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I came across this article the other day and i must admit i was pretty amazed:
| The Financial Services Authority (FSA) has fined two directors from Abbey Mortgages Limited, based in Bexleyheath and Stokesley, £30,000 each for shortcomings in their mortgage business which put financially vulnerable customers at risk and the firm at risk of being used for mortgage fraud. |
| A review of self certified mortgages sold between June 2006 and June 2007 found that both directors had fallen short of the standards expected by the FSA.William John Evans and Gary Howes failed to check whether their customers had provided them with accurate information. They also neglected to check the affordability and suitability of recommended mortgage contracts, exposing their customers to the risk of receiving unsuitable advice.
The failings were so severe that the FSA has publicly censured the firm. The FSA would have fined the firm £50,000 but Abbey Mortgages Limited could not afford a financial penalty. The firm has however agreed to undertake a past business review and to stop advising on, or arranging, any future self certified business mortgage contracts. |
Just show that even the big names aren’t quite as thorough with the lending process as you expect them to be. In today’s troubled financial climate it can often to be better to go through a loan broker anyway. They’ll often come up with a better figure and since they’ve have to follow pretty strict guidelines to even get a consumer credit license – you can expect them to lend responsibly.
Obviously this isn’t the case with payday loans. You don’t have to worry about any of that since the loan isn’t secured on anything and is just simply an advance on your wages (effectively).
Anyway, enough from me for now.
Stay Safe,
Derek
P.S. If you’re having trouble getting out of debt then try these guys – the service is free!
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