What is the service exactly?
If you are a victim of mortgage mis-selling, we construct a complaint, send to the lender/vulture and then submit to the Financial Services and Pensions Ombudsman (FSPO). We are experts in European Consumer Law and banking best practice and consumer protection codes.
What do you charge for your service?
No fees are charged unless we win compensation for you.
Our professional fees are charged when we win compensation. You will be notified of these fees when we understand your case.
How long does the process take?
The entire process can take years as the Financial Services and Pensions Ombudsman (FSPO) is a public body funded by the Department of Finance and banks. For those in need of help now, we have additional services. You will be made aware of those services when we understand your current position and case.
What compensation can I obtain?
The Ombudsman can make awards up to €500,000 per claim. The purpose of compensation is to place you in the position you should be in if you were sold the suitable product. Compensation will depend on the specifics of your case.
Example: if you borrowed €300,000 in 2006 at an interest rate of 6% and have managed to pay c. 50% of the payments to date, then your compensation could be approximately €232,000.
Will I get my mortgage written off or written down?
We anticipate that any awards granted to you will result in a restructure of your mortgage to an affordable and sustainable amount rather than a cash award. We will be with you all of the way to ensure you get what is rightfully yours.
Is there a standard award by the Ombudsman?
No, the Ombudsman is very clear in their communications with us, that every case is treated on its own merits regardless of any similarities. This creates its own problems in advising consumers of their rights and ensuring any consistency in complaints and awards. However, we will model the claim value to the specifics of your case at the appropriate time.
Example: If you borrowed €300,000 at 6% in 2006 and managed to pay 100 of the 216 payments due to date, your compensation could be up to €210,000. You still owe the original €300,000 so your net amount owed reduces to €90,000 plus settlement fees. We will handle all valuations and settlements as part of our No Win/No Fee offer.
What if my loan has been sold?
The Central Bank has advised that on any sale or transfer of a mortgage, all consumer rights are protected. We have submitted Dáil questions on this very matter. At the moment we only handle cases where the loan has been sold and is being managed by Pepper, Mars Capital, Cabot, BCM or Start Mortgages (now Mars Capital).
I am in the legal process, is it too late
No it is not too late. We have solutions for everyone regardless of where you are in the legal process. As part of the registration process we will ask you certain questions and then tailor the solution to your needs.
I have a question not covered in the FAQs?
Please email info@misselling.ie. Please be aware that we cannot give advice at this stage. Please Join the Claim and complete the application as best you can and we will be in touch.
Do you handle Pension Mis-sales?
Yes, please email benhoey@quartech.ie with the details of the broker that sold you the product, what the investment product was and the date it was sold.
How long can the process take?
It can take up to six months to obtain the data and final response we need to process the complaint at the FSPO. The time with the FSPO depends upon their acceptance that they have jurisdiction to investigate and the resources available to them. This can take up to 5 years. If you are in urgent need of help, we will be in contact when you sign up to Join the Claim, depending upon your responses in your application.
Can I make a claim to the FSPO without expert help?
You can make a claim directly to the FSPO (Financial Services and Pensions Ombudsman) without a solicitor or other professional help. However, the FSPO is a neutral mediator funded by the Department of Finance and the banks, so it is not 100% on your side and will not assist in your case.
The FSPO reject approximately 50% of all complaints they process each year. We help you file the most robust complaint possible with the FSPO. If your claim is rejected and we believe the FSPo has erred, we will appeal your case to the High Court, and if necessary, to the European Court of Justice (ECJ). European law fiercely protects consumers and can hold lenders to account in ways Irish law may not.