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  • FIRST POST
    • darthmaul71
    • By darthmaul71 17th Apr 17, 8:49 AM
    • 5Posts
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    darthmaul71
    mortgage settlement issues please help!
    • #1
    • 17th Apr 17, 8:49 AM
    mortgage settlement issues please help! 17th Apr 17 at 8:49 AM
    Hello all I'm new on here and am hoping you can advise me on a issue I have it may be a bit long winded but here goes
    my problem is with landmark mortgages I sold my previous property 2 years ago the mortgage on that place was made up in two parts the main mortgage and a unsecured loan which was attached to it so I sold the house which cleared the mortgage but I had to keep the loan on which I have been paying each month along with my new mortgage on the place where I know live and it's been a struggle with the monthly payments, I have made improvements to the present place and had it remortaged with the intention of clearing the loan on the old place and get rid of some other debts and have enough to make further improvements so i went ahead and done this now this is where it's starts. I phoned up landmark mortgages for settlement figure to clear this I was given the figure I questioned it 4 times to make sure it was correct and was told 4 times that is correct so I paid the money on my card and they said I would recieve confirmation I came off the phone feeling happy that the loan was finally gone and would be so much better off each month. a week later I recieved a letter from them thanking me for my over payment Which blew me out off the water so I phoned them to see what it was about when speaking to one of there agents that the person who I had delt with had put a decimal point in the wrong place? and that was that so I explained that I questioned the figure 4 times to check it was right but he said there was nothing he could do about it, so I put in a complaint with them to which they said they were sorry and admitted it was there fault and offered me £100 in compensation I refused this as I told them that that 100 pounds is going to do nothing as I would still have a debt around my neck for 9 years and the whole point of me clearing the debt has gone wrong which is there fault, they said there decision was final so I have contacted the financial oddbudsman and put my case to them as I feel they should be held accountable for there mistake I'm so angry and let down in the mess they have left me in however the financial oddbudsman has come back with a offer of 250 pounds to which I'm still not happy with they told me it wasn't there job to punish company's my argument is based on accountability so please what can I do I feel so angry and let down and I'm stuck with this and it's not my fault can anyone on here help me please thanks. john
Page 1
    • silvercar
    • By silvercar 17th Apr 17, 9:05 AM
    • 36,059 Posts
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    silvercar
    • #2
    • 17th Apr 17, 9:05 AM
    • #2
    • 17th Apr 17, 9:05 AM
    A decimal point in the wrong place means the settlement amount was a tenth of what you it should have been. You would have been expected to notice this.

    Bottom line is that you borrowed the money and you do need to pay it back.

    The ombudsman seems to thought this to, nowhere further to take this.

    You should look at the interest rate you are paying and consider transferring the loan to a provider with a lower rate.
    • mrginge
    • By mrginge 17th Apr 17, 9:08 AM
    • 4,269 Posts
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    mrginge
    • #3
    • 17th Apr 17, 9:08 AM
    • #3
    • 17th Apr 17, 9:08 AM
    What settlement figure were you given?
    What is the correct value?

    What level of compensation are you looking for here?
    • AnotherJoe
    • By AnotherJoe 17th Apr 17, 9:17 AM
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    AnotherJoe
    • #4
    • 17th Apr 17, 9:17 AM
    • #4
    • 17th Apr 17, 9:17 AM
    Sorry if this isn't what you want to hear but only trivial debts get cancelled out by mistakes like this.

    Bottom line is, a debt cant be cancelled out by a mistake, which is what they made. I dont know what you mean by "made accountable", beyond what the ombudsman has offered you, £250 as opposed to their £100, unless its that you really mean "they should have to write my debt off" or "the person who made the mistake should be fired" Is that what you want?

    If you expect them to be held to their mistake and the debt to be cancelled, that's not going to happen any more than if they had made a mistake and said you owed 10x as much as you really do, that should stand either.

    You've had a debt for 9 years because of things that happened to you and perhaps your actions, not their mistake of the last few weeks, try and get over your anger, one person in a company made a mistake, that doesn't mean your debt should be annulled.



    ps.Next time try using paragraphs, your post is close to unreadable.



    • darthmaul71
    • By darthmaul71 17th Apr 17, 9:40 AM
    • 5 Posts
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    darthmaul71
    • #5
    • 17th Apr 17, 9:40 AM
    landmark
    • #5
    • 17th Apr 17, 9:40 AM
    sorry if the post is a bit confusing to clarify the original mortgage was taken through northern rock for a total of 115k in total 90k was for the house and 25k as a loan for improvements the house sold for a 100k but took the remaining 15k with me when I call to settle the amount I paid 10k hence why I asked 4 times now I have 5k over 9 years left to pay
    • AnotherJoe
    • By AnotherJoe 17th Apr 17, 9:56 AM
    • 7,600 Posts
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    AnotherJoe
    • #6
    • 17th Apr 17, 9:56 AM
    • #6
    • 17th Apr 17, 9:56 AM
    So the debt is all down to you then?

    Don't get hung up over 4 times, you asked the same person who made a mistake and one number as another, so yes they will give you the same answer because you could have asked them 50 times and got the same.

    Their mistake of saying it 4x still doesn't mean your debt can be cancelled.

    "I have 5k over 9 years left to pay"
    £10 a week then roughly? And the £250 wipes six months of that out. Pay that as an overpayment, it will reduce the term.

    Post on the debt free wannabee forum maybe there are ways of finding that much and more you haven't even thought of.
    • TrickyDicky101
    • By TrickyDicky101 17th Apr 17, 10:01 AM
    • 2,801 Posts
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    TrickyDicky101
    • #7
    • 17th Apr 17, 10:01 AM
    • #7
    • 17th Apr 17, 10:01 AM
    What do you actually want in terms of compensation? £250 for a simple mistake seems fair to me - you don't really have a financial loss as a result of this error so you are limited to 'hurt feelings' compensation. You owed £15k before before you were incorrectly told 'only £10k' and afterwards you still owed £15k. Your circumstances have not changed as a result of this error.
    • darthmaul71
    • By darthmaul71 17th Apr 17, 10:48 AM
    • 5 Posts
    • 1 Thanks
    darthmaul71
    • #8
    • 17th Apr 17, 10:48 AM
    • #8
    • 17th Apr 17, 10:48 AM
    right the reason I did this was to be better off each month the loan was 196 a month so I wanted to clear the debt while I had the opportunity to do this so when paid I paid off other bit and bobs and thought great better off now each month but because of there mistake I now have to pay 67 per month hence why im angry if at the time i was given the correct amount i would have paid it without question and still would have asked several times that it is correct so yeah I'm not happy about what has happened I feel they should be accountable as I'm a joined if I make a mistake for a customer what I'm I going to do? ask them to pay for my mistake! no I would have to absorb it myself, so why are these companies allowed to simply get away with this.
    • darthmaul71
    • By darthmaul71 17th Apr 17, 10:50 AM
    • 5 Posts
    • 1 Thanks
    darthmaul71
    • #9
    • 17th Apr 17, 10:50 AM
    • #9
    • 17th Apr 17, 10:50 AM
    ^^ joiner not joined
    • AnotherJoe
    • By AnotherJoe 17th Apr 17, 11:51 AM
    • 7,600 Posts
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    AnotherJoe
    because of there mistake I now have to pay 67 per month
    Originally posted by darthmaul71
    Its not because of their mistake you have to pay, its because thats what you owe on the loan you voluntarily took out !! Go and shout at your previous self if you want to blame someone.

    I feel they should be accountable
    Originally posted by darthmaul71
    What does that mean "accountable" - They've been told to cough up £250. What more do you want? Specifically, state exactly what you think should happen.

    (and if its "write off £5,000" because someone made a mistake, would you be happy if it was the other way round, they made a mistake and thought you owed £20k so tough luck now you owe that?)




    so why are these companies allowed to simply get away with this.
    Originally posted by darthmaul71
    They havent "got away" with anything. They have to pay £250.

    no I would have to absorb it myself,
    Originally posted by darthmaul71
    Not £5k i'm sure you wouldnt
    • csgohan4
    • By csgohan4 17th Apr 17, 12:43 PM
    • 3,962 Posts
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    csgohan4
    OP do you feel your debt should be cancelled because you underpaid at a call handler's mistake??


    If someone underpaid you as a mistake, would you chase them to pay what is rightly due??


    Pay your dues like everyone else, you got your £250, what more do you want?
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • davidmcn
    • By davidmcn 17th Apr 17, 1:47 PM
    • 6,127 Posts
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    davidmcn
    because of there mistake I now have to pay 67 per month
    Originally posted by darthmaul71
    You had to pay them £67 per month anyway. You're not making much sense.
    • silvercar
    • By silvercar 17th Apr 17, 6:16 PM
    • 36,059 Posts
    • 152,306 Thanks
    silvercar
    sorry if the post is a bit confusing to clarify the original mortgage was taken through northern rock for a total of 115k in total 90k was for the house and 25k as a loan for improvements the house sold for a 100k but took the remaining 15k with me when I call to settle the amount I paid 10k hence why I asked 4 times now I have 5k over 9 years left to pay
    Originally posted by darthmaul71
    This doesn't make complete sense as the unsecured loan would have had to be interest only to make those figures work. After you sold up, the loan should have been turned into an unsecured loan and repayments calculated so that the loan would be repaid over the term of the new loan.

    I posted earlier, but now you have confirmed the lender is Northern Rock, I will repeat:

    The interest rate on unsecured loans left over when the mortgage is paid back increases. You can in all probability find a cheaper loan provider elsewhere. This would reduce your monthly repayments.
    • darthmaul71
    • By darthmaul71 17th Apr 17, 8:16 PM
    • 5 Posts
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    darthmaul71
    thanks silvercar
    • AnotherJoe
    • By AnotherJoe 18th Apr 17, 1:34 PM
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    AnotherJoe
    Good points but if he's been to the ombudsman it may be a bit late for that?
    • Thrugelmir
    • By Thrugelmir 18th Apr 17, 1:53 PM
    • 55,945 Posts
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    Thrugelmir
    A redemption (settlement) figure would have to be provided in writing to be valid. The call centre operator wouldn't be in a position to do this instantly on the basis of a phone call.
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • Thrugelmir
    • By Thrugelmir 18th Apr 17, 4:11 PM
    • 55,945 Posts
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    Thrugelmir
    A legally binding settlement figure?
    Last edited by MSE ForumTeam5; 20-04-2017 at 10:33 AM. Reason: Quoting deleted post
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • AnotherJoe
    • By AnotherJoe 18th Apr 17, 5:15 PM
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    AnotherJoe
    Lets hope so, you made a good point so hopefully OP can use that in a response.
    Last edited by MSE ForumTeam5; 20-04-2017 at 10:33 AM. Reason: Quoting deleted post
    • jlaw4
    • By jlaw4 18th Apr 17, 6:24 PM
    • 95 Posts
    • 56 Thanks
    jlaw4
    A legally binding settlement figure?
    Originally posted by Thrugelmir
    Yes. I work for Natwest and we do them verbally all the time. They are legally binding and have a period of time they are valid for.
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