Scarborough BS and Skipton Mortgage DD rip off

fineanddandy

Hi,

I wonder if any of you knowledgable people could give your opinion on this:-

I recieved a letter from the Scarborough BS today telling me that due to the fact that they are merging with Skipton, the DD will change from the 28th of the month to the 01st of the month.

So the deal is this..

Scarborough will not collect the 28th March DD payment, instead you have these 3 options:-

1) Make a seperate payment anytime between 28th Feb to the 27th March:eek:
2) Increase the monthly payments for a period of time accruing interest charges :eek: :eek:
3) Make no March payment at all and pay additional interest as they deem you have only paid 11 months:eek: :eek: :eek:

What a front! Why should I have to find my mortgage payment for two months within the space of 3 days (28th march to 01st April), or pay interest for missing it...I have budgeted to pay end of the month, if they want to change it to the 01st, then i shouldn't be penalised for it.

Even more of a cheek, the dedicated helpline is an 0844 number with no details of the cost of the call!

Can they do this, it seems grossly unfair seeing as Scarborough are the ones who cocked it up with their budgeting...and they are expecting its Mortgage customers to pay for it....:mad:


Any advice would be appreciated...thank you

Robert_Sterling_3

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fineanddandy

Thanks for the reply.

i think it is a rip of though, expecting me to pay 2 months mortgage within 3 days, or pay interest on the fact they consider I have only paid 11 payments!

beecher

They haven't given you much notice, have they?! I can understand why you're annoyed - many people won't find it easy to pay 2 mortgage payments out of one pay.

fineanddandy

Exactly, and the principle of it as well...its very infuriating!:mad:

Robert_Sterling_3

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Robert_Sterling_3

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fineanddandy

Robert_Sterling wrote: »

They do not want you to make two payments within 3 days.

Pay nothing in March

Adjust your DD so the thereafter you pay on the 1st of each month.

They want me make payment earlier in March (which i can't afford to do)Robert. Otherwise i will incur interest on the missed payment for March.

I have budgeted for payment to go out at the end of the month, it is them who are moving my DD to the 01st as Skipton collects on that day as they calculate interest on a daily basis, whereas Scarborough do not.

So basically I have to pay on the 28th Feb, then sometime earlier between 28th of Feb and the 27th March, then again on the 01st April!

beecher

Robert_Sterling wrote: »

You do not have to pay two months payments out of one pay.
In March you are NOT required to make a payment at all.

For most purposes what happens is:-

Make no payment in March :j :j :j

Make one payment on the first of april and subsequent months.

There are no months when you have to make two payments.

The OP will have made a payment on 28 Feb. She will then make another one on 1 April. If she misses out the payment in between, she'll pay additional interest. The only way to avoid this additional interest is to pay another payment in between.

Robert_Sterling_3

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beecher

I doubt if it is as little as this, as the OP will only be paying 11 payments in the year instead of 12. If it was so little they would just say that they were upping the payment by 42p one month - they wouldn't have to offer alternatives.