MSE News: Reclaim unfair mortgage arrears fees, FSA says

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"Homeowners hit with excessive mortgage arrears charges should demand their cash back, says the city regulator, the Financial Services Authority (FSA) ..."

Read the full story:
Reclaim unfair mortgage arrears fees, FSA says

Wutang_2

Haven't bothered reading all of this (the words 'reclaim charges' are starting to bore me) but is this asking to reclaim charges which were clearly stated in original T&Cs?

chrisharri

Wutang wrote: »

Haven't bothered reading all of this (the words 'reclaim charges' are starting to bore me) but is this asking to reclaim charges which were clearly stated in original T&Cs?

Well It's the same type of thing, just because it's written down, it doesn't make it fair or just. I guess that if you ever have fallen behind with your Mortgage, your finances aren't going to be great, and the last thing you need is your mortgage company adding excessive amounts of charges on top.

VIGILANT22

All this is doing is making an opportunity for all these Ministry of Justice claims companies, to go out there and hit on the already "disadvantaged".

BEWARE....some of you mortgage advisors who are supplementing your income by doing this....Just might be another advisor is doing the same on a "self cert" case you have written in the past. The lender decides to investigate the case further...and finds figures have been massaged!....Funny how things come back to bite you on the bum!

ando56

I had a spot of bother with my mortgage around 2001/2 which involved loads of fees etc.. Is this too long ago to try and claim anything back ?? anyone know ?? Ta

far

My parents are thinking about looking at this but the mortgages they had (with the Abbey National, the then Woolwich and the then Britannia) were from 1979 to 2001. A Data Protection request can't be made as all 3 mortgages were too long ago so what now? How can they even find out what charges were made as they don't even have any paperwork for these mortgages?

orc_2

I'm sorry but this is just not news and its wrong to dress this up as an MSE find- that is wrong and unfair on the other reclaim sites. It is wrong for the FSA to suddenly appear on the scene and take credit, although the publicity is welcome if it makes more people aware.

For goodness sake there are even people on this site claiming those charges.

I reclaimed £1,100 from Halifax in October last year (not hardship), in the middle of the OFT case.

People have been advised to reclaim these charges since just after the start of the campaign over on Consumer Action Group, from about 2006.

The advice to all claimants is to carefully check every type of statement you have for all different types of accounts- banks, mortgages, Sky, Virgin, Catelogue companies etc and look for the missed DD payment, telephone call/ letter charge etc, etc and claim them back.

Don't forget to add 8% interest.

Seek advise from informed folk at Consumer Action Group or Penalty Charges.
If you have trouble, take your case to FOS.

orc_2

far wrote: »

My parents are thinking about looking at this but the mortgages they had (with the Abbey National, the then Woolwich and the then Britannia) were from 1979 to 2001. A Data Protection request can't be made as all 3 mortgages were too long ago so what now? How can they even find out what charges were made as they don't even have any paperwork for these mortgages?

Don't be put off Data Protection covers micro fiche and magnetic tape. Make sure your Subject Access Request letter covers all forms of information, can extend to recorded telephone calls and records of visits, personal comments about you etc. There are miles of corridors with those records. You just need to force them to hand it over.

Ask for a certificate of proof that your personal information was destroyed,- why, by whom, when and witnessed by whom.

They have it- they just don't want to give it to you.

orc_2

chrisharri wrote: »

Well It's the same type of thing, just because it's written down, it doesn't make it fair or just. I guess that if you ever have fallen behind with your Mortgage, your finances aren't going to be great, and the last thing you need is your mortgage company adding excessive amounts of charges on top.

Very valid point.

Remember that the mortgage companies add those charges to the mortgage account.

Interest over the remainder of the lifetime of the mortgage is then added to those charges.

That really is unfair and wrong.

A £30 charge at 4/5% or whatever over 15-20 years?? Thats a tidy sum.

Remember also that it is highly likely that the persons bank will also charge a £30 fee for exceeding authorised OD amount, if paid and even £30 if declined- a double whammy. In a lot of of occassions, these charges are within the same financial institution or a related group company.

orc_2

ando56 wrote: »

I had a spot of bother with my mortgage around 2001/2 which involved loads of fees etc.. Is this too long ago to try and claim anything back ?? anyone know ?? Ta

No you are fine. 3 years from the time that you realised that you could claim it back and you should claim every charge, as the FSA advise.

Do it yourself though- checkout the reclaims board, but please do not use a claims company.

Good luck. :T:T

kennethdavies

back in 2007 i recieved a purchase order for a property that was repossessed in 1994 up until 2006 i had no contact from the building society however i was on the electoral role for all the time between 1994 and 2006 surely this is over the seven years can i challenge them over the purchase order as the original ammount was £13685 shortfall when the property was sold but now with thier charges and court costs it has risen to £18525 azn it is registered as a ccj