Abbey took another payment after redemption

Cazza1234

I've had a similar issue with Abbey, but the money was taken by DD AND removed from the difference of the remortgage, leaving me paying interest on the new mortgage for money I should have had. Abbey are now nicely sitting on my money whilst I pay interest. No doubt they are getting interest on the money until I get it back. How do I claim interest on the money that is rghtly mine? The lady at Abbey said it was banking rules that they sit on it for so long and then hung up on me.

dunstonh

've had a similar issue with Abbey, but the money was taken by DD AND removed from the difference of the remortgage,.....

They would typically sit on it for up to 7 days just in case it bounces. The FSA states that they cannot sit on money unreasonably and typically are happy with upto 30 days.

Your "error" may be in part caused by the solicitor handling the settlement not taking the payment into account.

Cazza1234

Thanks - we had told the solicitors how much we were expecting. Our mortgage broker said it's only an issue with Abbey as payments don't appear in their systems for 10 days. Our DD went out on 5th and the completion was 10th. Abbey knew it was paid but said that they couldn't stop it. Surely there must be something the FSA can do about interest in these cases.