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Brokers demand refund over franchisees deal

Brokers are demanding a refund of thousands of pounds handed over to become franchisees of Manchester-based The Mortgage Practice or an explanation of what services the firm intends to offer.

Several brokers say they paid up to £15,000 each to join the practice in response to ads in the national press but have so far had nothing in return.

They claim that after attending a training course three months ago, they were told The Practice was in administration and would now be trading as the UK Mortgage Network with the same directors, Richard Sixsmith and Geoff Hobson, but since then, they have had no further contact from the company.

One London broker said he sent a cheque for £3,300 towards his franchise membership which was cashed in June and is worried that he will not see the money again if the firm goes into liquidation.

Another broker, Darren Cooper, says: “I paid £7,500 and attended a week-long course with five others. That was 13 weeks ago and we have received nothing but a few business cards, no MCCB number and no credit agreement licence without which I cannot trade.”

Neither of the directors were available to comment and staff taking calls at The Mortgage Practice refused to disclose their full names or comment.

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