If you can afford the repayments, id have a meeting with him. Tell him your concerns and ask for full refund of
all comms.
Are you suggesting the broker return the comms to the lender ?
t
arolf
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If you can afford the repayments, id have a meeting with him. Tell him your concerns and ask for full refund of
all comms.
No client. everyone wins option 1.
Clients have a few Bob in there sky rocket
Broker gets a harsh lesson without affecting his career
Speak to the bank. Isn't that obvious?
No its not. He is undoubtedly in breach of the loan covenants and when he talks to the bank he will trigger a process with an uncertain outcome.
He needs to talk to the bank soon but he also needs to have a plan. Currently he has no plan which is why he needs proper professional advice either from the Financial Ombudsman and / or a lawyer. A couple days delay is probably worth it to get his house in order. This is not an excuse to hide under the blankets in the bed and hope it all goes away however. This is a matter that should be dealt with agressively.
He was not responsible for the falsification and had no knowledge of it. If they can the loan, so be it. He wouldn't have got it anyway.
In good faith - legal and ethical - you need to speak to the bank.
I believe a loan was never made.
rolf
If your broker has falsified documents and you know about it you would be obliged to notify the lender. You should consider whether you would still qualify and ponder what you will do when or if the lender calls in the loan.
Would the broker's PI insurance cover fraud I wonder?
No client. everyone wins option 1.
Clients have a few Bob in there sky rocket
Broker gets a harsh lesson without affecting his career
Now if my broker lied to get me an IP, which i could afford no probs i wouldnt have a prob, but if he lied when i was clearly not entilted I would have a serious problem
Brokers are often put under huge amounts of preasure from the borrowers to get a loan over the line.
The whole point of my posting this is to point out that brokers are often put in the position of making the data fit the deal. Brokers are often put under huge amounts of preasure from the borrowers to get a loan over the line.
Well,
In light of new information posted, this is a tricky one.
See a Solicitor
Now if my broker lied to get me an IP, which i could afford no probs i wouldnt have a prob, but if he lied when i was clearly not entilted I would have a serious problem
Explain your legal position so that you don't inadvertently prejudice yourself by saying or doing something against your interests.Why see a solicitor? What can they do that the OP cant do?