Zoot v Halifax Mortgages ***SETTLED IN FULL*** *

[smithdp]

Just to clarify something from a previous message in this thread......

 

What can you potentially claim back on a secured loan under £25k?

 

We had a £20K secured loan taken out in Dec 04 which we redeemed early (after one year) via a remortgage. We paid back well over the original £20K borrowed.

 

Also got a less complicated ERC of £2K+, we paid on a Scottish Widdows mortgage which we'll be chasing them for once we've finished with Barclays!!

 

Dan

[zootscoot]

With loans under 25k you can claim back any late fees or bounced dd fees. Also any services which can relate to a breach of contract.

 

Generally ERCs are not levied on loans under 25K as these are regulated by CCA.

 

You can not claim any interest payments made in respect of the loan (unless it is the interest you have paid on charges). Nor any set up or arrangement fees incurred on taking out the loan.

 

Hope this helps

 

Zoot

[julian01]

Hi Zootscoot,

Very,very interesting thread.

I have a secured loan of 52k which has a 7% redemption charge on it currently.

I am having severe financial problems at the moment and have been looking into selling my house to reduce my outgoings so i can clear other debts,ccj`s and defaults included.

If i do sell,am i right in thinking that this redemption charge will be recoverable,all be it down the morgage rules route.

[zootscoot]

Hi Julian

 

Sorry to hear of your recent difficulties.

 

Its still early days with ERCs. We have so far had 4 successes and no losers so its looking pretty optimistic.

 

Obviously its quite a drastic step to take, to sell your home in order to pay off debts so be sure that you consider all your options carefully. I'm sure you will be looking into reclaiming any other unlawful charges.

 

Things will get better

 

All the best

 

Zoot

[martin's little pupil]

Hi Zoot,

No he's not linked in any way as far as im aware, he was an independent financial advisor that we sought out to help re-arange our finances last year.

Zoot, there are many questions i need to ask you later when i have been and found my details for one of my mortgages if you would'nt mind helping me please???

There are so many things im unsure of, im also still trying to find my way around this site but it would be a great help if i knew what i was doing on the pc but thats all new to me too, it's all so damm frustrating. Sorry!!

BY THE WAY, I THOUGHT YOUR LETTER WAS OUT OF THIS WORLD. (FANTASTIC) GOLD STAR AWARD. WELL DONE LUV...

Thanks...

MLP...

 

ps, are you familiar with a set aside mortgage with mortgage express?? it's just that not many people have heard of it and thats what i would like some advice on if you don't mind? thanks again...

 

 

Hi Zoot,

I feel awfull to ask you again, but did you see this that i wrote to you

[zootscoot]

Hi,

 

Sorry, I've not heard of a set aside mortgage how does that work?

[martin's little pupil]

Hi Zoot,

Firstly thanks for getting back to me, it's very difficult to explain but if you are allowed to do it on here i was gonna get my daughter to cut and paste it to here to show you wot i mean but im not too clever on the pc and my daughter won't be here untill tomorrow. would that be ok??? it was a special arrangement our mortgage company set up for us when we got into difficulties sometime back, called a set aside.

Thankyou!!!

Any help is very much aprieciated Zoot.

MLP...

[zootscoot]

Hi MLP,

 

You can copy and paste onto the site. You will be better starting your own thread to make it easier to track your progress.

 

All the best

 

Zoot

[gizmo111]

Hi Zoot,

No he's not linked in any way as far as im aware, he was an independent financial advisor that we sought out to help re-arange our finances last year.

Zoot, there are many questions i need to ask you later when i have been and found my details for one of my mortgages if you would'nt mind helping me please???

There are so many things im unsure of, im also still trying to find my way around this site but it would be a great help if i knew what i was doing on the pc but thats all new to me too, it's all so damm frustrating. Sorry!!

BY THE WAY, I THOUGHT YOUR LETTER WAS OUT OF THIS WORLD. (FANTASTIC) GOLD STAR AWARD. WELL DONE LUV...

Thanks...

MLP...

 

ps, are you familiar with a set aside mortgage with mortgage express?? it's just that not many people have heard of it and thats what i would like some advice on if you don't mind? thanks again...

 

Hi,

 

Am I right in thinking that the charges and arears that you racked up were getting uncontrollable so they kind of re negotiated your loan - bit like the banks do when your are overdrawnand call it a managed loan at a higher interest rate?

[martin's little pupil]

Yes, gizmo exactly,

thats why i need to look into it more first and take some advice so i don't make an idiot of myself, cos the charges we paid were astronomical.

Thankyou!!!

All help very much aprieciated...

MLP...

[ginamaunder]

hello, right sent the 2 letters to halifax, finally got a reply basically saying i signed the form when i took out the mortgage and was aware of the early repayment charge (4,000!!) i ignored the letter and have now put in a claim, do you think that was the right thing to do , i suppose all i can do is sit back and wait!

[blackrain]

Well done Zoot, however I am concerned that you won on the 'Breach of Contract' argument and BM have told me that in no way did they or I breach our contract as I merely exercised my right to redeem my mortgage early. At a cost of over £2K though!

 

Going to pursue this but I'm in several minds how it would go. I think my best bet is that I should be pursuing it as a penalty and that they should prove their actual costs. Which they have declined to do as they are 'commercially sensitive material'.

 

Again, well done and thanks for the advice on my Barclays thread earlier.

[zootscoot]

Lol! I've just responded to your question on another thread we must have been typing simultaneously!

[GraemeC]

Well done Zoot, however I am concerned that you won on the 'Breach of Contract' argument and BM have told me that in no way did they or I breach our contract as I merely exercised my right to redeem my mortgage early. At a cost of over £2K though!

 

Going to pursue this but I'm in several minds how it would go. I think my best bet is that I should be pursuing it as a penalty and that they should prove their actual costs. Which they have declined to do as they are 'commercially sensitive material'.

 

Again, well done and thanks for the advice on my Barclays thread earlier.

 

Think I was the original person to post this from the Office of Fair Trading's site and yet again it comes in handy...

 

A term in a mortgage agreement which requires the borrower to pay more for breaching the contract terms than actual costs and losses caused to the lender by the breach (or a genuine pre-estimate of that) is likely to be regarded as an unfair penalty and to be unenforceable both at common law and (in a consumer mortgage) under the Unfair Terms in Consumer Contracts Regulations. A redemption charge may be regarded as a penalty even if it is expressd as the price for exercising a right rather than a consequence of breaking the agreement.

 

I would go ahead and argue it - I cant see how they can claim this is not a breach of contract because presumably your mortgage agreement was for X years. Good luck with it...

[reidnet]

Hi Zoot.. Just a quickie..

 

Am I right in thinking that a Secured Loan is classed as a second mortgage, so if loan settled early there is also ERC, which is unlawful ?

 

Slighty different here in Scotland though I believe..What I have been told is that I am responsible for all their solicitors costs to remove the security..No idea how much that is yet..Im still waiting to hear from their solicitors..

 

Ian

[Paul65]

i would imagine any charges to that account would be too ?

[meagain]

Dare I ask whether any part of your argument also related to charging interest on the money owed for longer than it is actually owing?

[ginamaunder]

hello can anyone help. i have done the money claim against halifax for early mortgage redemption fee for 4,000 halfax have aknowleged the claim,as i have taken a claim this far before im not sure what happens now, does anyone know thanks

[zootscoot]

Generally the Halifax will acknowledge with an intent to defend but pay out before submitting a defence.

 

If they have acknowledged this gives them 28 days from the deemed served date to lodge a defence or pay out. If they do neither you can then apply for judgment by default.

 

Best of luck

 

Zoot

[JULI99]

Getting Back To Your First Letter On This Thread Addressed To A

Mr. A O'Brien. I Think It Might Have Got Too Much For Him At Abbey Defending Our Erc's Because He Appears To Have Popped Up To Defend My Court Claim Against Sainsbury's.

 

Or Do You Think There Are Two Of Them.

[martinpar]

Or of course it could be that Sainsbury's are Halifax

[JULI99]

Sorry Missed That. Thought That Sainsburys Were Bank Of Scotland.

 

Did Wonder What The H Stood For.

 

God I'm Confused:confused:

 

Why Can't Sainsburys Bank Call Themselves Sainsburys Bank And The Halifax Be The Halifax.

 

juli99

[zootscoot]

Royal Bank of Scotland also owns Halifax.

[martinpar]

Zoot, I hate to disagree with such an esteemed member but no, Halifax own Bank of Scotland- hence HBOS. Royal Bank of Scotland own NatWest.

[Les Gunn]

Children....perlease!!!!