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

[dolly]

Good post, Karn...thanks

 

(PS - why are you 'staff' now...have you gone higher in the world?!)

[lynnette10]

I have got my court date for 13 March 2007 at the local county court in Reading, the claim is for £2490.00 plus the interest at 8%, do you think I should carry on with my claim as I have gone this far. I am not claiming any late payment fee etc.

 

Any help would be great.

 

Thanks

Lynnette

[dolly]

Have you definitely been allocated small claims?

[lynnette10]

Yes the court paper says the case and allocation questionnaires filed have been allocated to the small claims track on 13 March 2007 at 11.30 in Reading County Court, it states the case should take no longer than 1hour 30 mins.

[zootscoot]

You've already paid your court fee and allocation fee. There is no trial fee for small claims. Although the further costs you could incur would be for your bundle.

 

Your options are:

 

1. Withdraw now. - You lose your court fees and a/q fees already paid and they could seek their costs pre -allocation.

 

2. Withdraw on condition they will pay your fees and not seek any costs from you.

 

3.Try negotiating a lower settlement eg half of your claim + Costs

 

4. Pursue the full amount to court. If you lost you would lose the court fees that you have already paid. You would not be liable for their pre-allocation fees but would have to pay their travelling expenses etc.

 

Hope this helps

 

Zoot

[Fullyskinted]

B&W arent playing ball with me. My financial situation gave me no other choiuce but to remortgage. However, B&W wouldnt give me the amount I needed - whilst others did.

 

Does this alone not give me a 'get out' if it were to go that far?

 

I asked for a quotation but they said they wouldnt.

[hayley]

B&W arent playing ball with me. My financial situation gave me no other choiuce but to remortgage. However, B&W wouldnt give me the amount I needed - whilst others did.

 

Does this alone not give me a 'get out' if it were to go that far?

 

I asked for a quotation but they said they wouldnt.

 

I am in exactly the same position, i am with GMAC and currently paying 10.29% variable, i telephoned them to see if i could change product because the way it was going if the interest rates kept going up i wouldn't be able to afford to pay the mortgage and they said they wouldnt. I have just been offered a mortgage with Yorkshire Building Society paying just 6.03% so i have no choice but to leave GMAC but in order to leave i have to pay a 4% redemption penalty which is approx £3500, do you think that this could be a good argument.

[gizmo111]

No I don't think it will make any difference whatsover because you still have choice to redeem or not. Obtaining credit or being offered a mortgage is not a right.

 

How much longer have you got in your tie in period?

[hayley]

I still have anotherv 3 years left

[gizmo111]

I still have anotherv 3 years left

 

Best to remortgage then - over the 3 years you will save more than the £3.5k.

[Bona]

The early redemtion fee is compensate them for the loss of interest they recieve from you and the interest they have to pay on the money market , it takes them 6-8 weeks to replace the money you can argue that in giving them that sort of notice they would not make a loss thus any redemption fee is a penalty , I was with my solicitor this morning re something else where I needed advice on an action I am doing as a litigant in person and allthough he had not researched it he thought it was a valid point I think Early demtion charges are a variable and no one can expect theh whole amount back but there is definatley a penalty written in some of the huge amounts they ask for

Bona

[dolly]

Bona, so what happens when they charge you interest as well as the ERC as they did with me?

[Bona]

They have done that to me at the moment as we sold the house under a section 29 of the Land and property Act an order made in the High Court to stop them repossessing our house we are know applying to the High court under those proceedings to have there (Thats our Mortgage Company) Cost assessed this meens if we win our application they will have to account for every penny they deducted from our accounts which are not solicitors costs could be interesting for all ( If they are charging you interest then that covers their losses it would then follow anythjing els is a penalty unless they can prove otherwise.

[dolly]

On my redemption statement from the solicitor when redeeming our mortgage, these are the figures:

 

Starting Balance: 62400.00 DR

Sealing Charge : 25.00 DR

Sundry Debits : 545.00 DR

ERC : 2547.06 DR

Interest: 4136.74 DR

Total Payments: 3430.00 CR

 

Don't understand it at all!

[Bona]

You need them to calrify each amount to see what is an exit fee and what is a penalty and what is a justifyable expense are you in court with this yet

Bona

[gizmo111]

On my redemption statement from the solicitor when redeeming our mortgage, these are the figures:

 

Starting Balance: 62400.00 DR

Sealing Charge : 25.00 DR

Sundry Debits : 545.00 DR

ERC : 2547.06 DR

Interest: 4136.74 DR

Total Payments: 3430.00 CR

 

Don't understand it at all!

 

As far as I can see the interest is the yesrs interest - part of which is offset by your payments.

[Bona]

Just what I was going to post what date is starting balance will probally be 31st march then the interest is up till you redeem and the payments you have pid upto that point see if that makes sense

Bona

[dolly]

Mortgage redeemed 3rd March. Nowhere in my mortgage offer did it say I would have to pay the remaining interest until the end of the year if I redeemed the mortgage.

[zootscoot]

I am in exactly the same position, i am with GMAC and currently paying 10.29% variable, i telephoned them to see if i could change product because the way it was going if the interest rates kept going up i wouldn't be able to afford to pay the mortgage and they said they wouldnt. I have just been offered a mortgage with Yorkshire Building Society paying just 6.03% so i have no choice but to leave GMAC but in order to leave i have to pay a 4% redemption penalty which is approx £3500, do you think that this could be a good argument.

 

If you have not paid it yet there is still a chance to negotiate your way out of this. If you start a thread I'll advise further.

 

All the best

 

Zoot

[asalique]

Hi all

 

Can someone preferably a moderator advise if its ok to claim late payment/failed direct debit charges against mortgage companies.

 

Thank you

 

A Salique

 

Asalique

[Bona]

The interest that you pay is up to when you redeem they have a funny way of putting it Your Balance is one figure usually up to the 31st March preceeding year they then add the interest from then till you redeem and deduct any payments you have made up to then the balance is the interest you owe to the date of redemption they then put on the redeption charge did you give them notice and how much interest were you paying a month

Bona

[Longleigh10]

I'm at the stage where 'particulars of claim' have been requested again due to an extension period asked for by solicitors. If I pull out now will I incur costs. I've already spent £250 to get this far.

[zootscoot]

I am in exactly the same position, i am with GMAC and currently paying 10.29% variable, i telephoned them to see if i could change product because the way it was going if the interest rates kept going up i wouldn't be able to afford to pay the mortgage and they said they wouldnt. I have just been offered a mortgage with Yorkshire Building Society paying just 6.03% so i have no choice but to leave GMAC but in order to leave i have to pay a 4% redemption penalty which is approx £3500, do you think that this could be a good argument.

 

Hayley, Have a look here:

 

http://www.consumeractiongroup.co.uk/forum/other-institutions-successes/44835-g-mac-early-redemption.html

[zootscoot]

I'm at the stage where 'particulars of claim' have been requested again due to an extension period asked for by solicitors. If I pull out now will I incur costs. I've already spent £250 to get this far.

 

How much are you claiming?

 

Have you been allocated a track yet?

[zootscoot]

Can someone preferably a moderator advise if its ok to claim late payment/failed direct debit charges against mortgage companies.

 

 

 

Late payment and failed direct debits are clearly a charge for breach of contract. However, their recovery is still less clear cut than normal bank charges. This is because the process is not wholly automated and will require greater manual intervention and for failed d/d the mortgage company will incur a charge from the bank also. Mortgage companies are more equipped for going to court to argue these cases so the likelihood of ending up in court is much greater, particularly if it is a sub-prime lender.

 

Barry Paul lost his case solely on the charges rather than an ERC.

 

If you do decide to take these on then the draft directions is a must.

 

Hope this helps

 

Zoot