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IT’S EASY TO START AN undisclosed or secret commission CLAIM
IT’S EASY TO START AN undisclosed or secret commission CLAIM
Undisclosed or secret commission
Undisclosed or secret commission is where a lender pays a sum of money to a broker or agent of the customer, and this is not disclosed to the customer.
What is an undisclosed or secret commission claim?
In a court case taken against a lender, Mrs Frances Wood argued that her agent or broker did not make her aware that they received payments from her lender (Commercial First) and thus they amounted to a secret commission or bribe. It has always been held that where the customer is induced by their agent or broker to enter into a contract (loan), and the agent or broker received an undisclosed commission from the lender then that is treated as a secret commission or bribe.
At Moneyback Limited we are aware that in the case of loans and mortgages taken out before 2008 it was common practice for the lender to pay the agent or broker a commission or fee for bringing the business to them and this was not disclosed to the customer. There is a high chance that the agent or broker was influenced by this commission to recommend to his customer that they should take out the loan or mortgage.
So, what can I claim?
Each claim will be different but in the case of a loan of £30,000 where the commission earned by the agent or broker was not disclosed the amount could be calculated as follows:
| Return of commission = | £8,000 |
| Cancellation of the loan = | £30,000 |
| Damages for fraud = | £10,000 |
| Total due = | £48,000 |
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We charge 20% +VAT on compensation awarded. After instructing us you can cancel our services within 14 days without charge. You can claim yourself for free either to the person against whom you wish to complain or the relevant statutory ombudsman (providing where applicable you have contacted the company/person in question first).
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