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Claims management companies target “mis-sold mortgages”

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As the name of this website so clearly states, we are dedicated to helping you to claim compensation – but that doesn’t mean we cover every possible compensation claim. For example, we have never been involved in claims for PPI – Payment Protection Insurance. And now comes a suggestion that some claims companies may be targeting another source of claiming compensation in what could be the next mis-selling scandal – interest only mortgages.

It appears that shortly we are to see on our TVs, a series of advertising campaigns by certain claims management companies which target those people who have taken out a mortgage and feel that they’ve been mis-sold. Most these campaigns will be targeted at interest only mortgages – despite the fact that the Financial Ombudsman Service [the nationwide body ruling on claims by consumers against IFA’s and other financial companies] has already gone on record as stating that they believe that these sort of compensation claims are unlikely to be successful.

There appeared to be five main areas where claims management companies are prepared to claim compensation for the mis-selling of mortgages:

• interest-only mortgages

• self certificated mortgages

• sub-prime mortgages

• mortgages aimed at consolidating existing debts

• mortgages which are set to carry on after someone has retired from work

All the compensation claims we run are those where we feel that there has been a victim – perhaps of medical negligence, or bad driving or poor health and safety standards. But claiming just because you took out an interest only mortgage – surely the old adage “buyer beware” stands? As the name “interest only mortgage” makes perfectly clear, the mortgage not going to be cleared– you’re only paying the interest on it. Quite where mis-selling comes in, I do not know. But that doesn’t stop some claims management companies, who seem to think that just because you took on a mortgage you couldn’t afford, that is somehow somebody else’s fault – not yours. As one commentator mentioned, some CMC’s seem to be prepared to simply throw enough mud against the wall in the hope that some of it will stick. This is what, surely, has created the myth of the compensation culture – not perfectly proper personal injury compensation claims.

I’m not sure if you picked up the news recently, but the most ridiculous example of how many claims management companies are nothing but parasites, is the fact that some CMC’s are suing other CMC’s for mis-selling compensation claims – you really couldn’t make this up could you ! Truth is really, sometimes, stranger than fiction.

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