Bank error in my favour

hum_drum

Hello

Just looking for some opinion before pursuing this further (and making a fool of myself!)

I was recently in the fortunate position of making a lump sum payment on my mortgage, this should have brought the term down from 23 years to 20 years and 10 months.

When I got home from work yesterday, I had a letter from my bank:

"I can confirm that your monthly payment will remain the same and the term has been reduced to 10 years and 10 months"

Clearly this is a typo on their behalf, however, can anyone confirm if I am correct in thinking that if I write to them accepting this change in terms, then it would be legally binding?

Many thanks for any opinion.

Robert_Sterling_3

:T :T :T I like it but it is not 01/04/2009 yet :T :T :T

silvercar

It won't be binding. At the end of the shorter term there will be an amount outstanding, you would need to pay this for the lender to remove the charge on your property.

Cashpig74

Maybe you have done your sums wrong and it does bring it down to that amount - dont forget, the interest will be knocked off for that period too - you'll be surprised at what it can result too.

perhaps ask them for another statement of some sort - dont highlight this "error" as it may not be, but is you get more letters from them saying the same thing, the it would appear that you were right all along.

naijapower

Well the error (if it is) may work in your favour kind off. Was in a similar situation over a separate issue. I told them their error letter misled me etc and i got £100 apology chq...so it was a win - win for me

Cashpig74

naijapower wrote: »

Well the error (if it is) may work in your favour kind off. Was in a similar situation over a separate issue. I told them their error letter misled me etc and i got £100 apology chq...so it was a win - win for me

Im thinking that if one uses their noggin a little better, then one might be able to secure a deal better than £100.00

If there was an error, do you think £100 is good enough when someone has been led to believe that their debt is being paid off 10 years before they thoght themselves?

10 years is a longtime.

koexelek

silvercar wrote: »

It won't be binding. At the end of the shorter term there will be an amount outstanding, you would need to pay this for the lender to remove the charge on your property.

Agreed. It's so obvious mistake, the lender would not be held to it.
However, if it were a BROKER that made a mistake like that, and the FSA got involved...............:rolleyes:

Robert_Sterling_3

:A :A :A For whom the bell trolls :A :A :A

hum_drum

Many thanks for the opinions.

I will ask them for a more detailed breakdown as per Cashpig74's suggestion, if this conflicts with the letter I recieved then I shall seek compensation for the 'emotional distress' caused

If it does not conflict with the letter, then woo hoo!

Thanks again

samba

Why not just do the honest thing and inform them of the mistake and ask whether their calculations are correct?

Or is honesty and spiritual reward just not worth anything anymore?

Robert_Sterling_3

I can see that this is a Troll at work.
All the signs are there.
e.g. A hum drum user name.
This is his/her first ever post under this name at MSE.
Only joined MSE yesterday.
Is taking the Michael out of the thread where someone's monthly payment had a typo error to the extent of £100.
What I do not know is just how many of the posters in this thread also know it is a Troll and are playing along for the fun of it all. :j