An unhappy Christmas for Mortgage Times ARs
Share
As most brokers were looking forward to Christmas and gearing themselves up for a better year in 2010 The Mortgage Times Group managed to let down some 427 firms by shutting its doors and ceasing to trade.
The board of Mortgage Times has tried to justify its actions by saying that it had a tough year. Well, the ones who have really suffered are the appointed representatives who had to bite the bullet during the festive period.
There’s no doubt that some firms have run up debts due to non-payment of commissions. In addition, some individuals have probably suffered family problems and stress which will have a detrimental effect on their lifestyles and careers.
I was lucky to leave Mortgage Times in November 2009. Although I lost out on more than £6,000 in commission I still consider myself in a better position than before.
As brokers were gearing up for a better year the network managed to let down some 427 firms by shutting its doors and ceasing to trade
I decided not to chase commissions as staff would use their usual tactic of not paying. Instead, I looked for a way out.
Mortgage Times has not responded to any of my solicitor’s letters. When Sheffield County Court issued a judgment on December 12 the firm failed to mount a defence. Since then, I have asked my solicitor to instruct the court to send in the bailiffs.
I am sure many similar cases pushed Mortgage Times to the edge and would not be surprised if the directors enjoyed a nice Christmas due to others’ hard work while ARs suffered unjust treatment.
I have now joined a network that pays commission on time and is always at the end of the telephone. The team at HomeLoan Partnership is friendly, helpful, and honest if any other brokers need a fresh start in 2010.
ABU CHOUDHURY
AC FINANCIAL SERVICE
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
Readers' comments (3)
Joe | 11 Jan 2010 5:10 pm
Well done. I left before their fall and joined Julian Harris Network based in Kent. Positive so far. Pay fortnightly, balanced compliance regime, no hidden charges. Does what it says on the tin.
Unsuitable or offensive? Report this comment
Ian Curtis | 14 Jan 2010 12:24 pm
I too suffered at the hands of this (and I use the term loosely)business. I was NEVER paid commission at the correct time during my association with them, and all my queries and requests for money to be paid to me were ignored. I left the network in November 2009, and yet the Company actually took money from my Bank Account for network fees in December ! I too have lost out on over £6,000, but unfortunately for me this resulted in the loss of my business rather than being able to switch to another network. Brokers have been treated with iutter contempt by the Directors of Mortgage Times and frankly they should never be allowed to work in Financial Services again.
Unsuitable or offensive? Report this comment
Anonymous | 14 Jan 2010 7:33 pm
What happens to everyones files and private information that is held by M.T.?
Unsuitable or offensive? Report this comment