~~~**IMPORTANT** Mortgage Claimants ~ PLEASE READ ~~

[Delboy01]

Progenic there are some folks here who only wanna claim back late charges and failed DDs etc and not erc. any green light here re non ERC charges?????

 

 

DELBOY

[zootscoot]

In all the lost ERC claims the issue of whether the charge was a penalty was not even considered the claims were lost on the grounds that there was no breach of contract.

 

Regarding non erc claims much depends on who you are claiming against. Some are safer than others to chase.

[Delboy01]

IT would be GMAC zootscoot ......

[zootscoot]

GMAC has paid out charges in full on several occassions including one relatively recently. They will threaten to multi -track and counterclaim but so far paid out all a few days before court. Depends how much your nerves can stand!

[Delboy01]

Ta M8

[kennyh]

Hi Progenic,

Re your post #227. Zoot has really covered the ground, MOST thoroughly, on ERCs - folk only have to look at her threads.

[Delboy01]

GMAC has paid out charges in full on several occassions including one relatively recently. They will threaten to multi -track and counterclaim but so far paid out all a few days before court. Depends how much your nerves can stand!

 

As its for penalty charges only AND i no longer have my mortgage with them.

 

Chances?????

 

DELBOY

[zootscoot]

Only you can decide if you want to make your claim.

 

Here are some Gmac successes on charges:

 

http://www.consumeractiongroup.co.uk/forum/other-institutions-successes/65715-gmac.html

 

http://www.consumeractiongroup.co.uk/forum/other-institutions-successes/32915-these-guys-gmac-don.html

 

http://www.farn-ct.ac.uk:8080/cms/page.php?site=public

 

Another settled a couple of weeks ago just before court but there was no thread.

 

All the best

 

Zoot

[progenic7]

Zoot,

 

so what are your thoughts on the fact that the lost cases were lost based on the fact that a breach didnt occur ?

do you consider these to be classic penalty clauses..for instance like in the case of Dunlop ?

 

so even if these are considered penalty charges, how would you go about proving their penalties if there is no breach ?

 

i was reading some similar case law the other day where the judge just simply thought that the costs were reasonable.

 

johnny

[Will Scarlet]

I haven't had a nose through this thread for a while but thought I would post with an update. I had a barrister do some research for me on the ERC issue and, without going into too much detail as it was a 24 page report, it would appear that based on his findings these claims are dead in the water. Whilst I appreciate this message has been broadcasted loud and clear on the CAG site for a couple of months now it's always nice to have a second opinion. Sorry not to have better news.

[Bona]

But my information is that if you have to sell due to a repossession order that is not a breach of contract and you should not have to pay it did you Barrister say anything about that

[Guest DEATHLORD]

hi all

well I think weve missed the boat here, if some of us have had to sell remortgage becuase of repossision claims and to stop lossing our homes then this is a; a breach by us and b; a pentlay for doing so clearly.

what the mortgage companies have failed and will not do is to say why the ERC are there and what they are for ie interest loss of profit or what.

This is what we should be asking and not its a breach but what are we paying for?

I'll wait...........

[zootscoot]

I haven't had a nose through this thread for a while but thought I would post with an update. I had a barrister do some research for me on the ERC issue and, without going into too much detail as it was a 24 page report, it would appear that based on his findings these claims are dead in the water. Whilst I appreciate this message has been broadcasted loud and clear on the CAG site for a couple of months now it's always nice to have a second opinion. Sorry not to have better news.

 

Any chance of seeing a copy of this report?

[Bona]

Different Breach the erc is to compensate them if you at your wish redeem early. If there is a court order fro you to sell your house or if there actions cause you to sell to avaid repossession then they cant have it both ways I am going to get advice and will let you know what happens

[Will Scarlet]

Zoot - PM me with a fax number.

[Will Scarlet]

Different Breach the erc is to compensate them if you at your wish redeem early. If there is a court order fro you to sell your house or if there actions cause you to sell to avaid repossession then they cant have it both ways I am going to get advice and will let you know what happens

 

Bona - re-possession is a very different situation to the one I was researching so I'm afraid I don't know the answer. I was looking at fairly straight forward ERC cases.

[Bona]

Thanks Im going to get a Barristers opinion before I attempt to reclaim mine I think I have achance but I' need some help

[zootscoot]

If the house has actually been repossessed there is little doubt that the mortgage provider is terminating the mortgage for the borrowers breach of contract.

 

It's less clear cut, however, if you sell to avoid repossession. How much are you claiming?

[Bona]

We had an order under the law and property act for us to conduct the sale it had to be sold the ecr they took was 4575 our mortgage agreement says after three years the ecr will be waived if 28days notice is given in writing they had written notice from the court that it was to be sold buy a certain date

[zootscoot]

Have you considered going through the FSO?

[Bona]

Not at the moment as there is still litigation pending and the costs assessment they will probally say they cant look at it I have done my charges added to the account and they are about 8,000 and gmac have paid some of those back. I am going to the High court after Easter to get a date for the costs assessment then I will I hope have an opion and Ill decide if I'm going for erc we dont have to issue a summons we can make an application under the High court action for a hearing which can be quiet quick

[kennyh]

Blimey Bona - were they actually saying, in effect, that given 28 days notice there would be no liquidated losses on their part!? I should have thought that this would have ramifications for anyone arguing against the validity of such charges.

I know this is NOT what's on your mind mate (having experienced a very similar set of circumstances back in the 80's) and I and my family wish you only the very best.

[Guest DEATHLORD]

Hi ZOOTSCOOT & PROGENIC7,

WELL AS NO ONE EVER ANSWERS MY QUESTIONS WHY ARE WE HERE,

THE MAIN POINT SHOULD BE AND WHICH THE COMPANIES ARE UNWILLING TO DO OR SAY IS WHAT THE ERC ARE FOR, IF IS A LOST OF PROFIT AS YOU SAY THEN IS IT LAWFUL, I AM AT A CASE SO FAR AND THE COMANPY DOES NOT WHAT TO ANSWER THAT QUESTION WHY????

THE OTHER QUESTION IS WHY IS IT ON A REDEMPTION STATEMENT AS ERC CHARGE AS ADDITIONAL INTEREST IS CHARGED IN ACCORDANCE WITH THE MORTGAGE TERMS

SO WHY THEN IS NO ONE ASKING WHAT THE ERC IS FOR IF YOU FIND OUT WHAT THAT IS THEN WE WILL BE ABLE TO DO SOME THING.

[larry12]

Hi ZOOTSCOOT & PROGENIC7,

WELL AS NO ONE EVER ANSWERS MY QUESTIONS WHY ARE WE HERE,

THE MAIN POINT SHOULD BE AND WHICH THE COMPANIES ARE UNWILLING TO DO OR SAY IS WHAT THE ERC ARE FOR, IF IS A LOST OF PROFIT AS YOU SAY THEN IS IT LAWFUL, I AM AT A CASE SO FAR AND THE COMANPY DOES NOT WHAT TO ANSWER THAT QUESTION WHY????

THE OTHER QUESTION IS WHY IS IT ON A REDEMPTION STATEMENT AS ERC CHARGE AS ADDITIONAL INTEREST IS CHARGED IN ACCORDANCE WITH THE MORTGAGE TERMS

SO WHY THEN IS NO ONE ASKING WHAT THE ERC IS FOR IF YOU FIND OUT WHAT THAT IS THEN WE WILL BE ABLE TO DO SOME THING.

I agree we should ask them to clarify the ERC I understand if they have given you a discounted interest rate for say 2/3 years and you wnt to redeem the mortgage befor the end of the 2/3 years then it is understandable ,however after that time there should be no ERC

[Guest DEATHLORD]

Hi

Firstly only a FIXED rate so no discount and secordly you have not answered the question, do you work somewhere?

 

 

Your petition has been approved by the Number 10 web team, and

is now available on the Number 10 website at the following

address:

 

http://petitions.pm.gov.uk/mortgae-charges/

 

Your petition reads:

 

We the undersigned petition the Prime Minister to look into the

early redemption charges for subprime mortgages

 

After a speach the PM made in early 1970's with regard to

mortgage charges is it about time that he did some thing about

these and the people who are at the worst end of the market.

 

Thanks for submitting your petition.

 

-- the ePetitions team