify whether you can make a claim under the Secret Commissions category. We work alongside experience mortgage professionals who can assess whether your lender’s checks were sufficient. I have already started a claim with a claim management company, can I switch to you? Not make a secret profit from their clients. Are there any legal cases in the Courts that mean I can claim? The Court found that in respect of a secured loan transaction or mortgage, the broker is under a duty to ensure that he obtains the “informed consent” or permission of the borrower before being paid a commission. Are there any more recent legal developments? keegle. In 2007 the Court of Appeal heard the case known as Hurstanger v Wilson (a copy of the judgment can be found Here. We’re one of the UK’s leading compensation recovery law firms. These are high value claims and take longer than simpler claims such as PPI. If the company you borrowed money from made a payment to a third party broker on your behalf without informing you this is called a ‘Secret Commission’. At the beginning of a claim, it’s hard to say how long it will take to conclude. This was in addition to the broker fee clients had already agreed. As we know, Financial Services must be sold to you in a fair & clear way and must not mislead you. Pure Legal Limited is regulated by the Solicitors Regulation Authority number 624740. A failure to disclose commission payments may give rise to several types of claim and, consequently, several types of remedy. This is fine. This is a worrying time for borrowers as many that we speak to are worried that they will never be able to escape from the loan. The cover costs will be detailed within your initial client care pack and will ONLY be deducted from your awards if you win. Susan refinanced £5,000 of mortgage arrears. Your lender had a duty to ensure that your loan or mortgage was affordable and likely to be affordable throughout the duration of the loan. You can send the message to up to 4 other recipients. Then we can start investigating on your behalf. Brokers made extra commissions that were not disclosed at the time of sale could mean you are entitled to make a claim. You will only pay their fee out of damages you receive if successful. Where the application of these charges falls foul of these, you have a right to be refunded for your losses. Under consumer protection laws the lender MUST declare all fees and commissions charged to the customer. Did you take a secured loan out before 2009 with Blemain Finance, Swift Advances, GE Money or any other lender on our list of secured loan lenders? Welcome to Claim Your Hidden Commissions. In fact, for certain types of claim, a loan that is paid off pay result in a higher level of compensation. Their service is given on what is called a ‘no win no fee’ basis. In fact, The Office of Fair Trading regulated brokers and lenders before 2008 and they made it quite clear in their guidance notes that both brokers and lenders should provide full and frank disclosure of any commission paid. Disclose any profit made to their clients. We’ve earned a reputation for shaking up the legal landscape, putting our clients first, and providing an excellent service. I’ve had more than one re-mortgage or secured loan? 28th September 2010, 23:26:PM. This can be substantial, and we have seen losses that exceed £30,000. Our experienced team are all experts in this field, and many are former whistle blowers who previously worked in the subprime mortgage industry. Get in touch with our team of financial mis-selling experts. Many people in England & Wales have been victim of Hidden Commission on mortgages and secured loans. Should you have more than one loan with the same lender, we will treat this as one case; if you more than one loan with different lenders, then we will deal each case separately. In relation to anyone who has been victim of Hidden Commission or Secret Commission, this is where lenders have failed to disclose commission payments that they made to brokers who provided new business to them. March 2017 Secret Commission Payments04 commission £1,688.25 (45% of the PPI premium). Claims can take up to 18 months, although it's within the lenders interest to settle sooner rather than going to court. Post … Once we have established whether you have a valid claim, you will then be signed up on a No Win No Fee agreement, which means that provided you co-operate and provide honest instructions all costs will be covered be the After-The-Event (ATE) policy in the event your case is not successful. No problem, we will obtain this for you. Can I Take Action Against Them? I was experiencing financial problems when I applied for the loan via my broker, can you help? Your loan or mortgage balance increases because the level of interest applied to your account increases as these charges are applied. Prior to the global credit crisis in 2008 most loans or mortgages provided to borrowers with poor credit records (called sub-prime loans/mortgages) came via loan or mortgage brokers. When dealing with loans before April 2008, the typical commission without PPI is £3000 and £6000 with PPI. 2019© Michael Wafer trading as “Duo Legal” and “Secretcommission.claims” is a Sole Proprietorship company. Did you take a mortgage before 31st October 2004 with GMAC, SPML, I Group or any other lender on our list of mortgage lenders? The Lender maintained the responsibility to disclose to you the fact that they were making a payment of a commission and what the value of that commission was. Vat no: 548 5996 75 Authorised and regulated by the Solicitors Regulation Authority – Wafer Phillips Solicitors - No. I have been contacted by clear law solicitors saying I have a potential claim against ocwen or igroup for loans I had taken out between 1995 & 1998 they say they have successfully challenged these loans on the basis that the brokers who recommended the loans were tied to one lender and received a secret commission from the lender they are happy to do this on a no win no fee but if I win … Separate each address with a semi-colon (;) Example: name1@company.com; name2@organisation.com From (your details) Name * Email address * Send Precedent in YourStyle … You can find out more about us and what we do at purelegallimited.co.uk. Again, the Court found that the commission had not been adequately disclosed and ordered that the commission be repaid plus interest. and many others (a full list is available when applying for a claim) most customers used a broker to help arrange the credit. On top of this they would also be paid a commission based on the sale of PPI, usually 35-50% of the premium itself.