Additional payment after redemption

ColinHardie100

I have recently moved mortgage from Egg to First Direct.
Since Egg dragged their heels getting a redemption figure to my solicitor, by the time the funds were transferred from First Direct to Egg, Egg had taken an additional payment.

Just phoned Egg to make sure I get this money back (£700), to be told that they will observe a '21 day cooling off period' just incase I don't want leave them. I have left them, I have taken all my savings away from them and have no intention of returning.

Can anyone answer me why they are observing this cooling off period (is this an industry standard thing) beyond accruing interest on my money whilst they keep it in their account...cause I can think of no other valid reason for not giving me my money back!

Does anyone else think the Egg's standards have dropped through the floor, I was a happy customer for so long but now they seem to want to lose custom?


Regards
Colin

dunstonh

I think the cooling off period is a red herring.

Its more likely that they wait 21 days in case the direct debit gets recalled and you dont get refunded twice. It can take up to 8 working days for a recalled direct debit to appear on the system. Then add a bit more for service levels.