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Finance News |
Uproar over broker loans
Thursday, 03 Feb 2005 11:16
Mike and Penny Barnes, licensees of the Coach and Horses in Hacklinge, Kent, have been trying to get back £2,200 they paid to Gateway Finance.co.uk when they were verbally promised a mortgage of £250,000.
“The company told me that it had a deal on the table with a good interest rate and what I needed to do was send the money first. When I got the offer back it was not the offer we had agreed. I kept writing to them, threatening them with solicitors but they have never contacted us.”
Gateway Finance.co.uk has denied knowledge of some of these clients and asked for any complaints to be forwarded to the Office of Fair Trading.
The Publican decided to withdraw the advertising of Gateway Finance.co.uk at the beginning of October 2004 following a number of complaints.
Gateway Finance Ltd, a company based in Berwick Upon Tweed, is in no way related to Gateway Finance.co.uk.
Gateway Finance.co.uk responds:
“Where Gateway Finance takes a £350 administration fee and the client has not disclosed his circumstances truthfully, Gateway does not offer a refund and this is clearly stated in our terms of business.
“Gateway will instruct a professional valuation company in order to value a client’s premises, however, where the valuation has been down-valued obviously we can only arrange finance on the true valuation. We would not refund the valuation fee at this stage due to the fact that we have paid this out.
“With regard to offers, it is Gateway policy never to guarantee that a loan can be arranged due to the fact there are many aspects that can fall down.”
Gary and Clive Thomas
Directors
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