MSE News: Halifax to repay £500m to 300,000 mortgage holders

medokt

Hi, this I was told by telephone today. I challenged this and the lady I spoke to told me she would refer back to the review team. I don't expect to hear back from them which is why I will write in.

lisa21

Thrugelmir wrote: »

By accepting the offer and therefore the terms of the new advance then your entire mortgage debt would become subject to these new terms.

There were no new terms though - that's my point. The FA offer states 'Our mortgage condition and Information about your mortgage' booklets which apply to the existing mortgage will also apply to this additional borrowing.'

Nowhere does it state any changes to the original terms, or that by accepting the FA I would be subject to any changes.

LondonLass

If is a mention at all on the following page that mentions being locked in as a requirement for the goodwill payment then i don't see it.

http://www.halifax.co.uk/mortgages/help-and-advice/existing-customers/Halifax-Standard-Variable-Rate-announcement/

It does appear that the page has been updated however, since it now says that they will write to ex-customers before the *end* of June.

mattwmax

This has gotten interesting now: Have posted on here before, but for background: Took out 2-year initial period mortgage in July 2007, came off it in September 09 and sat on the SVR from then until Feb 2011. During the time that I was on the SVR I had offers taken out for 3 months in advance for a new fixed rate which I would cancel and take out a new one before they went through, just using them as a safety net in case rates went up, in which case I would just take the offer and fix in my rate.

As an ex customer I have been very delayed in getting any kind of info, so called up and was told that my case would be flagged. Within a couple of hours I got a call back to be told that I was going to recieve a pay out, but it was about 1/5 of what I was expecting. The reason for this is that the first offer that I took out, in their eyes moved me onto the new conditions, stopping any payment accumulating. However the wording of the letters that I recieved was "proceeding with this offer will move you onto the new conditions" but I never proceeded with the offer, so should never have gone onto the new conditions, making me eligible for a much greater pay out.

So, I was wondering if anyone has had a similar experience, I am challenging it of course, so I wanted to see if anyone has had success with this and to let people know that they may be able to get more if they have just accepted what they were given in a similar situation.

Thanks

beecher2

mattwmax wrote: »

So, I was wondering if anyone has had a similar experience, I am challenging it of course, so I wanted to see if anyone has had success with this and to let people know that they may be able to get more if they have just accepted what they were given in a similar situation.

Thanks

I haven't got round to phoning them yet - my payout would be miniscule - but I was in a similar position, and was wondering to myself if this was the reason I hadn't received a payout. I will try to phone them soon and let you know how I get on.

stick2000

I called them a month ago - was told will receive payment of £1905, to wait for letter (delay due to bank hols) and then send fax requesting cheque.

Still haven't received letter so just called them - no record of my call on system, lady apologised and arranged for cheque to be issued there and then, no fax required. Letter must be lost in post!

Apparently it had already been knocked off my mortgage and repayments altered so now back to what they were before.

It's worth calling them! Although I phoned the helpline it tells you to call on the internet, then got passed round 3 different people, ended up talking to customer service line ... I think.

laurabutlin

I have received a goodwill payment but was expecting to be paid the difference as explained in the article.
I have spoken to the helpline and it says they are only making goodwill payments!
Can anyone help me? If i bank the cheque will I lose the chance for the other payment?

mattwmax

laurabutlin wrote: »

I have received a goodwill payment but was expecting to be paid the difference as explained in the article.
I have spoken to the helpline and it says they are only making goodwill payments!
Can anyone help me? If i bank the cheque will I lose the chance for the other payment?

Laura,

Whenever you talk to them they highlight that these are all "goodwill payments" just to make you be quiet and be happy with what you have got as technically they are. However, there seem to be some payments where you do not technically qualify for some reason (moved onto new conditions, or the timing doesn't quite work) but they paid out a token amount, and then other larger payments.

The people that you speak to on the phone the first time you call claim ignorance as to how any payment is calculated, but when I got a call back from someone higher up (see my post above) she was perfectly straight with me that payments for those who were under the appropriate conditions are calculated by taking 1% of the outstanding for the time you were paying the SVR. So it sounds like you were not on the right conditions to qualify for the greater payment, or (as i hope in my case) they've made a mistake.

So you should try to find out what set of conditions you were on whilst paying the 3.5% SVR. I think it is 2004 v.2 that included the cap on the spread to the base rate. If you were on this set then you should indeed have recieved more, but it seems that they have moved people without their realising...

No idea on what effect cashing the cheque would have, but I'd suggest keeping it as simple as possible if you don't need the cash right now.

I hope that this is clear... 20 pages of this thread suggests that it's not a simple situation!

blimeyjo

Cheque came through today - 760 for a 53k mortgage - Thanku very much! Sold flat in Dec and paid off.

helpmysis

Now I'm confused.....

Just called the Halifax again as I have still not heard anything and was told I do not qualify. When I asked why she said because when I took out the mortgage it didn't start out on SVR??!! I said I didn't think that was part of the criteria, you just had to have been on SVR at some point during the dates given.

Our facts: Mortgage offer Feb 2007, fixed rate until Feb 2009, then went onto SVR until Feb 2010 when we moved lenders. Got the mortgage conditions 2004 v2.

Can anyone shed any light, are they just making it up as they go along??!!