Please could you advise the best course of action for us to take in regard to unpaid introducer commissions from a packager.
We have placed two cases with Central Lending Services in Birmingham, one completed in October 2000 the other in March 2001. Both were adverse cases and we were led to believe that a fee of 1% would be paid on completion.
Central Lending Services now informs us that in one case it has been unable to obtain its arrangement fee from the client of 2%, so cannot pay our 1%.
In the other case, Central Lending Services has received its 2% but informs us it had to take legal action to obtain it and will not clear our cheque for 1% as it wishes to deduct part of these legal costs from our money.
In both cases, Central Lending Services has already received a packaging fee upfront and the proc fee from the lender involved.
We obviously will not be placing any more business with Central Lending Services as we cannot afford to keep working for nothing.
Is there any help available under the Mortgage Code or has any other reader had similar problems with packagers?
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