I approached a mortgage advisor to arrange a mortgage for me which he did for the cost of a annual retainership and a percentage of the mortgage on approval. During the process he told me i need insurances to which he said he will also do. In a short period of time i had to sign a lot of documents which i had no time to read. After a year of paying for life assurance i realised i was paying 300% more than others in my same position, and cancelled the life assurance policy. A week or two after, the mortgage advisor calls me to say i can not cancel it because i signed a document which ties me with the life assurance for 4 years, which i then realised was the case. I insisted i will not reinstate the policy because of the amount i was paying, and at this moment he said he will claim the "commission clawback" from me and if i don't pay, we will have to settle the issue in court. This is the stage we are in now, can anyone advice me if he has a case to force me to pay, when he did not inform me verbally of such in the initial stage. I am a first time buyer and had little idea of issues such as life assurances and mortgages till i met the advisor.
- posted
19 years ago