GE Capital Mortgage Interest Incorrectly Calculated

[danjude01]

I have today received a letter from GE stating that the interest on my interest only mortgage has been calculated incorrectly

 

It states that the interest should be calculated daily and charged monthly , however it has been calculated monthly and charged monthly

 

This has come out of the blue and contains no actual calculation and a credit has been charged to my account

 

I recently had an experience with Royscott Finance , and because they had not supplied annual statements I received the full amount of interest charged over a 2/3 year period.

 

Have I got any rights to get the interest back or any form of compensation in relation to this ?

 

Any advise would be greatly received

 

Thank you in advance

[fkofilee]

Does it state how much out it is by?

[danjude01]

It shows a summary of activity

 

Included in there under Fees and additional interest is a negative amount of £3968.68

[fkofilee]

When you asked them for them to return it via a cheque to you, what did they say?

[danjude01]

they have not sent me a cheque they have deducted the over charged amount off the outstanding mortgage balance

[harris1997]

Hi, I have received the same type of letter. I had a 1 page letter where at the bottom there was a table that explained 'what we have done' with a table and 2 columns showing the amount before recalculation and the amount after. Mine was a whopping 13p reduction and it only decreased on the arrears balance and the fees * additional interest balance. I received no explanation as to how long this error had occurred or a breakdown of the calculation and how they arrived at the figure. Did your letter provide the same detail I have mentioned or did your letter have additional information?

 

Many thanks