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I am a BTL landlord with several mortgages formerly with MX taken out in the mid 00s, now with Rosinca.
Five years ago MX tried to force me to engage with them for a 'Portfolio Review' but having met them two years previous and having read several horror stories concerning their 'Relationship Managers' I declined. Shortly after this, I received an aggressive letter demanding to see my tenancy agreements due to suspected breach of conditions by renting to DSS. I replied to ask for further information on this and requested an SAR. They fulfilled the SAR and I never heard from them again until my mortgages were transferred to another company this year.
Fast forward five years...
In two weeks I was set to start a new job in financial services, however, the referencing has revealed a CIFAS marker warning from MX. I don't know the exact reason for this yet (CIFAS SAR pending) but it is likely this will render me unemployed in two weeks as I've already given notice to quit my current job. I am very concerned as I have a family to support.
I should say that I have never at any time been in arrears with any of these mortgages and the properties are well maintained with a reasonable LTV. There was no evidence to support the claim made by MX regarding the tenancies and nothing more was heard after that single letter.
Has anyone heard of this sort of thing before? Can anyone offer any advice? Does anyone know a good lawyer?
what is CIFAS?I presume a security check for employment,,,,my mind jumps to Christine Lugarde head of the IMF was convicted of a massive fraud or along those lines yet still retained her job!!I think its the French accent that decieves folks,mayby,
CIFAS is a central database which allows financial companies to add black marks (known as fraud markers) against people they suspect of fraud or are having issues with. It's normally checked when you apply for credit or open a bank account (or apply for a job in financial services).
Adding and removing of these markers is completely at the discretion of the financial institution and they can do it without telling you. You can have CIFAS markers which do not show up on your Equifax/Experian credit report. There are many reports of people being given CIFAS markers incorrectly with devastating effects on their lives.
I knew nothing about CIFAS until yesterday...
Do you have legal expense insurance on your home policy, if so I suggest you contact their helpline.
Good idea - I contract my services through a Ltd company and I have legal cover for this, I will check...
Hi Matt,Sorry to hear of your plight. You don't need a lawyer to deal with this.If an individual is aware of or believes CIFAS data has impacted on a decision, they can request a copy of any data held by returning a Subject Access Request form, along with payment and appropriate proofs of identity and address.You can then check the information and respond to it. If it is incorrect, you can ask the lender to remove it.If you require any further assistance, or have trouble with the lender removing the marker, then contact the Financial Ombudsman on 0800 023 4567.There is an identical story to yours here, and the individual managed to get the marker removed.Good luck and please let us know how you get on.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks to all that replied to my above post last week.
I'm afraid that with the information I had to go on at that time and given the trouble I had had with MX in the past, I drew the wrong conclusion. My problem is in fact a case of identity theft and not to do with MX.
Sorry to hear about that, certainly a worse situation to be in.
_________________________________________________________________________My posts are not financial advice but often me rambling - passing time on a coffee break.Our team at Bespoke Finance offers Limited Company Buy-to-Let and Cheap Life Insurance._________________________________________________________________________
Hopefully you were able to quickly resolve the issue and it didn’t impact on your new job.