Capstone admin error costs me, please help !!

hopeleigh

On 17th of April 2009 Capstone sent me a letter saying my fixed rate finished on 31st May 2009. It stated that the new rate AND new repayment amount (£200 less than the fixed rate amount) would be effective from 1st June 2009. I checked my bank account online
on 2nd June only to find that they had attempted to take the fixed rate amount from my account. Due to lack of funds( as i was expecting a lower amount to be taken) the direct debit was returned.
I have written a letter of complaint to them and all they are willing to do is refund the bank charge of £30 and give a consolatory payment of £30 for distress caused. I am left now with an arrears of £200,( which I dont have) to pay them and an arrears history on my mortgage thanks to their administrative error, which they admit to twice in there response to my complaint letter.
Anybody know where i stand with this ? Please HELPPPPPPPPPP !!!:mad:

ILW

hopeleigh wrote: »

On 17th of April 2009 Capstone sent me a letter saying my fixed rate finished on 31st May 2009. It stated that the new rate and new repayment amout (£200 less than the fixed rate amount) would be efeective from 1st June 2009. I checked my bank account online
on 2nd June only to find that they had attempted to take the fixed rate amount from my account, due to lack of funds, as i was expecting a lower amount to be taken, the direct debit was returned.
I have written a letter of complaint to them and all they are willing to do is refund the bank charge of £30 and give a consolatory payment of £30 for distress caused. I am left now with an arrears of £200,( which I dont have) to pay them and an arrears history on my mortgage thanks to there administrative error, which they admit to twice in there response to my complaint letter.
Anybody know where i stand with this ? Please HELPPPPPPPPPP !!!:mad:

The rate may have been effective from the start of the month, but you may be paying the month following. So the new payment will kick in the month after.

hopeleigh

But teh letter stated the new rate AND repayment amount are effective from 1st June 2009, if what you say is the case why not put effective from 1st JULY ?

hopeleigh

if thats the case why not say the new rate AND repayment amount are effective from 1st July. The letter was wrong !! and very ambiguous.

RufusA

hopeleigh wrote: »

if thats the case why not say the new rate AND repayment amount are effective from 1st July.

As that also would have been wrong - the interest rate changed on the 1st June, the payment for which would fall the following month on/after the 1st July.

Without seeing the exact wording of the letter it's impossible to tell if it's wrong, or just confusing. My mortgage company thankfully when they write to me let me know when the interest changes AND show what the next three payments due will be.

I think the best you can do is make arrangements to clear the arrears ASAP, and ask for the record of the arrears to be removed from your credit reference(s).

Sadly it's still money that you owe, and will need to pay!

Rufus.

Thrugelmir

ILW wrote: »

The rate may have been effective from the start of the month, but you may be paying the month following. So the new payment will kick in the month after.

Yes.

The repayment is made at the end of the month for the previous month. As interest is calculated in arrears.

Browntoa

capstone , you need to remove the link to the website in your signature

http://www.moneysavingexpert.com/site/forum-faqs

You had a link in your signature
The only links permitted in signatures are those of the MSE Team, the Forum Team, Board Guides and links to charity (i.e., they are on the Charities Commission Register of Charities). Members who have specifically been given permission to have a link in their signature are added to the Members allowed signature links list.

Please don't try to subvert this rule by posting non-activated links (where the text is visible but not clickable) or half-links to e.g., twitter, facebook pages or suggesting a google search; they'll be removed when reported.

Links are allowed in profile pages but please don't mention them in your signature in any way.

PETERJM_2

People seem to be very ill informed of who capstone actually are.They are third party administrators for the following sub prime lehman remnant lenders spml,sppl,pml and lmc part of spml .I think a specific thread needs to be started concerning these administrators they have caused misery to thousands and everyone I HAVE SEEN ON THIS SITE HAVE LITTLE IDEA IT SEEMS OF WHO THEIR REAL LENDER IS,WHAT IS HAPPENING AND WHO CAPSTONE REALLY ARE,MANY THINK ITS THEIR LENDER.

mjm3346

savemoney

Yes you wont be here for long

:spam: and sig reported