reclaiming redemption charge

[jenoirs]

I redeemed my mortgage 6 weeks prior to the end of my term. I was charged a ridiculous sum of £5000, even though my mortgage was only 500 per month. Does anyone know of any way I can get this money back? Woolwich have said they won't refund/

Thanks

[e28bigalbexley]

Hi Jenoirs,

I would have a read here http://www.consumeractiongroup.co.uk/forum/mortgage-companies/

 

and look at some of the threads regarding ERC's.

Some people have reclaimed but i believe there has been a set back due to one of the companies winning a case regarding ERC's. I will see if i can get someone to explain what the situation is at the moment.

 

AL:)

[tamadus]

Hi Jenoirs,

 

Al asked me to take a look at your thread.

 

The official CAG advise is not to make a claim for an ERC at this moment in time, due to a couple of cases being lost in court a few weeks ago and the claimants being landed with large costs claims against them.

 

There are however a few cases still proceeding and which will be in court over the next few weeks.

 

Every ERC claim will be individual and depends almost entirely on the contract so without actually seeing the contract I can't really comment or advise on your particular case.

 

My advice is wait a little longer until we have progressed the claims that are in the court system and see the results of those.