Scarborough BS and Skipton Mortgage DD rip off

robwal1969

hi fineanddandy,
dont know if you read my last post,but i get the feeling you and i are in the same boat.i too had the same letter from scar,i phone'd them straight away,you wont get any where with them,they do not have a clue what will happen to our mortgages when they both become 1......

so i phone's skipton today,(to ask,what deal they had put me on,
as in my letter, they said that,they will take a payment on the 1st april,
then when they have become 1,
send out details of the payments iwill be makeing to skipton,
after they, have already taken off my account,with out telling me, what they will be collecting from my account.)
confused.....

the call to skipton when like this......
hello skipton
hi,i was wondering if you could help me?
whats the problem sir?
i have a mortgage with Scarborough,that i understand you (skipton)will be taking over,
right,
it said in the letter you will be taking payments from my account on the 1st aprill,
yes thats right,
could you tell me how much it would be for.....
sorry i cannot disscuss anything with you untill after the merger,
yes but you are taking a payment on the 1st of april,but for how much????sorry sir,i cant help you.
but hang on,how can you take a payment from me,and still not tell me how much it will be for....
sorry sir i cant help you till after the merger.....



that was that.....
so i phone'd the fsa to lodge a complaint.

robwal1969

well done to
letmeinwithaquestion.....

look at page 1
not the 1st paragraph,but the second,which starts
as you may.........
this is my problem.......................

Marc1978

Sorry but I still think the wording on option 3 means what I have said in previous posts.

The additional interest you would have to pay is the additional interest accrued on the missed payment between March 28th and the 1st April payment.

Good luck with getting this sorted.

silvercar

Why can't you just follow option 3 and near the end of the year (when you will have made 11 payments not 12) juat make an overpayment equivalent to one months payment. It will cost you pennies more being the interest on the payment but will leave you with better cash flow for the year with no blot on your record.

For anyone struggling with their mortgage at the moment, their offer will be very welcome.

Letmeiniwannaaskaquestion

Marc1978 wrote: »

Sorry but I still think the wording on option 3 means what I have said in previous posts.

The additional interest you would have to pay is the additional interest accrued on the missed payment between March 28th and the 1st April payment.

Good luck with getting this sorted.

I see your point & i hope you are right.
Either way, this is a PR disaster from Scarboro/Skipton.
If there is only 3 days interest to be added, why don't they say that, instead of saying that you will have only made 11 payments in 2009?

MarkyMarkD

Whilst Robert Sterling did not entirely understand the problem in his first post, his basic principal is right.

Given that Skipton charge interest on a daily basis, all that is happening is that each payment is being made an average of 3 days late.

So, you will incur an extra 3 days' interest - 42p according to Robert, depending on the size of your mortgage and the rate - for every remaining month that it remains outstanding.

Given that most mortgages are outstanding for an average of about 3 years before people remortgage, that's about 36 x 42p = £13 or so.

Even if you keep the mortgage for a further 25 years, 300 payments, that is only around £125.

And meanwhile, you will have had the benefit of those extra funds for 3 days each month and could theoretically earn interest elsewhere on them.

It really is not a big deal.

I am sure that it is all Skipton could do in the timescales with their computer systems.

Letmeiniwannaaskaquestion

http://www.scarboroughbs.co.uk/news/2008/questionsandanswers.html

I have emailed them for clarification that it is only 3 days.
I suggest others do the same too.
They promise a quick response (48hrs i think).
I have also mentioned reporting it to the FSA if it is not resolved satisfactorily.

Rednoseranter

Effectively they are expecting two payments to be made in three days. The final paragraph of the first page confirms this, in the letter they confirm that the March payment will not be collected, but is expected to be paid either earlier in March, gradually over a period of time or by being added to the mortgage balance - the April payment will be taken on 1st April.

Otherwise why give people these three options - it looks like the Scarb collect mortgage payments one month in arrears whereas the Skipton collect for the month in advance - this is the rationale behind the change.

Rednoseranter

Sorry should have clarified - Option 3 is adding the March payment to the mortgage balance and effectively missing it completely - it will not mean just 3 days worth of charges you will pay interest on it for the term of the loan.

robwal1969

at last,someone(rednose) who has been thinking along the lines that i have.
the problem still for me is that,skipton still wont tell me what amount of money they will be takein from me on the 1st april.....