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

lydia_dustbin

keep me posted lisa and good luck hun

JAYTOON

I've finally after 5 months of phone calls and letters i've got my letter which says im entitled to a goodwill payment.Tried to tell me i wasn't eligible because of the further advance i had...They have the worst customer complaint log i've ever witnessed.At least they gave me a £100 cheque as compo for wasting my time!!!

Just wondering if anyone can work out much i might be due as my payment which should include £250 goodwill and 8% interest.

£138,000 mortgage
On SVR- 34 months

Will it be a holiday to Euro Disney or Walt Disney,Orlando???!!!:D

Cheers

cazza78

Hi

New to this!! I received a letter a few days ago re the change in cap.... don't really understand it at all!! I have just rang halifax and they advised I will be recieving goodwill payment but they cannot confirm what this will be until 22nd december! She said I should expect to recieve a refund of the difference in cap ie 1% plus 8% interest to date. Could anyone help with what i could be expecting?
Our mortgage was fixed from mar 2006 to 2008, then another fixed term from 2008 to july 2010, we also had a further advance in 2007 for £5k..... have been on SVR since. Our mortgage was £120,000 when we started in mar 2006.

many thanks!

Ladyw1982

Hi all
I am new to this too!! !I received a letter on monday regarding a payment that will be made to my mortgage account and to say I am confused is an understatement!

Firstly, I didn't even think I was on SVR - took out fixed rate mortgage of 117,000 in April 2007, transferred onto consent to lease from April 2008 on a tracker deal for 3 years (tracking 1.19% above BOE rate), then onto fixed rate at 5.94% from April this year. !The letter states that I am locked in to SVR (presumably as an ERC applied to my mortgages, BUT specifically in October 2008 when I should have been notified about the increase in cap).

I rang Halifax on tuesday and the lady I spoke to confirmed that I would receive the difference in interest from 1st Jan 2009 to 14th November 2011, plus 8% interest to the 22nd December 2011. The letter did not say anything about a £250 goodwill payment, nor did the lady say anything about this. !I thought if you were locked in you get the standard £250??

I am confused as to what I have been paying SVR on, the only thing I can think of it being is the mortgage fees that were added to the mortgage at the time?? Which means I will get a very small amount. !However, should I be making more of this as if I had been informed about the cap increase in October 2008, I could of paid off my mortgage without paying any redemption penalty.

Some help and advice would be greatly appreciated. !What did everyone else's letters say?

Thanks !:S

Ladyw1982

Just a quick update, I have spoken to the Halifax again, the lady informed me that as it was my choice to tie in to a product rate, that will not make any difference with regards to the compensation, despite the fact that they didn't inform me about the increase in cap therefore giving me a 3 month window to pay off my mortgage ERC free, she also said I would not get the 250 goodwill payment only the difference in interest whilst I was on SVR (which because I was on a product rate, will only be any fees or advances added to the mortgage) so those of us that are fixed with only a small proportion on SVR like some who have mentioned it above won't get much at all. I explained that I could of paid off my mortgage free of charge 3 years ago and her answer was we are giving you that free 3 month period now, which is useless because interest rates were dropping back then but they are not now!! Useless!! I will be complaining to the financial ombudsman.

lydia_dustbin

hi ladyw. we've got the same situation. totally aggrieved that we got tied in (yes was our choice) but didnt even know we could leave the fixed rate and had we have been on SVR and therefore paying loads less at the time we could get a decent amount of cash back. as it stands its lose lose xx argghh

Lisadt

Ladyw1982 wrote: »

Just a quick update, I have spoken to the Halifax again, the lady informed me that as it was my choice to tie in to a product rate, that will not make any difference with regards to the compensation, despite the fact that they didn't inform me about the increase in cap therefore giving me a 3 month window to pay off my mortgage ERC free, she also said I would not get the 250 goodwill payment only the difference in interest whilst I was on SVR (which because I was on a product rate, will only be any fees or advances added to the mortgage) so those of us that are fixed with only a small proportion on SVR like some who have mentioned it above won't get much at all. I explained that I could of paid off my mortgage free of charge 3 years ago and her answer was we are giving you that free 3 month period now, which is useless because interest rates were dropping back then but they are not now!! Useless!! I will be complaining to the financial ombudsman.

I was just wondering, was it a manager you spoke to or just a regular customer service person? It's just that all the ones I have spoken to so far have all said different so I wouldn't expect that any of them actually know what they are saying is accurate. One I spoke to told me that they hadn't been told anything and only the managers knew any details. I get the impression that what a lot of them are saying is just their opinion.

GB350

The guy I spoke to at Halifax via the direct line number on the letter I received was understanding exactly where I was coming from with this issue. It's not about a poxy £250 goodwill payment or a 1 % interest refund on a couple of months mortgage payments on their svr rate. The crux of this is that they violated the terms and conditions of their mortgage contracts and did'nt offer myself or many others the chance to pay off their mortgages without the ERC at the time when interest rates were plummeting. The fact is that they decided to move the goalposts to try and minimize their own projected losses whilst completely ignoring those to whom they were contractually obliged.. We'll wait and see what they offer me on Dec 22 .... They owe me at least 6k. :mad:

opinions4u

GB350 wrote: »

. The crux of this is that they violated the terms and conditions of their mortgage contracts

Has this ever been established?

1616french

I have just received a letter saying they owe me £1850 but how do i know they are giving me the correct amount?
Anyway of working it out at all?

They also gave me the option of taking this as a one off payment so thats our holiday paid off.:D