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Mortgages

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Mis Sold Mortgages

The Financial Conduct Authority (FCA) carried out a review of mortgages processed via brokers and estimate that many may have been mis-sold over the years. Home owners across the UK are struggling because they have not had the correct mortgages through no fault of their own but because they were given bad advice by their broker..

If you used a broker to find you a mortgage and are in a position where you cannot afford to pay your mortgage or you feel your mortgage was not right for you then it is worth speaking to us at Enjay Claims. There are a number of scenarios where you may have a claim, including:

1. The broker you used never informed you he had limited access to the mortgage market.

2. Your payments are set to carry on after you retire and you have no system in place to keep payments up.

3. You were not made aware of increased payments after the term of your fixed mortgage was finished.

4. You took out an interest only mortgage to reduce monthly payments but had nothing in place to pay off the capital borrowed once the term ended.

5. You were recommended a self-certification mortgage when you didn’t need one. This limited your choices.

6. You were sold a sub-prime mortgage despite no past credit problems.

Brokers must adhere to the Financial Conduct Authority (FCA) rules. If they don’t you are entitled to compensation, not only on what you have lost but on what you would have stood to lose too.

At Enjay Claims we work with you, processing your complaint dealing with all the paperwork, requesting copies of your documentation via a Subject Access Request (SAR), only submitting a complaint if we feel there is a complaint to answer. If the broker rejects your claims that is not the end, if we feel the case is strong enough we will pass your complaint to the Financial Ombudsman Service (FOS), a government agency who will review your case. If they find in your favour they will instruct the broker to calculate compensation.

Please note you can only make a complaint for mis-selling if you used a broker to source your mortgage.

 

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Well, you can take up the claim yourself directly with bank, and ultimately the Financial Ombudsman Service or use one of the many other claims management firms out there. Although we can’t guarantee to win your claim you will know that by appointing us you will be using an experienced claims firm that will be working hard for you to get you the compensation you may be entitled to. Remember, though, you don’t pay anything unless we win so you’ve got nothing to lose and potentially lots to gain!

You are not required to use the services of Enjay Claims to pursue your claim as it is possible for you to present the claim yourself for free, firstly to the person/company against whom you wish to complain and if your complaint is not successful you can refer it to the Financial Ombudsman Service for free or the Financial Services Compensation Scheme should the person/company you are claiming against no longer trades. If you are a member of, or subject to, an alternative dispute resolution scheme (other than the Financial Ombudsman Service or the Financial Services Compensation Scheme), it is possible for you to present the claim yourself to your alternative dispute resolution scheme.

If your mortgage/secured loan has been sold through a broker and mis-sold then we can generally claim for the return of any mortgage/secured loan payments plus interest at 8%. If you have been charged interest on your mortgage/secured loan payments, perhaps because it was included within a credit account, then you could claim the effect of the interest back as well.

However, you will only be able to claim with us in the following
circumstances:

  1. You only became aware within the last 3 years that you might be a victim of mortgage/secured loan mis-selling;
  2. You didn’t cancel the mortgage/secured loan within 30 days of taking it out and receive a full refund;
  3. You haven’t already tried to reclaim for mis-sold mortgage/secured loan; and
  4. No-one else is dealing with your mortage/secured loan claim for you.

Please note if you don’t have any paperwork we may only be able to help if your loan is current or has been paid off in the last 6 years. If your loan was paid off longer than 6 years ago, we may require proof.

Just take a look at our Terms of Business and if you’re happy with everything all you need to do is complete our simple Claim Application and return it to us with your signed Letter of Authority. If you have any documents relating to your mortgage/secured loan, for example, a loan or credit agreement and your personal mortgage review, then it would be helpful if you can let us have copies. We’ll then write to the adviser of your loan and submit your claim.

Due to the volumes of complaints the usual timescale is around 2-6 months. We may also have to refer your case to the Financial Ombudsman Service or if the firm is no longer trading then it will be referred to the Financial Services Compensation Scheme. Either of these routes may mean that your claim will take longer. Please note claims that proceed to the Financial Ombudsman Service can take up to 2 years.

If you have an IVA or debt management plan you will be able to claim but you should be aware that the compensation could be used to pay your creditors. If you have been made bankrupt and have not yet been discharged then any redress is usually paid to the Official Receiver to be paid towards your debts. Our fee may be paid out of your bankruptcy estate. If you have been discharged from bankruptcy and the mortgage/secured loan was taken out after your bankruptcy then you could be entitled to receive the compensation.

You may cancel your contract with Enjay Claims within 14 days of signing the Letter of Authority and you will have nothing to pay. If you wish to cancel please contact us using one of the contact methods below.

If you cancel your contract after the 14 day cancellation period we reserve the right to charge a fee of £10 per hour to cover our reasonable costs for the work undertaken in processing your claim up to the date of cancellation subject to an overall maximum of £150. However, if we have received either confirmation that the Claim is to be upheld or an offer of Compensation, we reserve the right to charge the full fee less fees already taken for reasonable costs where applicable.

You can also complete our Cancellation Form and post or email it to us:

Cancellation Form

Enjay Claims does not refer mis-sold mortgage/secured loan claims to another party: all claims are processed in-house. Enjay Claims may pay up to 50% of the final fee (not including any administration fee, late payment charge, or interest) to a registered agent.

Well firstly you can be reassured that you won’t be paying us anything* unless we win your claim! If we are successful then you will pay us 20% of the total gross redress plus £50.00 Arrangement Fee (+VAT).

When we submit your claim to the adviser or bank, we may need to ask them to provide copies of any application forms, telephone recordings, sales scripts, policy documentation, etc., to help us with your claim.

*fee may be payable if claim withdrawn at client’s request.

The Redress is paid directly to Enjay Claims. Enjay Claims will deduct their fee from any redress then pay the remaining balance to you.

If your total redress was £1,000 then you would pay our fee (20%) plus £50.00 (+ VAT) which is £300 and you would receive £700 back in cash. See 3 fee illustration examples below:

Total Gross Redress £1,000 £3,000 £10,000
Our Fee 20% plus £50.00 Admin Fee Plus VAT which is based on the total gross redress £300 £780 £2460
Net amount of redress received by you as cash £700 £2220 £7540

The fee illustration is not to be taken as an estimate of the amount likely to be recovered.

We will help you with your claim right up to and including the Financial Ombudsman Service. We will not represent you in taking legal action. If you wish to take legal action you will have to arrange this separately and pay the costs yourself.

Yes, we will communicate with you via email, phone call or postal mail. We will keep you updated with your case at a minimum of every six months or at all relevant stages. If at any time you would like an update on your case, please contact us.

We make every effort to provide a professional and effective service at all times. However, in the event of a complaint, please contact us using the details below. If you are not satisfied with our response or we haven’t completed our investigation within 8 weeks then you may refer the complaint to the Financial Ombudsman Service, whose contact details are:

Financial Ombudsman Service, Exchange Tower, Harbour Exchange, London, E14 9SR or visit www.financial-ombudsman.org.uk where you can complete their complaint form. You can also call them on: Freephone 0800 0234567 or 0300 1239123.

Enjay Claims Hall Farm Nursery Church Lane Upminster Essex RM14 3QH.

Please also refer to our Complaints Procedure:

Enjay Claims Complaints Procedure