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

GB350

Thrugelmir wrote: »

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

In their T&C's for customers on a fixed rate product at that time, they were obliged to give them 30 days notice of their intention to raise their marginal rate and a 3 month period thereafter in which the customer could repay the debt in full without being subject to an early repayment charge.

GB350

Thrugelmir wrote: »

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

Do you work for HBOS by any chance Thrugelmir.....????

london2008

I received my letter yesterday which was just dated 'December 2011' and says I have at least 3 months from the date received to move providing i do it by 6 March.

I called Halifax and said I only just received the letter and 6 March doesn't give me three months. They said there was nothing they could do about it.

As I received it on 3 January 2011 I should have to at least 3 April.

Anyone managed had this problem and managed to get them to change the last possible date?

Thanks in advance

Ciarahoy

cazza78 wrote: »

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!

Hi there, Just want to mention to you keep on at them in regards to sending cheque if you have not received it. I telephoned four times and was told it was posted only for my husband to telephone a fifth time and to be told it had only been posted that day!! luckily it cleared in time for Xmas lol!!

smitchy73

Well done Ciara, I've only received my letter today and was awarded £420 but I was on the phone before I had received the mail, and have put a complaint in about the amount of money, basically saying that if we'd have been told when we should've been I could've moved mortgages and obviously not having to have paid an ERC on it would've saved us £2500 alone, plus that was just as the interest rates were plummeting and we had a ltv rate of about 75-80% ltv, now because of house price drops it's only about 90-92%ltv. So I've put an official complaint in, so we'll see what comes of it.

walker1627

smitchy73 wrote: »

Well done Ciara, I've only received my letter today and was awarded £420 but I was on the phone before I had received the mail, and have put a complaint in about the amount of money, basically saying that if we'd have been told when we should've been I could've moved mortgages and obviously not having to have paid an ERC on it would've saved us £2500 alone, plus that was just as the interest rates were plummeting and we had a ltv rate of about 75-80% ltv, now because of house price drops it's only about 90-92%ltv. So I've put an official complaint in, so we'll see what comes of it.

I have put in a complaint along the same lines, I was awarded £560 which is a joke compared to what their mistake has cost us. I estimate they have cost me around 2.5 grand in overpayments by staying on my awful rate! They are apparently looking into it but I got a letter a few days ago saying they need more time to investigate so it may be a few more weeks before i hear from them again. Really dont see how they will be able to not pay the amounts we are claiming as they have fully admitted liability..

smitchy73

walker1627 wrote: »

I have put in a complaint along the same lines, I was awarded £560 which is a joke compared to what their mistake has cost us. I estimate they have cost me around 2.5 grand in overpayments by staying on my awful rate! They are apparently looking into it but I got a letter a few days ago saying they need more time to investigate so it may be a few more weeks before i hear from them again. Really dont see how they will be able to not pay the amounts we are claiming as they have fully admitted liability..

I agree with you there Walker, they've admitted liability and I'm sure there are plenty of folk accepting the basic award, but if you look at what you 'could've' saved if we'd have been given the chance to leave a high rate(well compared to the SVR) we'd have saved a fortune over the past three years.

lydia_dustbin

Ladyw1982 wrote: »

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

the ref was LICFADV23 and they told me about the compensation over the phone

lydia_dustbin

ironically i have been to charcol online to get a decent mortgage sorted out and the best deal is...yes youve guessed it HALIFAX pmsl

GB350

smitchy73 wrote: »

I agree with you there Walker, they've admitted liability and I'm sure there are plenty of folk accepting the basic award, but if you look at what you 'could've' saved if we'd have been given the chance to leave a high rate(well compared to the SVR) we'd have saved a fortune over the past three years.

In total agreement with both of you..... They have admitted liability for their mistake 100% . The biggest problem with this screw up is the hypothetical aspect of our claims and how the Ombudsman will interpret it. Had I been given the opportunity to move my mortgage elsewhere in November 08 without charge then I would have no doubt searched the market and shifted it to the 0.99% above base tracker mentioned in previous posts or something similar. The 3k ERC prevented me from doing this. It could be said that hindsight is a wonderful thing and we could not have foreseen rates dropping to the level they have but as far as I'm concerned that is neither here nor there. I will personally be out of pocket to the tune of 10k+ by the time this plays out and would expect to be compensated accordingly.
I appreciate everyone's input to this forum and will update any info when I can.