A bridge loaner in 2019 recovered £ 8,200 on interest and fees on a falsely charged loan, thanks to Yorkshire startup Secured Lending Auditing.
Companies that check commercial and mortgages for mismanagement that could lead to refunds to the borrower were instructed by the client to perform a professional commercial financial audit.
Through the use of custom software and a review of loan documentation, some issues have been identified in how lenders manage loans, revealing that borrowers are overcharged for fees and interest.
Founder of michael may Safe loan audit Comment: “The reason I get the money I deserve for this client is why I set up a secure loan audit, especially during these difficult times for businesses.
“Over the years, too many horror stories of banks that have treated their customers badly have broken, or at least eroded, much of the trust between lenders and borrowers.
“When banks regulated themselves, some banks acted in their own best interests, not in the interests of their customers.
“Despite the majority of lenders regulated by the Financial Conduct Authority (FCA), there are still concerns that customers may not be aware of.
“In the field of commercial finance, lenders have less regulation to comply and borrowers have left less robust means to challenge lenders. This particular case proves how problematic this is. I am. “
When Michael May, an experienced data analyst, founded Secured Lending Auditing in 2020, he embarked on a mission to save money and ensure fairness for businesses.
His process involves helping business borrowers legitimately regain money by checking commercial and mortgages for areas of lender mismanagement that effectively represent contract breach. ..
The loan must be of commercial nature and must be “live” or settled within the last 15 years.
The loan in this case was made in 2019, initially for 10 months, but with COVID-19 and the blockade, the term has been extended at the extension fee agreed prior to the extension agreement.
The borrower who chose to remain anonymous approached the secured loan audit because the lender’s managing director did not provide a clear explanation for the fees applied and the basis for the interest charged on the loan period.
The client approached the lender many times for this explanation, as did the broker involved in arranging the loan, but this request was also ignored.
Within 28 days of the secured loan audit submitting the claim details to the lender, the offer for resolution was received and the client received the funds the next day.
Michael added: “In this particular example, the document was reviewed in detail and the claim was submitted to the lender with evidence of our calculations.
“Generally, the lender has a complaint policy detailing the process for dealing with the’complaint’, and the lender stated 28 days to resolve – the settlement offer was made within this period. I was struck.
“The lender argued that some elements of the claim were unfounded, but I asked them to provide details of the provisions they stated disproving the claim.
“Because the lender’s contract is not strong, no evidence was provided and the settlement offer was made within a few days of this conversation.”
May added that while FCA-regulated lenders operate at the highest standards, the same is not always true for unregulated lenders.
“Without this obligation, we often lack investment in internal compliance, auditing, and infrastructure, which can lead to undetected mistakes during the life of a loan or mortgage,” he said.
“I want to help borrowers and level up the competition. If unregulated lenders know we are here and are conducting independent audits, they are We may scrutinize our products more closely and ensure that they trade fairly with our customers. “
Yorkshire startups help clients get back £ 8000 on mortgage fees billed incorrectly
https://bmmagazine.co.uk/news/yorkshire-start-up-helps-client-win-back-8k-in-wrongly-charged-loan-fees/ Yorkshire startups help clients get back £ 8000 on mortgage fees billed incorrectly