Windfall Query

[Chris.cj]

So I may have been mis-sold my mortgage (according to some ambulance chasing solicitors). My question would be regarding what would happen to the compensation that we may receive. This needs to go through as a joint claim as my wife and I took out the mortgage together but the IVA would be my responsibility as all of the debt was mine.

My first question would be would this compensation fall under "pain and suffering" - we were given bad advice by a greedy broker and he has caused us to suffer as a result or would it be "loss of earnings" - had we negotiated a better deal back then we may not be in this mess right now...

My second question is would my wife have to pay her half of the compensation into the IVA?

What if we were to leave pursuing this potential claim until way after the IVA was settled - I feel this a little dishonest myself...

Any feedback or suggestions much appreciated.

[kallis3]

Hi,

If just you has the IVA then I believe that your wife would be able to keep her half and just yours be paid across.

Hopefully one of the experts will be able to advise.

[ginger3232]

Chris .Cj - misold the mortgage - well thats a new one !! I assume you both read the mortgage application/had it witness and then signed it agree to the term and conditions?? + paid acrosss any booking fees?

[Michael Peoples]

Any windfall for your wife would not be captured by the IVA. However, be aware that any compensation [if awarded] could be used to reduce your mortgage balance leaving you a bill with the lawyers.

Make sure you are not committing to any costs but your half would be captured by the windfall if there ever was a payout.

[kazzafunk]

As Mike says - make sure you do it yourself and not through a firm of solicitors. If you google mis-sold mortgage / ppi then you'll find more than enough information to be able to do it yourself. That way you'll receive 100% and be able to pay your 50% over and keep your wife's 50%.