You are here: Home - News -

Tackling unpaid introducer fees

by:
  • 10/08/2001
  • 0
Please could you advise the best course of action for us to take in regard to unpaid introducer comm...

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?

Editors comment: We are looking into this query for you but if any readers can help, please contact the editor on catherinet@incisivemedia.co.uk

Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Exclusive products from Exchange

By Ben Marquand The Exchange is set to launch a new range of mortgage services which will include ac...

Close