We are a specialist law firm helping our clients secure refunds for financial mis-selling so you can claim what’s rightfully yours.
Welcome to Claim Your Hidden Commissions.
Many people in England & Wales have been victim of Hidden Commission on mortgages and secured loans. Brokers made extra commissions that were not disclosed at the time of sale could mean you are entitled to make a claim.
Most people are not even aware the payments existed and that any mis-selling could never happen to them. Simply by being told a commission may be payable, is not adequate when selling financial products & services. The receipt of a hidden or secret commission is a species of fraud and is actionable against the broker or introducer and the lender who paid the hidden commission.
In relation to anyone who has been victim of Hidden Commission or Secret Commission, this is where lenders have failed to disclose commission payments that they made to brokers who provided new business to them.
A broker is the person or company you agreed the product with, and signed the appropriate paperwork with.
A failure to disclose the existence and value of a commission paid by a lender to a broker places the broker in a position of a conflict of interest. The broker should act for his customer and in his customer’s best interests. A broker paid a commission payment by a lender, however, may be influenced to send his customer’s business to the highest bidder.
In order to enable a customer to make an informed decision about this, and whether the loan recommended was right for them, the broker should tell his customer about the commission. A failure to disclose commission payments may give rise to several types of claim and, consequently, several types of remedy.
At Claim Your Hidden Commissions, we have a specialist team of on site Solicitors and experts here to support you with your claim. We recognise that you, the client, has been lied to, and potentially financially impacted by others, our aim is to recover what’s rightfully yours and redress the balance.
We are here to support you.
As we know, Financial Services must be sold to you in a fair & clear way and must not mislead you. Sometimes it’s not even about the money as you may not have been financially impacted, it may be that you were exposed to risk that is totally unacceptable.
Many brokers may not have acted in their client’s best interests, ignoring their duty of care in return for a hidden, or Secret Commission.
Brokers are professionals who act on behalf of clients
Their job is to sell you financial products with sound and accurate advice. They arrange credit facilities and any associated financial products. Customers pay the broker a fee which is pre-agreed; this fee could be in the thousands.
What duties do brokers owe to their customers?Brokers should:
and many others (a full list is available when applying for a claim) most customers used a broker to help arrange the credit.
Many customers did not realise that the lender paid a hidden amount to the broker by way of commission. This was in addition to the broker fee clients had already agreed. When paying a broker fee, clients expect the broker to act solely in their best interest. They must be completely loyal to the customer - this means putting you first, not their pockets. By accepting additional commission, that clients were unaware of and did not consent to; the broker was not acting solely in the customer’s best interests and had a divided loyalty. As a result, the relationship between the lender and the customer is unfair.
Did my broker receive Hidden Commission?
If you used a broker and paid a broker fee it is possibly the broker received additional hidden commission, it was common practice. You may be eligible to claim a refund of the commission. Get in touch with our team of financial mis-selling experts. We will take some details of any lenders you had credit with. Then we can start investigating on your behalf.
We’re one of the UK’s leading compensation recovery law firms. We specialise in various types of claims – including defective products, financial mis-selling, professional and clinical negligence, road traffic accidents, work and holiday accidents and sickness. We’ve earned a reputation for shaking up the legal landscape, putting our clients first, and providing an excellent service. You can find out more about us and what we do at purelegallimited.co.uk
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 failed to inform the borrower is that a substantial commission was also paid.
Secured Loans are otherwise known as Second Charge Loans, because they are used to raise extra money, instead of re-mortgaging or taking out a personal loan. Second charge loans use the borrower’s home as security and are paid off alongside the first mortgage.
The average Hidden Commission claim is worth between £18,000 to £30,000 therefore this limit will ensure that you are compensated and all costs are recovered.
At the beginning of a claim, it’s hard to say how long it will take to conclude. Claims can take up to 18 months, although it's within the lenders interest to settle sooner rather than going to court. We will always keep you fully updated throughout the life of your claim as to expected next steps and timescales.
The Lender maintained the responsibility to disclose to you the fact that they were making a payment of a commission and what the value of that commission was. In failing to do so, they have breached their duty.
No, the claim does not affect your relationship with the lender as you are entitled to make a complaint. The lender must treat you fairly and must retain a good professional relationship throughout.
Of course. Should you have more than one loan with the same lender, we will treat this as one case; if you more than one loan with different lenders, then we will deal each case separately.
No, all payments will be deducted from your awards should your claim be successful.
We will complete the initial enquiries into your claim on a complete no obligation basis. Once we have established whether you have a valid claim, you will then be signed up on a No Win No Fee agreement, which means that provided you co-operate and provide honest instructions all costs will be covered be the After-The-Event (ATE) policy in the event your case is not successful.
In the event your claim is successful your solicitor will deduct up to 25% + VAT from compensation awarded to cover legal fees, also a deduction will be made if you are required to take out an After-The-Event insurance policy and/or enter into a funding agreement to cover your legal expenses.
The After-The-Event Insurance protects you should your claim be unsuccessful. The cover costs will be detailed within your initial client care pack and will ONLY be deducted from your awards if you win. Should your claim be unsuccessful you do not pay for the coverage and will not incur any legal costs. This is our No Win No Fee agreement.
The disbursement loan is a facility which allows the solicitor to fund vital evidence in support of your claim such as expert reports, court and barrister fees. This does not affect your credit file and should your claim be successful, the defendant will reimburse the loan, should your claim be unsuccessful, then the After-The-Event Insurance will cover you.
No problem, we will obtain this for you. All we need to progress your claim is the name of the mortgage / secured loan provider and the year it was taken out.
Unfortunately we are unable to deal with any mortgage / secured loan taken out in Northern Ireland at present, however watch this space as we are working on it.
All parties have an equal right to make a claim. Should one party wish to not pursue then we are unfortunately unable to deal with the claim. To make things easier, we can sign all parties and then you can agree for one person to take the lead in dealing with the majority of the actions required to progress your claims.