Looked everywhere on here........

[lickthewallfatboy]

SS

I'm watching this VERY closely,as I have begun efforts to reclaim almost £7K from Birmingham Midshires.

 

They are playing it very coy,not disclosing a full breakdown of costs-it would appear someone has something to hide.

 

If this all works out,it could be bigger than the bank and credit card charges campaign.

[surreyscouse]

i think you might be right licker !

 

I really don't have a problem telling people what happens even if it does open the floodgates. I now have a good deal with my mortgage and won't be moving anytime soon so no problem in helping other people out.

 

Perhaps we should start a campaign for people to start reclaiming ERC's if the banks won't provide the evidence ?

[lickthewallfatboy]

if it does go our way and word gets out-it will take on a life of it's own-literally thousands of pounds per customer.......

 

have a wee look at my thread about BM-there could be fun and games with that one....

 

http://www.consumeractiongroup.co.uk/forum/mortgage-companies/9339-birmingham-midshires-mortgage-early.html

[Tobes]

Scouse, are well done But isn't the 8% only claimable when you have made a claim?

[philb120]

I'm really interested in this and will be watching this thread closely as I was also hit by early redemption charges by Abbey.

 

Good luck surreyscouse and let us know how you get on. May start the request for breakdown of charges myself as it may take a few weeks to get going !

[surreyscouse]

Alright, Karnevil caught me out on the dates. Reason being was that I was waiting for the letter to confirm they will not divulge their costs which I now have. I then felt it only fair to fax the legal dept in order for them to make an assessment.I left them in no uncertain terms last night that I will issue a summons next week if no positive response. They are calling me today apparently. The case is back with the complaints dept so we aren't moving anywhere quickly with this lot so I probably will have to issue proceedings.

 

Anyway, the interest I have added is for the past two and a half years. What I am saying is that if the redemption charge was unfair then I would have had the interest in my account and not theirs (would have spent it by now admitadly). I will add another 8% when it goes to court. Really not bothered about upsetting this lot, the only other accounts we have are savings accounts so they can't really do much other than ask us to move them, but as there are no credit facilities on the account then why would they.

 

Will update IF I receive a phone call from them.

[surreyscouse]

ok, update from Abbey.

 

A lady called maria called from the complaints dept. she asked if i would like her to reinvestigate my complaint. In the nicest possible way I said she can do if she likes but if matters are not resolved to my satisfaction by close of play on 26th July then I will issue a court summons. she was fine with this. I merely pointed out that I have set a deadline and how abbey propose to deal with that is up to them. she said she may not come backto me this week which i replied was fine as i won't do anything now until 27th July anyway.

 

will keep you posted

[bowkett]

Hi, I have been watching with great interest, Abbey stung us a couple of years ago, cant wait to see how this unfolds, I will most certainly be following suit! I have already filed a court claim against them for bank charges, to do the same for the old mortgage would be fantastic! Who needs a good book when you have BAG:D

[THEVARNSTER]

Check out Cheap loans | mortgages | credit cards | home & car insurance - MoneySupermarket UK

I worked out that a lot of mortgage companys are effectively conning people with false discounts. Work out the true actual costs of mortgage products for the same length of time. Say 3 years:

One product you pay £15,000 in 3 years inc fees, without redemption flexible mortgage

Another you pay £19,000 in 3 years inc fees with redemption 5 yr fixed

 

Would there not be an asumption to treat all customers fairly? Just because one customer decided to go for one product rather than another, they should not get penalised.

Clearly they have charged the two people very different amounts, very unfair?

How can they justify charging one more than the other. Both mortgages will require the same amount of administration, are taken for an equal length of time. How is it possible to explain the difference in the two amounts.

Effectively they have not lost out on anything!

Therfore the difference must be a penalty, as there has been no loss incurred.

*PS. Use different products with the same lender as example*

[Andrew Crowne]

Hi Everyone

 

mmm I am being charged £11,000 to get out of a £230k mortgage 6 months before end of a 4.99 % fixed rate deal with the Halifax.... is this at all fair. I am spasming with discontent.

 

Any advice appreciated

 

A

[bish]

Hi Everyone

 

mmm I am being charged £11,000 to get out of a £230k mortgage 6 months before end of a 4.99 % fixed rate deal with the Halifax.... is this at all fair. I am spasming with discontent.

 

I would wait 6 months if I were you, Have been reading this thread on and off and no expert in these matters, but sure lenders, when it comes to mortgages etc are allowed to use a formula that calculates a percentage of the lost income they would have rceived had your contract gone full term. When dealing with mortgages, loans etc, you are talking long term in most cases, 25 years or more. The lenders are projecting doubling their money over the long term and this will dictate their lending strategy, so paying off your mortgage within the first 5 years for argument sake would seriously affect their long term strategy if they did not recover x amount of money, hence the penalty clauses, usualy within the first 5 years of contract ie after 5 years they have recovered enough money to cover costs and profit. May not be fair but just calculate what you would pay back over the term of your mortgage, Most people will be shocked at what you actualy pay back to what you borrowed.

 

These penalty clauses still have no relation to those you inccur on your bank account, as the charge is a one off payment on a mortgage but not on a bank account or credit card.

 

Regards bish.

[gordonhall]

I'm no expert in this matter, but I think they can charge you the interest that they will have lost. In your case, it will amount to nearly £6K. Maybe chuck in some admin costs etc and you'd be looking at 6.5 - 7K tops.

 

Seems like 11K is a little excessive. Worth a letter at least...

[Robertxc]

I'm no expert in this matter, but I think they can charge you the interest that they will have lost. In your case, it will amount to nearly £6K. Maybe chuck in some admin costs etc and you'd be looking at 6.5 - 7K tops.

 

Seems like 11K is a little excessive. Worth a letter at least...

But they won't have 'lost' any interest. When you pay back your mortgage they'll take that money and lend it to someone else, thereby continuing to derive an income from it. Also, under the law regarding penalty charges, the loss has to be real, not theoretical. To say that they have 'lost' interest which they could gain in the future doesn't stack up, not least because if you pay back the mortgage early, they will no longer be providing you with a service.

[ANNALH]

This thread is really interesting.

 

I am at the allocation questionnaire stage for my claim against Abbey for my redemption fees and admin charges and i think i will use some of these comments on the form.

 

Has anyone got any more info i can include on the form?

[surreyscouse]

ANNALH,

 

Thanks for popping in here. Not overly bothered about the thread being potentially hijacked here, but your comment about the allocation questionnaire has really intrigued me.

 

Do you have your own thread or can you give a brief insight as to exactly what you are claiming for and what events have taken place (phone calls,letters,emails etc) I am a couple of days away from issuing proceedings against this lot and am really curious to see what's happended with yourself.

 

Can't see as Abbey will come backwith the goods in the meantime though !

[ANNALH]

Hi Surreyscouse,

 

Sorry for not replying, been away on hols and only just caught up.

 

My thread is under http://www.consumeractiongroup.co.uk/forum/mortgage-companies/9207-reclaiming-abbey-mortgage-early.html#post68555

 

I have not had any letters from Abbey at all and submitted my AQ a few weeks back, just waiting for a court date. Dont really want to go to court on this one as its new territory for BAG so am hoping they will write to me to discuss it.

[surreyscouse]

This topic was closed on 2019-03-08.

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