Claims management companies that have made billions of pounds from PPI are turning their attention to mortgages in what they say is the next big mis-selling scandal.
A number of claims management companies are soon to launch websites and TV advertising campaigns targeting borrowers who think they may have been mis-sold mortgages. Most will initially be aimed at customers with interest-only mortgages, even though lenders and the Financial Ombudsman Service (FOS), which rules on consumer claims against financial companies, say the claims are unlikely to succeed.
Interest-only loans are mortgages where the borrower agrees to pay off the interest each month but none of the capital. Borrowers are expected to ensure they have a repayment vehicle in place to pay off the loan once it expires, usually after 25 years.
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ReplyDeletemis sold ppi
ppi mis selling