This topic was closed on 09 March 2019. If you have a problem which is similar to the issues raised in this topic, then please start a new thread and you will get help and support there. If you would like to post up some information which is relevant to this particular topic then please flag the issue up to the site team and the thread will be reopened. - Consumer Action Group

This topic was closed on 09 March 2019. If you have a problem which is similar to the issues raised in this topic, then please start a new thread and you will get help and support there. If you would like to post up some information which is relevant to this particular topic then please flag the issue up to the site team and the thread will be reopened. - Consumer Action Group

Many thanks for taking the time to explain this. Marian

Thanks very much for your reply. No it wasn't a Student Account it was a Business Account.

I am new to all this. Can anybody tell me how I should start to go about objecting to the high redemption fees charged by Southern Pacific. Who can offer me on advice on how to approach it etc.

Dear BoB The loan amount was £115,000.00

Candice Surely this is against the law? They must provide detailed and clearly explained statements. Or if they use codes you should be able to find them quickly and hassle free. I would ring their customer services and express your feelings, demand some clearer explanations. I will be back onto them again tomorrow re the A/C Control Fee (whatever this is, every charge you can possibly think of is covered in these statements so have no idea what this is) Marian

Sorry Susan Mean't Interest Only Mortgage Not Interest Free!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Hi Susan Yes it is a redemption figure! We really had no choice but to go with them (other than rent or be homeless, but what good would that have done our credit). I cannot believe we had to pay so much. What makes it worse is that it wasn't our fault we were in that position in the first place (Foot and Mouth etc.) We had to pay between £700 to £970 at the end) per month on an interest ONLY mortgage of £115,000.00 then got slapped with the £10,000 + redemption at the end of it. How do these companies get away with it. How far are you with your fight? What steps are you taking? Do you know if we have any rights to fight this? Thanks for your reply Marian

Dear Candice They don't make it easy do they! I had a business account so may be different. I have all sorts of obscure charges like I mentioned before A/C Control Fee etc. But on my statements unpaid direct debits are listed as unpaids @ £30 etc. Have you tried looking on the back for a break down of codes. Or their website. They have an obligation to make these statements clear. Marian

Me and my husband were caught up in the 2001 Foot and Mouth Epidemic. We had a business and lost everything and ended up with bad credit (pretty good before). The buzzards were circling and we really had no choice other than to take a mortgage with Southern Pacific for one year until we improved our credit. We were paying way over the odds for our monthly mortgage repayments and interest only I might add. At the end of the year we were hit with a £10,000+ redemption figure from Southern Pacific. I wrote to them but they were not prepared to do anything about it. Talk about kicking you when you are down, it really sticks in my throat. I have finally found the strength to tackle all the Banks, Mortgage Lenders etc. that took advantage of us at such a terrible time and wondered if anybody could offer me some advice on how to approach this mortgage redemption business. Honestly I think we would have been better off borrowing money from a loan shark

We had to take a mortgage with Southern Pacific when our Business Got into trouble during Foot and Mouth. We ended up with poor credit and had little choice than to mortgage with them for a year. We paid excrutiatingly high repayments for one year (interest only) and then had to pay in excess of £10,000 redemption to move to another mortgage company. I wrote to them but they didn't seem interested to do anything. Does anybody know if there is anything I can do about this. It really hurt at a time when we really didn't need it (who ever needs a 10 grand plus) bill. Talk about being kicked when you are down.

Hi Ellen Fortunately I am self employed so I already had them. There are so many vague charges it is a bit of a nightmare. In my experience you have to pay to have statements resent. I think some banks have a set charge for however many it is you want. ie. doesn't matter if it's one or twenty you still pay the same price (I had to do this with another bank cost about £25.00). Do you still bank with Barclays - should be easy if you do. If not I would give them a ring (found a number eventually on their website). Speak to customer services and get those statements sent out. Say that you need them for tax purposes or something - may be more inclined to help if they don't know the truth! All the best Marian

I know what you mean. I am going through my old Barclays statements and have come across one that is A/C Control Fee. I rang their Telephone Call Centre and spoke to two different people and they don't know what it is either! Say that it is because they are old statements (back from 2003, hardly that old). I am guessing this means Account Control Fee, but what on earth is that. There are so many other charges on these statements that I really can see what else this can be.

I am an old customer of Barclays and got really stung with charges. I am going through my statements to put forward my case and have come across something called an "A/C Control Fee £12.00". Sometimes I have "A/C Control Fee 2 @ £12.00". There are loads and I don't know what they are and neither it would seem, do Barclays.