However, we think this client took this too literally.
A client that had recently completed on a purchase and hadn’t paid his broker fee advised us that he added this to a debt management plan he had recently set up. He had not made us aware of any debt management plan intentions at the time of factfinding or during the process up to completion. We then received a cheque from a firm of accountants for his first instalment of – wait for it – £2.89.
A letter then arrived from the accountants – administering the debt management plan – advising that we were among a number of creditors, including the client’s solicitor, and that we would receive 198 payments of £2.89.
So not only do we do all the work to arrange the mortgage but then we have to swing for our fee.
Does anyone else think things are becoming too easy for consumers? For example, stick all unsecured debts in a debt management plan and still have a mortgage at not a bad rate for a near-prime deal – 6.04 per cent two-year fixed rate.
To cap it all, his partner works but the accountants haven’t factored this in when calculating the pro rata payment schedule as she is not party to the mortgage.
We would rather stay anonymous as we are too disgruntled.
Name and address supplied
