secret commission payment from lender

A question about : secret commission payment from lender

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 they will charge 35% plus vat if they are correct could I not claim myself and save money

Best answers:

• what a load of rubbish, how do they know this? what secret commission? Also Igroup were a lender not a broker or intermediary. The fact that you had a Igroup loan/mortgage would indicate you had credit problems in the past. If so, then just forget this.
• There comes about from the case: Wilson v Hurstanger. And that resulted in the individual getting Ј240 after a couple of court cases and appeals.
  For the case to work, the broker has to have advised on a loan covered under the consumer credit act (so not a mortgage or many secured loans), they must not have been tied to a lender but independent/whole of market, they must have taken a fee from you AND commission and they must not have disclosed the commission in their documentation. It also has to be been taken out within the last 15 years or any claim can be statute banned.
  The judgement was because there was a fee and commission and the commission amount was not disclosed. So, he ordered the commission to be refunded. Had it been commission only or fee only then it would not matter. Had the commission amount been disclosed it would not have failed.
  Your problem is that court proceedings cannot be started more than 15 years after the date when the cause of action arose (whether the complainant was aware of the cause of action date or not). Plus, the claim would be against the broker and its quite possible that broker no longer exists.
  Quote:
• can you tell me what does ROFRA stand for the letter I received said it existed between brokers and various lenders.
• thank you for that dunstonh that was very helpful they wrote to me in december and followed up with email last month hoping for the go ahead which they wont be getting.
• I have a similar case going thru clear law hopefully will find out next week
  just a few pointers my case relates to a montage in 1998
  my case was taken by clear law in June 2013 so I might be under that 15 years dead line in that case might be on a winner will keep you posted
• Mortgages aren't covered by the consumer credit act so not sure how Clear Law are going to help (except take a fee)
• The company GE Money/Ocwen has agreeded to make an offer ClearLaw have said ,just dont know what it is, sometime in the next 7 10 days will get the letter of offer.
  i have not paid ClearLaw any fee i expect they will take there cut from any winning
  will keep you posted
• clear law have indicated the claim in the region of Ј3000
• Hi all
  Thought it better to join in this thread than start a new one. My parents have been contacted by another legal firm, regarding the same lender and same period, pretty much offering the same thing, including the 35% fee on a no win no fee basis.
  I am wondering if I can fight this for them, and not have to be stung for the fee? I am going to do some research and post back here if and when i find out more.
  A