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By completing the details below this will help us establish if you have any potential claims for “undisclosed commission”. If a potential claim is identified our legal partner will help you pursue the claim against your lender. More information can be obtained from our Privacy policy.

Have you?

Taken out a secured loan out before 2009?

Taken out a mortgage before 31st Oct 2004?

Have you?

Taken out a secured loan out before 2009?

Taken out a mortgage before 31st Oct 2004?

Can I Claim ?


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? Did you take a mortgage before 31st October 2004 with GMAC, SPML, I Group or any other lender on our list of mortgage lenders?

Full list of Mortgage Lenders

List of Lenders:

Acenden
GE Money
MAS
Mortgage PLC
Cheshire Mortgage Corporation
Beacon Home Loans
Lancashire Mortgages
Platform
Paratus
I Group
Mortgage Express
SPML
GMAC
Advantage Home Loans
Amber Home Loans
Roof Top Mortgages
Kensington
Paragon
Future Mortgages
High Street Home Loans
Redstone
DB Mortgages
Money Partners
Lapithus
Pink Home Loans
Southern Pacific
Swift First
The Mortgage Business
Interbay Limited
Victoria Home Loans
UCB Home Loans

Full list of Secured Lenders

Blemain Finance
Cedar Holding
City 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
OCWEN
Picture Financial
Prestige Finance (now part of one savings bank)
SPPL (Acenden)
Spring Finance
Swift Advances
White Label Loans
Paragon Personal Finance

Does any of the following apply to you?

  • Your mortgage or loan provider has added substantial arrears/admin charges to your loan account;
  • Your mortgage or loan balance has increased even though you made regular payments
  • You were not informed by your lender or broker that a commission payment (up to 10% of the loan amount was paid to your broker
  • You were not informed that further commission payments were made to your broker where a PPI policy was added. This could be as much as 40% of the PPI premium
  • You were already experiencing financial difficulties when you took your loan or mortgage out
  • The loan or mortgage was unaffordable from the outset
  • You retired whilst the mortgage was still live and could not afford your loan or mortgage after retirement
  • If so, SC Claims can assist you in obtaining compensation which may be as high as £50,000. We specialize in the following areas:
  • A refund of all commission payments that your lender paid the broker who introduced you to them. These refunds are ordinarily 10% of your loan or mortgage amount plus interest. [typical refund £10,000]
  • A refund of all arrear’s charges added to your account plus interest [typical refund £8000]
  • Your loan or mortgage being completely written off. This is known as rescission and may also result in you receiving a cash payment in addition to having no further payments to make
  • A refund of hidden commission relating to any PPI that was sold. [typical refund £14,000]
  • Where you could not afford your loan or mortgage, a refund of all interest payments made [typical refund £25000]

FREQUENTLY ASKED QUESTIONS

What do you mean ‘secret commission’?

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. Whilst the loan document would usually say if the broker was to be paid a fee, what they almost always fail to inform the borrower is that a substantial commission payment was also paid.

How much commission was paid?

Whilst the exact level of commission would depend on your lender and the broker involved, the (secret) commission payments were substantial. Typically, a secured loan lender, such as Blemain Finance or GE Money would pay a commission equal to 10% of your loan amount. On top of this they would also be paid a commission based on the sale of PPI, usually 35-50% of the premium itself.

When dealing with loans before April 2008, the typical commission without PPI is £3000 and £6000 with PPI.

Re-mortgages were slightly different with commission payments between 3-5%, however, re-mortgages were for higher amounts and typical commission are between £5000 – £7000.

Are there any legal cases in the Courts that mean I can claim?

In 2007 the Court of Appeal heard the case known as Hurstanger v Wilson (a copy of the judgment can be found Here. 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.

There is a very straight forward explanation for this. Where a broker is being paid (without your knowledge) by a mortgage or loan lender, it puts him or her in a position where his duty to you (to give impartial advice) conflicts with his interests (to be paid a commission). 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.

Are there any more recent legal developments?

Yes – There have been two further Court of Appeal decisions. The first in 2015 was the case of McWilliam v Norton Finance. Again, the Court found that the commission had not been adequately disclosed and ordered that the commission be repaid plus interest. The second judgment, Nelmes v NRAM came to a similar conclusion.

I’ve had more than one re-mortgage or secured loan?

This is fine. We deal with each transaction separately and each could be worth as much as £50,000.

My mortgage or loan is paid off, can I still claim?

Yes, absolutely. In fact, for certain types of claim, a loan that is paid off pay result in a higher level of compensation.

I have already started a claim with a claim management company, can I switch to you?

The law relating to secret commission claims is highly complex. The Financial Ombudsman Service (FOS) routinely view these as being to do with a point of law rather than a complaint. Whilst there are certain rare circumstances where a CMC will be successful, usually it requires an experienced law firm liaising with your lender to achieve a positive outcome

My lender has added arrears charges to my account and the balance of my loan/mortgage is increasing, can you help?

Mortgage and loan lenders must comply with a range of legislation set out by parliament. 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

Your loan or mortgage balance increases because the level of interest applied to your account increases as these charges are applied. 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.

Where the application of these charges falls foul of these, you have a right to be refunded for your losses. This can include all arrears charges being refunded along with the interest you have paid on these charges. This can be substantial, and we have seen losses that exceed £30,000.

I was experiencing financial problems when I applied for the loan via my broker, can you help?

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. They should have had adequate provisions in place to check this.

Where you were experiencing financial difficulties at the time of the loan or mortgage, for example where you have CCJs, defaults or arrears outstanding on credit, those checks should have been more detailed to make sure you weren’t taking on a debt that you would not be able to afford.

We work alongside experience mortgage professionals who can assess whether your lender’s checks were sufficient. Where it can be evidenced that they were not, the law provides a range of remedies to assist you. This can mean that your loan or mortgage is changed to make it affordable, or, a full refund of the interest payments you have made.

How long will the claim take?

These are high value claims and take longer than simpler claims such as PPI. However, the law firms we partner with on these claims are highly experienced at settling quickly with an average claim taking 9-12 months

How much will it cost me to make a claim?

Our partner law firms take a maximum of 25% of your damages. Their service is given on what is called a ‘no win no fee’ basis. You will only pay their fee out of damages you receive if successful.

Do I Need to use a Claims Management Company

You are not required to use a claims management company to pursue your claim. You have the right to go direct to your adviser, or to use the Financial Ombudsman Service (www.financial-ombudsman.org.uk) to seek redress independently and free of charge.

ABOUT SCC

©Secret Commissions.claims is a trading style of Financial Claims Management Ltd . We are a highly experienced Claims Management Company, (CMC). Our experienced team are all experts in this field, and many are former employees who previously worked in the subprime mortgage industry. This background allows our team to understand what went wrong with these loans and mortgages and how to evidence those failings.

2020©Secret Commissions.claims is a trading style of Financial Claims Management Ltd Company Number 09413277. Authorised and regulated by the Financial Conduct authority - Financial Claims Management Ltd - No 838255