Too much interest charged on redeemed mortgage.

[blusher]

I redeemed my mortgage with the Bradford and Bingley on the 24th April 2006 (for a much better deal might I add). I didn't understand the final figure so I asked for a breakdown, which included a £250.00 redemption charge (fair enough I suppose!!). Thay also charged me interest to the 30th April, 6 more days than I owed them. So I wrote them a lovely letter asking for 6 days interest back, just had a letter today saying saying "it is their policy to charge interest to the last day of the month that redemption takes place"! Am I right in thinking that they have a nerve to do this and have I got a leg to stand on to try and claim this money back? It's more the principle than the money (roughly about £75.00). Would be very grateful for any opinions.

 

Since finding this site I'm now scrutinising anything to do with money. It's very addictive.

[Seminole]

I have to say that you are taking this very calmly. I would have gone nucking futs.

 

They are charging you interest on a debt for a period after it has been redeemed?!?! That's rich even by the standards of British banking. I would be inclined to write them another letter asking them to point out where it says that they can do this in their t&cs and then make a judgement about whether such a clause is fair. I'm pretty sure it can't be and I'd then look at a letter before action and the county court if necessary.

 

Just out of curiosity I'd be interested to know if they apply the same policy to those who redeem on the 1st or 2nd of the month. These sods would make Shylock blush.

[blusher]

Thanks for your reply, you've now fired me up to write a very angry letter back. I will keep you posted.

[andrew1]

It's astonishing what this forum - the whole forum does for ones confidence. I'd never have thought of something like this interest going over to the end of the month [problem] - but it stimulates you into looking at what has gone before and checking it hasn't happened to you. I think this whole bl...dy website is a wonder and a goldmine of tactics to fight those con artists who put theselves forward as respectable intstitutions and citizens. It's like people who call themselves friends until you find them talking behind your back. Dave, BF, Seminole Al from Derby all of you .. you are (edited) amazing! Thank you you should be called motivators not moderators!!!

[robbond55]

Andrew 1,

For me, you have hit the nail firmly on the head!

I have said this repeatedly to friends and family since I discovered this site via Moneysavingexpert.com - I feel the tide is turning and the Great British consumer ios fighting back!

[norvernrob]

Andrew 1,

For me, you have hit the nail firmly on the head!

I have said this repeatedly to friends and family since I discovered this site via Moneysavingexpert.com - I feel the tide is turning and the Great British consumer ios fighting back!

 

I can only agree 100%. I am generally a non-confrontational person but since joining this site I have given Sky a mouthful and got 3 months half price, (a matter of principle, I did make a genuine mistake and told them that, but they didnt want to know until I phoned and threatened to cancel my contract, I wouldnt have done that before!)

 

I am pursuing 4 banks for my charges back, everytime I get a fob off letter I just smile and wait for the court claim date!

 

My girlfriend is still a doubter, when I get my first charges back I will show her the letter and start claiming for her as well!

[blusher]

This topic was closed on 10 March 2019.

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