Previous News Items
Refund aggregator Choice Aggregation Services has said its current focus is on the plight of the individual Refund franchisees, putting other criticisms of the controversial mortgage brokerages business model and corporate identity aside.
But, in the wake of news that SV Partners - the administrator appointed to manage Refund Home Loans - has again failed to pay commissions due to franchisees, CEO Stephen Moore said the longer it now takes to finalise the matter the more uncertain the outcome becomes.
Speaking to the MortgageMix, Moore confirmed that Choice has been in regular contact with the administrators.
"We have sent various communications to them; seeking both confirmation that the brokers will be paid, and direction regarding the outcome of the administration process," he added.
"We are most concerned about the brokers who are doing it tough at the moment, and are strongly encouraging the administrators to act in the best interests of franchisees," Moore said.
About communications to the franchisees, he said Choice has been in constant contact with them from the start.
In addition to providing them with regular updates, the aggregator is encouraging the Refund brokers to get independent legal advice - and to not make rash decisions.
Fed-up franchisees turn on Refund - Apparently the once amicable relations between Wayne Ormond's sinking Refund Home Loans and its franchisees have soured quickly, as news breaks that a large group of franchisees now plan to take legal against the franchisor company.
Little industry sympathy for 'gimmick' Refund business model - Nobody likes to see a business go under, but if you believe much of the online 'other' broker commentary in the wake of Refund Home Loans' decision to go into voluntary administration the controversial mortgage broking business was always destined to go to the wall.
Did you like this article?
Subscribe to the MortgageMix to receive our Newsletter and weekly News-Wrap
|Phone (02) 9939 8771|