Scarborough BS and Skipton Mortgage DD rip off

Robert_Sterling_3

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Mr_E_Man_2

gizmo111 wrote: »

Assuming yoi get paid 31 March - you already have money to pay the 28 March payment, the 01 April will come out of your 31 March pay, and then the 01 May payment will come out of 30 April pay?

I can't see how changing it by 3 days makes you miss a whole months payment - you must have budgeted for 12 payments not 11?

And how are they going to pay the 1st March payment? The 28th Feb one was to cover February.

Marc1978

Mr_E_Man wrote: »

And how are they going to pay the 1st March payment? The 28th Feb one was to cover February.

There isn't a 1st of March payment or a 28th March payment. That payment has been moved to 1st April.

The additional payment needed is the extra interest for the 3 extra days the money is owed. This shouldn't be too much, 42p was given as an example in a previous post. In 2009 the OP will only make 11 payments but on Jan 1st 2010 they would have made 12 payments. The mortgage will be running 3 days later than previously.

Robert_Sterling_3

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Robert_Sterling_3

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fineanddandy

gizmo111 wrote: »

Assuming yoi get paid 31 March - you already have money to pay the 28 March payment, the 01 April will come out of your 31 March pay, and then the 01 May payment will come out of 30 April pay?

I can't see how changing it by 3 days makes you miss a whole months payment - you must have budgeted for 12 payments not 11?

Hi Gizmo,
My income is spread over the month, the salary that goes in on the last day of the month pays all the 01st direct debits, like council tax, etc, and the income that I get later in the month (tax credits and Child benefit) pays the mortgage and other bills through to the end of the month, that is why expecting me to pay the 28th March mortgage payment early is very difficult, and then paying the next months mortgage payment on the 01st even more troublesome.

It has to be beared in mind, that this is Scarborough's doing, not mine, and I shouldn't be penalised one iota as a result.

With regards to the interest charged, it would have been nice if Scarborough included an illustration with the letter they sent me, so I could tell you exactly what it was costing ME for the fact they had to get into bed with the SKIPTON in the first place!

fineanddandy

Marc1978 wrote: »

There isn't a 1st of March payment or a 28th March payment. That payment has been moved to 1st April.

The additional payment needed is the extra interest for the 3 extra days the money is owed. This shouldn't be too much, 42p was given as an example in a previous post. In 2009 the OP will only make 11 payments but on Jan 1st 2010 they would have made 12 payments. The mortgage will be running 3 days later than previously.

Marc, they have taken the 28th Feb payment. They are not taking the 28th March payment, but demanding a 01st April Payment. If I dont pay another payment in between they are saying I have only made 11 payments, and will pay interest on the missed amount. They are not offering the option to pay 3 days interest, only the 3 options I originally stated are on the table.

Is that fair? I dont think so. Especially in the current economic climate.

Marc1978

Hi fineanddandy,

I'm not trying to be difficult but isn't that option 3? Make no payment in March and pay additional interest. It's a mortgage holiday for 3 days.

Or you could spread this interest over a longer period - pay back 3 days accrued interest over 6 months.

Or you could make a payment before the 28th of March to cancel out the additional 3 days of interest. So in the example before a payment of 42p would cancel out the additional interest.

Mortgages aren't worked out on a year by year basis so the fact you only make 11 payments in 1 year doesn't matter as there is only 3 days difference.

You need to speak to your mortgage lender and ask them what the difference in payment will be for the different options.

Letmeiniwannaaskaquestion

Letmeiniwannaaskaquestion

Above is the actual letter, page 2 is before page 1, sorry.
This will prove to any doubters that it IS A RIP-OFF