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Response to Mortgage Accounts/Shotfall accounts Auditing ( TLT Article)

from Lexie (lexie.fabriane@ntlworld.com)
I think it is worth remembering that not everyone who reads and posts messages to these boards are themselves facing an “alleged shortfall”. Lenders often read and post messages to these boards as do solicitors, money/debt advisers and companies such as LoanCheck.

Sometimes it is not possible to establish who’s who, and there are a number or reasons why someone who posts here would wish to remain anonymous, or would post careful or selective comments.

I understand that those facing “alleged shortfall debt” would cling to any nugget of information in the hope that this was the answer to their problem and would end years of misery and pain. That’s a normal response. But what I urge you to do is not see companies such as LoanCheck as the messiah, but as a commercial organisation.

Don’t take what you read here as the truth, ask questions of that company, before you part with any money.

Make sure you know what it is they can do and be prepared for the outcome. It may not be all you had hoped. They do not have a magic wand.

Ask them if their system has been accredited or is recognised by the finance industry. Ask them what happens if your lender takes you to court – will they represent you with their findings? Or will this cost you extra? Ask them for proof of their successes or a list of satisfied customers who are willing to recommend them. Ask them how much it will cost you if they “win”.

There are other companies out there which undertake the same type of work. Maybe you should shop around if you want this type of service.

The TLT article was a warning to lenders about issuing a Data File to a third party upon request of a SARN. This is the wrong procedure to use and may eventually put at risk all our rights in obtaining information that companies hold on us. The costs of issuing a data file is often far in excess of the £10 fee. If loanCheck target mortgage customers and then issue a SARN upon the lender, potentially thousands of cases – how long do you think it will only cost you £10 to get your data file?

I hope this helps

(posted 7555 days ago)

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