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Bank notifying us of underpayments
Dollydebs_2
Posts: 12 Forumite
Hi there, we have just received a letter this week from our mortgage and bank account provider the Clydesdale Bank.
We are the lucky ones, before the interests crashed, decided on an offset tracker mortgage and now pay 1.5% which is terrific! no complaints there! :T
However, our letter stated that they have done a mortgage review and have found out that due to an error on their part our mortgage repayments have been calculated as too low, therefore since Nov 2008 we have been underpaying our mortgage to the tune of over £1,700. :mad:
They now say that we have until July to either pay off the outstanding amount plus our mortgage is going up by over a hundred pounds a month. 'Kindly' :rotfl:they say that if we do pay the outstanding amount it will be interest free. We dont have the spare money to do this so it looks like the amount is being added for the lifetime of the mortgage.
My husband and I agree that we have no choice but to pay the increased amount from now on but what is rankling us is that we feel that as the bank made the mistake in the first place, as a goodwill gesture they should agree to waive the underpayed amounts.
Anyone else experienced the same problem? or indeed received a similar letter, as I believe its not just us affected.
Cheers for any advice/help.:beer:
DD
We are the lucky ones, before the interests crashed, decided on an offset tracker mortgage and now pay 1.5% which is terrific! no complaints there! :T
However, our letter stated that they have done a mortgage review and have found out that due to an error on their part our mortgage repayments have been calculated as too low, therefore since Nov 2008 we have been underpaying our mortgage to the tune of over £1,700. :mad:
They now say that we have until July to either pay off the outstanding amount plus our mortgage is going up by over a hundred pounds a month. 'Kindly' :rotfl:they say that if we do pay the outstanding amount it will be interest free. We dont have the spare money to do this so it looks like the amount is being added for the lifetime of the mortgage.
My husband and I agree that we have no choice but to pay the increased amount from now on but what is rankling us is that we feel that as the bank made the mistake in the first place, as a goodwill gesture they should agree to waive the underpayed amounts.
Anyone else experienced the same problem? or indeed received a similar letter, as I believe its not just us affected.
Cheers for any advice/help.:beer:
DD
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