If you took out a mortgage or secured loan through a broker, you may be entitled to recover money through an undisclosed commission claim. Our experienced team can help you find out if your lender or broker failed to act in your best interests. Call us today on 0151 659 1070 or complete our simple online contact form for a free, no-obligation consultation.
Prior to 2009 and the introduction of the Consumer Credit Act, it was commonplace for lenders to make commission payments to brokers for new business they introduced to them. Brokers had a duty to disclose such commission payments to their customers and to exclusively act in their best interests.
If a broker fails to disclose any details of a commission payment they have received, then they would be placed in a position of a conflict of interest. If the lender also fails to disclose to the customer any details regarding the commission payment to the broker, then this is what is known as a fully secret commission. This gives rise for a claim to be made either against the broker or the lender.
Following recent decisions in the Court of Appeal, it is possible to essentially unwind a loan agreement or mortgage if there has been a fully secret commission payment. This means that you should be entitled to a refund of all the interest, fees and charges you have paid over and above the sum you have borrowed.
Contact Our Undisclosed Commission Claim Lawyers Today
If you suspect your broker or lender received a hidden commission, you could reclaim thousands in interest, fees and charges. Our lawyers can quickly assess whether you have a valid claim and guide you through the process from start to finish.
If you believe you may have a claim we invite you to contact us on 0151 659 1070 or complete our online contact form for a free, no obligation discussion to see if we can help you.
