# Advise on issue with 'financial advisor'



## Banjaxed (22 Aug 2016)

We had to get advise from an advisor (recommended by a good friend) to deal with the shortfall on BTL mortgage shortfall on our behalf vs AIB.

It was/is exceptionally stressfull and my partner was/is struggling coping - severe depression.
so this is why we took advise to let someone handle it on our behalf.

to get to my question now - we asked for a breakdown of fees in March (after we were asked for a second substantial payment request - 1st €500 (dec) and 2nd (€750 in feb/mar)
dont judge but yes we hadnt arranged a 'fee' arrangement when we first asked him to take on the case.   We did ask but the reply was vague ... lets get our head around this first and we wont fall out over it was the response.  (I know !! I hear myself and its madness).

This advisor lost the plot (he is an accountant by profession and - wrote back basically ranting (2 pages) of the work and time that he put in - (no doubt he had some background info to get and there was communication between him and bank no doubt about that.  so he was so UPHAPPY that he then decided to attach a bill charging by the hour !!! 

Needless to say after the initial shock on receipt of same ...

I apologised and said that of course no insult ever intended but funds were scarce and we needed to know exactly so we could move forward without worrying about that on top of the rest.    We then agreed a total amount and things seemed to move along again as normal.

A few more weeks past and the sale of the apt began.   We got more for it than we expected really so the shortfall isnt as much as intitally envisaged.  But we were asked for a further portion of the agreed amount in mid June.   I had to borrow this from my brother (since paid him back = €500) ... advisor acknowledged receipt of same and explained he would be on holidays for 3 weeks and .....

he hasnt answered an email or phone call since !

Surely we can go somewhere to report such conduct ?
we are devastated.    We dont know how to proceed with the bank communication its all fallen back to us - except we are just a bit broker !!!


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## T McGibney (22 Aug 2016)

So you won't pay his fees but you expect him to continue working for you, almost six months after he billed you?


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## Banjaxed (22 Aug 2016)

Oh absolutely not ! I am happy to pay - if you read what I said I have paid always when asked.  And of course that's right and deserved.
But - it's now the actual crunch is beginning ie the negotiation with bank as sale is happening - about to go through.

We can't get him - he doesn't respond to emails or calls/messages.
he answered mobile  ...one time ... since the last payment & said he was in a meeting and would ring back when he could (2weeks ago) .  Since then either doesn't answer or hangs up on answering.


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## T McGibney (22 Aug 2016)

I'm a tad confused. He asked you for €500 in December and €750 in Feb/March, but you've only paid €500 so far?


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## Steven Barrett (22 Aug 2016)

Is there anyone else in his practice you can talk to? Can you call around to his office?


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## Banjaxed (22 Aug 2016)

T McGibney said:


> So you won't pay his fees but you expect him to continue working for you, almost six months after he billed you?





SBarrett said:


> Is there anyone else in his practice you can talk to? Can you call around to his office?



sadly no ! 

His company name is 'name'surname' accountants so needless to say i wouldnt even attempt to communicate with another from his firm.  Guess what would happen.   Its a small 'town' practice ... 
I had known of him before I encountered him -a very clever man.... ( &very friendly with good pals of mine) so i never in a hundred years envisaged this happening - doesnt live in the same city as us- but i did go to his offices on our first meeting - fine offices / shared but no ..works for himself.


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## Banjaxed (22 Aug 2016)

T McGibney said:


> I'm a tad confused. He asked you for €500 in December and €750 in Feb/March, but you've only paid €500 so far?



yes by your reply it was clear you hadnt read my post .... at all


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## Steven Barrett (22 Aug 2016)

Why don't you get your friend to contact him then?


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## Daffodils (22 Aug 2016)

Is he authorised by the Central Bank to carry out debt management?


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## Banjaxed (22 Aug 2016)

Nah SBarrett -it crossed my mind fleetingly but he didnt beg me to go to him or anything - just would make me uncomfortable and ive enough of that ! 

Daffodils ... he is a chartered accountant - and is well versed on dealing with the banks arranging suitable repayment options etc for situations such as ours ...


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## Daffodils (22 Aug 2016)

He's only allowed to give debt management advice on an incidental basis....

Excepted Persons....
(_d_) a barrister, solicitor or accountant who provides debt management services only in an incidental manner and is subject to regulation by a professional body,

Maybe the accountancy body he is regulated by can help.


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## Steven Barrett (23 Aug 2016)

Banjaxed said:


> Nah SBarrett -it crossed my mind fleetingly but he didnt beg me to go to him or anything - just would make me uncomfortable and ive enough of that !
> 
> Daffodils ... he is a chartered accountant - and is well versed on dealing with the banks arranging suitable repayment options etc for situations such as ours ...



So you won't call to his office, won't get an intermediary involved? How about a strongly worded letter? Threaten to report him to the ACCA? 

Steven
www.bluewaterfp.ie


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## Gerry Canning (23 Aug 2016)

Banjaxed ,

1.You got more than you thought = good.
2. AIB got more than maybe they thought = good.
3. How much is the shortfall ? Is it small enough to manage ? Have you nuff free income to manage it?

Don,t go down the road of, is accountant authorized to do this , it only creates another line of stress.. 

If you can sort 3 , you will be ok.


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