Mortgage misselling is a real problem that occurs to many individuals across the UK and throughout the world. It is the process in which a lender provides less than ideal or ethical lending practices to an individual or homeowner. There is, however, recourse if this occurs and claims for compensation for misselling can be an option that may be best for you. The following explains more.
Claims For Misselling
One way to take action against a lender that has not provided you with all of the information you needed or treated you with less than ethical standards while lending, is to make a claim for compensation for misselling. This compensation can range from hundreds to thousands of dollars, depending on the type and size of the loan that was given. There are several different ways in which compensation is calculated, and each situation will be treated uniquely. One way that it can be calculated is by comparing the bad mortgage and what was paid with what the homeowners should have received a loan amount for.
The amount of overage spent each month may be reimbursed to the individual homeowner covering the period of time the bad mortgage was in effect. This is just one way of calculating and the court as well as financial advice may dictate the terms of the agreement for the amount of compensation for misselling.
When it comes to addressing a concern over compensation for misselling, a homeowner really need to find a team of individuals or group of resources that can help him or her through the process. Part of the team needs to be developed by advocacy for oneself. The largest part of the team is the homeowner and they must stay informed, do their research, and arm themselves with as much knowledge as possible to prepare for the potential battle with the lender. This is important because knowledge both prepares for the proceedings as well as can be a comfortable source for information during a confusing process.
Another great team member that should be found early on in the process is a single or group of claim lawyers. Claim lawyers can help to guide through the process as well as handle any legal issues that arise. You should choose a lawyer that is well-versed in this type of law and, more importantly, this type of claim. This will help to ensure that they are best prepared for the spontaneity that can occur in court.