Redemption fee Preferred

[Longleigh10]

Hi guys,

Sent prelim let asking for £5,300 back which was their redemption figure for repaying our mortgage early.

The reason we sold in the first place was to clear debt and mortgage arrears, which I explained to them, they said they'd reduced the penalty by 1% I did try to negotiate more, but they refused. So I thought right; i'll get you later!!!

 

Think I may have boobed though - I forgot £5k is the max. Oh well, if they make me an offer - I'll just accept £5k on second thoughts, does that make the claim invalid? should I send another letter asking for less? or wait for a response? oh heck!:-|

[PhantomReclaimer]

My take on it is that partial payment does not satisfy a debt. Accept anything to get it below 5K then sue them for the rest.

 

P.

[Longleigh10]

Good idea, thanks phantom, will do, can sleep easier now.

[Paul65]

i to am going after preffered. good luck m8

[Bru]

Already had ERC details to hand, so fired of LBA on 30th August requesting a refund.

 

made a follow up call this morning (0800 458 4002) and was surprised to find that they were actually very pleasant.

 

They promised to look into my claim and will get back to me before the end of the week..

 

I await in anticipation...

 

Bru

[Bru]

Received letter from preferred this morning.

 

" Dear Mr & Mrs *********

I am very sorry to learn that you are unhappy with the service you have received from Preferred Mortgages Limited concerning the early repayment charge added to your mortgage and I thank you for bringing it to my attention.

 

We aim to provide a high level of service to all our customers at all times and so it is disappointing to know your experiences so far have been unsatisfactory.

 

In accordance with our commitment to you please find enclosed a copy of the leaflet complaints procedure guide which outline our formal complaint handling procedure and what you can expect from us, blah , blah, blah,,,,......

 

I aim to respond to your concerns as quickly as possible in order to resolve matters to a satisfactory conclusion. In this resapect we aim to provide a full response to you within 14 days from the date of this letter, however should a longer period become necessary to fully investigate your concerns we will keep ypou madvised of progress until we are able to respond fully.

 

in the meantime please do not hesitate to contact me on 01444 448424 should you wish to discuss matters further.

 

yours sincerely

 

Mandy Badenhorst

Customer Services Team Leader"

 

 

I aim to keep them advised on how the legals are proceeding if they don't cough up in 14 days. I Intend to phone her tommorrow to see what she is prepared to discuss

 

 

 

Bru

[Longleigh10]

Hi there,

I've not heard a word from Preferred yet, they've got till next friday, then I'll be filing a court claim.

Good luck all.

[Paul65]

i called today and they say it should be with me tomorrow

[Longleigh10]

Hi all,

I've just read a thread where 'nightmareforbanks' has discussed a formulae for working out the amount to reclaim, apparently we may not be the whole amount, so I will hold fire on this while I gather the original terms & conditions and ask him to calculate it for me (terrible with figures).

I wonder if this is why I haven't heard from Preferred - my moneyclaim would have been due this Friday

[paddym]

i think maybe preferred are hoping maybe if they dont reply we will all go away !

[zootscoot]

Under the rule in Dunlop v New Garage, if a clause is held to be a penalty it is unenforceable in its entirety. Its either valid in which case you pay the full amount or it isn't and entitled to claim back the full amount. Its the same rule which applies to bank charges - some banks are offering to refund the difference between the charge and 12.00, but this does not stand you are entitled to all or nothing.

 

Hope this helps

 

Zoot

[Longleigh10]

Hi guys,

ok, thanks for that. Since my last post I've read more recent ones (especially yours zootscoot! it was brilliant!), so I'm going to write to them one last time and extend my deadline by 7 days (I know; I'm soft), but I feel my previous letters were more bank related. So maybe they'll respond to that. Will keep you posted.

[Longleigh10]

Hi guys,

letter received from Preferred 25/9/06 'sorry your unhappy....blah, blah, blah, unless we hear from you to the contrary within the next 8 weeks we will consider the matter closed' and referred me to Financial Ombudsman. No offer made.

I only want to claim the ERC so did not request a SAR, is that ok? can I still proceed with Moneyclaim

[paddym]

preferred seem to be ignoring me i sent my prelim 12 sept 06 got fob off letter back 21 sept sent them another letter giving them 7 days to reply got nowt sent LBA 6 oct still waiting on reply times ticking by friday is 20 th oct and 14 days will be up so looks like court papers will be issued as they cant even be bothered to reply never mind explain there costs ! good luck longleigh !

[paulpb123]

If you already had the info then no need for SAR. You've been very patient with them so far so go ahead with your claim.

Paul

[Longleigh10]

Cheers guys,

Just completed moneyclaim for £5,300 will cost me £250 to proceed, gonna have to wait 'till Monday now - HSBC may have offered by then! if so, I'll use that. Money well spent me thinks.

[Longleigh10]

Mulling over my moneyclaim....what is the current daily interest rate?

[paddym]

if you use vampiresses spreadsheet interest will be calculated for you at 8% !

[Longleigh10]

Hiya,

re: the interest statement bit - I've put in the figure based on the 8%calculation, are you saying this is also the daily interest rate?

[paddym]

no longleigh the daily interest is worked out as = total x0.00022 = this is the daily interest hope this helps you !

[Longleigh10]

ok thanx paddym, i'dd never have been able to work that one out!

[Longleigh10]

Thanxs for that paddym,

Now the only other problem is fitting it in under 1080 words, if I include the whole 'added interest' bit. If I include the 8% para. but omit the 'daily rate' para. it fits. I don't want to fiddle about with the particulars of claim statement as it is Sooooo good!

Can I do that?

[paddym]

I think you should wait for zootscoop who more than likely has already penned a fitting statement of claim (pardon the pun Fitting ) thats really in her domain she brill so i would wait or if your impatient pm her !

[Longleigh10]

ok then,

hsbc have settled, now ready to take on Preferred - bring it on!!!

[paulpb123]

Hi Longleigh,

Well done with the HSBC action. Did you get your particulars of claim to fit into the 1028 word limit? When I did mine I had 6 characters left over. Best of luck with it,

Paul