Mortgage question

[lookingforward]

Re: Mortgage question

For clarity,

The mortgage company upheld our complaint and compensated by taking some money off the mortgage balance so we have had no need or desire to complain to the FOS.

[PlanB]

Re: Mortgage question

The mortgage company upheld our complaint and compensated by taking some money off the mortgage balance so we have had no need or desire to complain to the FOS.

Was that Final Decision more or less than six months ago?

Either way may I see their Final Response letter by email or post up on here removing your personal details.

It's my view that compensation should be paid direct to the consumer not used to deduct from the mortgage but a lot will depend on whether it was "compensation" as in Goodwill for stress and inconvenience, or whether it was a rebate of overcharges etc.

I'm not around again until Friday.

Plan B x

[lookingforward]

Re: Mortgage question

Hi Plan B,

It was May 2014, I'll email you a copy.

Thanks

[PlanB]

Re: Mortgage question

It was May 2014, I'll email you a copy.

So it's too late to refer that complaint to the FOS but there's nothing to stop you from making a whole new complaint if appropriate.

Have a good week.

Plan B x

[lookingforward]

Re: Mortgage question

Hi PB,

Had another letter requesting contact so friendly bump as requested :-)

[PlanB]

Re: Mortgage question

Mays mortgage payment now paid..

. . . we now have until the end of the June to make next payment so need to contact them in response to their letter before hand to get an agreement in place

I've got your emails. I've been away from the forum for a week but this issue may not be as urgent as you think since they're not threatening you with repossession are they?

I've re-read your Final Response from them following your previous complaint which was resolved about a year ago. They upheld everything except the monthly £50 fee which they add for an "Account Monitoring Charge" even though you were making your contractual payment. They said what I would expect them to have said which is it's in your mortgage Ts & Cs or in other words "we do it because we can". Nevertheless they refunded you the £1,458 as a Goodwill gesture.

There seems to be a catch-22 going on. They've been refusing to formalize your £26 payment towards the arrears which means they can charge you £50 for the informality. I don't think that's fair and I'd like to think that the FOS and the FCA would agree with me. You shoud be treated fairly and you've told them that's all you can afford so they ought to accept it.

I'm no good at maths but you say the calculations show that £26 per month would clear those arrears by the end of the mortgage term. I raised this point with you because there is case law which gives the DJ discretion when it comes to consider possession proceedings which states as long as the arreas are done and dusted by the end of the term then you shouldn't loose your home.

What I don't know is whether £26 is genuinely all that can be afforded and it really isn't for me to comment on that. It may be more or it may be less than is affordable but I don't give financial advice. If you've proved it to the lender with the support of an I & E then I don't see why they won't enter into another 6 month arrangement.

So do the maths, offer them only what is affordable, and advise them that if they don't accept/formalize that for the next six months so start charging you a £50 AMC again, then you will make another formal complaint which you will refer to the FOS. Attach a copy of the Final Response you received from them last year to remind them that they have already refunded these unreasonable charges once before.

I don't have a magic wand to force them to accept your offer.

Plan B x

[lookingforward]

Re: Mortgage question

I've got your emails. I've been away from the forum for a week but this issue may not be as urgent as you think since they're not threatening you with repossession are they?

I've re-read your Final Response from them following your previous complaint which was resolved about a year ago. They upheld everything except the monthly £50 fee which they add for an "Account Monitoring Charge" even though you were making your contractual payment. They said what I would expect them to have said which is it's in your mortgage Ts & Cs or in other words "we do it because we can". Nevertheless they refunded you the £1,458 as a Goodwill gesture.

There seems to be a catch-22 going on. They've been refusing to formalize your £26 payment towards the arrears which means they can charge you £50 for the informality. I don't think that's fair and I'd like to think that the FOS and the FCA would agree with me. You shoud be treated fairly and you've told them that's all you can afford so they ought to accept it.

I'm no good at maths but you say the calculations show that £26 per month would clear those arrears by the end of the mortgage term. I raised this point with you because there is case law which gives the DJ discretion when it comes to consider possession proceedings which states as long as the arreas are done and dusted by the end of the term then you shouldn't loose your home.

What I don't know is whether £26 is genuinely all that can be afforded and it really isn't for me to comment on that. It may be more or it may be less than is affordable but I don't give financial advice. If you've proved it to the lender with the support of an I & E then I don't see why they won't enter into another 6 month arrangement.

So do the maths, offer them only what is affordable, and advise them that if they don't accept/formalize that for the next six months so start charging you a £50 AMC again, then you will make another formal complaint which you will refer to the FOS. Attach a copy of the Final Response you received from them last year to remind them that they have already refunded these unreasonable charges once before.

I don't have a magic wand to force them to accept your offer.

Plan B x

Hi PB,

Thank you. I remember you said you were away for the week and you asked me to nudge you :-)

No they aren't threatening repossession andthe £50.00 arrears charge is always re-paid by them once that months agreed payment has been made as long as there's an agreement in place which is what I need to sort out with them before this months payment otherwise, no agreement means the £50.00 would be charged as you rightly state.

They say the extra we are paying won't clear the arrears, I think it would as per my emails with figures so I'll have to somehow get that across to them.
They are also asking how the house would be paid off at the end of the term as it's interest only but I think you answered that in post # 86 by saying we intend to sell and downsize.
You also said don't rush into a repayment mortgage from an interest only one which I agree with.

Thanks as always

[lookingforward]

Re: Mortgage question

Letter was delivered 17th but hadn't heard anything so had to ring as month end coming up. 3 month arrangement in place. Note made in my diary that we had to phone them to resolve even though we have an agreement that all to be done in writing ;-)

[PlanB]

Re: Mortgage question

had to ring as month end coming up. 3 month arrangement in place.

Great news. You've won another round and another three months' peace and quiet.

Let's hope they put this agreed arrangement in writing. If not write and ask them to confirm it in writing.

I expect we'll be having this same conversation again in September and every three months after that

Plan B x

[lookingforward]

Re: Mortgage question

Great news. You've won another round and another three months' peace and quiet.

Let's hope they put this agreed arrangement in writing. If not write and ask them to confirm it in writing.

I expect we'll be having this same conversation again in September and every three months after that

Plan B x

Hi PB,

Yes they are going to put it in writing :-)

[PlanB]

Re: Mortgage question

Yes they are going to put it in writing

Sorted.

Another nail in their coffin if they dare to try to repossess you.

Plan B x

[lookingforward]

Re: Mortgage question

Requested and granted a 6 month plan this time around :-)

[PlanB]

Re: Mortgage question

Requested and granted a 6 month plan this time around :-)

^ ^ ^ ^ what is the situation now that six month agreement has expired?

Plan B x

[lookingforward]

Re: Mortgage question

Hi PB,

Thanks for asking and keeping an eye out for us

Managed to get same deal but for 12 months this time

[lookingforward]

Re: Mortgage question

Have been getting regular agreements regarding the arrears so all good on that front but today have received a letter asking what plans we have in place to repay the mortgage balance when it expires in 2031.

OH went on a interest only mortgage when we got into trouble about 10 years ago.

Assume we have to reply to this the same as we did in 2015 by saying we intend to sell and downsize, would that be OK ?