If the company you borrowed money from made a payment to a third party broker on your behalf without informing you this is called a ‘Secret Commission’. Under consumer protection laws the lender MUST declare all fees and commissions charged to the customer. If not, they are liable to PAY BACK all the fees, charges and costs relating to the original loan.
The Supreme Court recently heard a number of cases involving secret payments of commissions by lenders, in all cases the court ruled in favour of the customer. These landmark judgements have very wide consequences and mean, if a customer unknowingly paid an undisclosed commission on a loan to a third party (broker), they are eligible for compensation.
Mercantile Claims is a highly experienced claims management company, specialising in resolving consumer credit agreement complaints including the complex area of Secret Commission. We will review the loan documentation and, drawing on our 30 years’ combined experience in consumer credit complaints, will identify whether you can make a claim under the Secret Commissions category.
If you are eligible to make a claim for Secret Commission, Mercantile Claims will work on your behalf managing the legal documentation and liaising with the court in order to secure a financial settlement resulting in the cost of the fees and other charges being fully reimbursed to you.
You are able to pursue a claim yourself to the Financial Ombudsman Service without incurring a fee