Confused - Acenden mortgage shortfall

[Amber Leaf]

OK, not sure if I'm missing something but I'm thoroughly confused by this..

 

I have a secured mortgage with Acenden that is due to end in February next year. I got into arrears with them about 4 years ago but cleared them and have kept my nose clean ever since.

 

Last week they sent me a odd letter telling me about the end date, informing me of the current balance (~£2500) that they will carry on collecting my monthly payments and that I don't need take any further action at this time. However they then go on to say that that I should make arrangements to pay any outstanding balance full next February and that they will send me a redemption statement just before this date. It's obvious to me that my current payment(£170/mo) will not pay off this balance during the next 10 months even if they stopped adding interest.

 

Now surely if I have a fixed-term loan with no arrears on the account then the entire balance should be paid off at the end of the term and there should be no shortfall?

 

I suppose the only way to find out is to make enquiries with them but I'm loathed to deal with this disgraceful outfit. Perhaps it's time for a SAR?

[citizenB]

Yes, send the Subject Access Request in order to have all the information before making any decisions on what to do next.

[chazzza1977]

Hi, Could you tell me how the shortfall has ended/if ended or whereabouts you are with it, as i have just received a letter, stating in 10 months time my loan will be up but i can work out there will be a shortfall? I similarly got in arrears about 5 ors ago, but thought i had cleared the arrears and then have kept up with the payments, they told me that i should have contacted them 3 yrs ago to increase my monthly payments but have never received a letter telling me that and have not be requested to since? I'm starting to get a little worried now after googling the company and reading a few of the horror stories.

 

Thanks

[maroondevo52]

Hello and Welcome chazzza1977,

 

This is an old thread, it would be better if you started a new thread in this forum with details of your problem.

 

Regards,

 

Scott.