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

abadonian_2

By the way, we managed to get out of our current mortgage last week and switched to one of their 2 year fixed deals at 4.8% which is fab (and saves us around £200 per month) but doesn't compensate for the above! :-)

lydia_dustbin

when i rang them recently they said people would be getting £250 to say sorry plus a refund??

still have not heard but may ring them today as they said it would be settled by 30.12.11.

can i please ask for those of you who have switched to a better rate, did the halifax charge you an arrangement fee like they have done with me in the past?

many thanks

go msers xx

lydia_dustbin

hi there. just rang and they are giving me £565 which is a £250 goodwill payment and the rest interest. not loads but i am happy with that - will help with all the spending i have just done in the sales!

the main good news is the ability to leave my mortgage and pay a bit less. they cant come up with a great deal unless i risk paying for them to come out and value the house. if they dont value it as what i think its worth then i will have to pay a rubbish rate ... hmm

walker1627

Ladyw1982 wrote: »

Hi all,

I actually wrote a letter of complaint regarding this back in the end of Nov as in my opinion they have let thousands of customers down by not telling them about the change in cap, leaving people locked in to ridiculously high interest rates.
This morning I have received a letter saying they can't investigate until they have received more information about it (ie until They have calculated my refund).
I am wondering now whether they are looking into it more deeply and giving a decent amount of compensation because of the !!!! up!
Your thoughts everyone?

I received the same letter today about the complaint I raised, my thoughts were the same as yours so fingers crossed.

Ladyw1982

Lydia dustbin - do you mind me asking you whether they said in your original letter to you whether you were getting 250 or did it just say difference in interest paid plus 8% interest (what was the reference on the top of your letter?). Thanks

GB350

Ladyw1982 wrote: »

Hi all,

I actually wrote a letter of complaint regarding this back in the end of Nov as in my opinion they have let thousands of customers down by not telling them about the change in cap, leaving people locked in to ridiculously high interest rates.
This morning I have received a letter saying they can't investigate until they have received more information about it (ie until They have calculated my refund).
I am wondering now whether they are looking into it more deeply and giving a decent amount of compensation because of the !!!! up!
Your thoughts everyone?

Have just spoken to Halifax as still nothing received though the post. I queried what was happening with my refund and was told it had been credited to my account. How much is it, I asked with eager anticipation. It's £165 came the reply. You are joking I replied, only to be met with an eerie silence. Since denying me the chance to pay off my 100k mortgage at 5.89% without charge between the end of oct 08 and the end of Jan 09 and move to a tracker product at 0.99% above base (available through Hsbc in Nov 08 ), You have cost me in excess of £200 every month for the last 3 yrs and will continue to cost me around £160 a month for probably the next 2 yrs. Errr could you hold whilst I speak to someone... 3 minutes later she returned and told me this would have to be dealt with by the complaints dept. Your mistake will have cost me over £10k by the time it has played out I replied. Its definitely a complaint. I will receive correspondence from the complaints dept within 5 working days but to be honest I'm not expecting much. I'm not going to let this lie. Financial ombudsman here I come....:mad:

Ladyw1982

GB350 - I totally feel your pain. I rung up today, if you thought your compensation was bad... I got £5!!!! Utterly unbelievable, needless to say i am fuming and am going straight to the ombudsman too!!

cazza78

I rang them today and got quite a nice surprise £2030 on its way to us via cheque,will be with us within 14 days. Don't know quite how they work it out but said letter on its way explaining everything!

GB350

Ladyw1982 wrote: »

GB350 - I totally feel your pain. I rung up today, if you thought your compensation was bad... I got £5!!!! Utterly unbelievable, needless to say i am fuming and am going straight to the ombudsman too!!

£5..... That is as you say utterly enbelievable... I am still in a state of disbelief. These people are no better than crooks as far as I'm concerned. During my conversation with them earlier today I did actually suggest that the decision not to inform people of their right to leave the high rate products they were locked into without charge may have been purposeful. They stood to lose a massive amount of money from everybody in situations like myself who would obviously have jumped ship and grabbed a substantially better deal elsewhere. This, coupled with the 1% raise in their marginal rate has probably saved them millions of £ at the expense of us poor mortgage payers. Unfortunately for them they have not done it by the book and I intend to make them pay for it.

Thrugelmir

GB350 wrote: »

During my conversation with them earlier today I did actually suggest that the decision not to inform people of their right to leave the high rate products they were locked into without charge may have been purposeful.

When did HBOS rescind early repayment charges on fixed rate products?