Sunday, March 27, 2011

No win, no fee firms eye mis-sold mortgage compensation market | Money | The Observer

No win, no fee firms eye mis-sold mortgage compensation market | Money | The Observer

"Citizens Advice also advises homeowners to think twice before unnecessarily signing up with a claims company. "Up until 2008 we were seeing lots of evidence of irresponsible lending – people being lent mortgages they could never properly afford and unsuitable lending with people being given products that weren't necessarily right for them – and a lot of the problems were driven by intermediaries," says Citizens Advice's social policy officer Peter Tutton. "It was only a matter of time before the claims management industry started moving in."

An FOS spokeswoman points out that its complaints service is free if a consumer has first made a complaint to the lender or intermediary but is unhappy with the response: "Consumers don't need to pay to get their complaint resolved. If they choose to use a claims company, or other third party, the ombudsman service will deal with the complaint in exactly the same way."

If only it were so simple. Many people are unaware of the problem.

http://www.saverjustice.co.uk

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