'Horrendous' stress for couple forced to pay monthly mortgage twice after law firm collapse
Summary
A couple in Wales was forced to pay their home mortgage twice because the law firm handling their remortgage closed suddenly and did not complete the transfer properly. The collapse of PM Law Group has affected hundreds of customers, and investigations are under way into suspected fraud involving nearly £40 million in client funds.Key Facts
- Gabriella and Kurtiss Smith were told their remortgage was complete, but they received payment demands from both Halifax and Nationwide banks.
- PM Property Law, the firm handling their remortgage, closed abruptly in early February.
- The couple had to borrow £6,000 from family and friends to cover payments to both mortgage providers.
- Halifax refunded the extra payments and apologized for the delay after being contacted by the news.
- The Solicitors Regulation Authority (SRA) and South Yorkshire Police are investigating PM Law Group for suspected fraud.
- Almost £40 million in client funds are believed to have been improperly removed or misused.
- Over £16 million has been paid out from a compensation fund to affected clients, with more payments planned.
- The SRA will prioritize claims based on the risk of harm to claimants.
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