Mortgage Exit Fees successes and failures

dunstonh

Hi there I would definately threaten FSA action and you may well find the lender backs down.

it is a threat that carries no weight. The FSA does not investigate consumer complaints at that level. They would just forward your complaint on to the lender.

For us the Coventry BS initially sent us their stage 1 complaint reply letter ie we wont pay you as the agreement said what we actually charged you, one phone call from me to say I was still unhappy and would be taking it further resulted in an immediate climb down by the lender and a cheque in the post.

Effectively you blackmailed them.

MarkyMarkD

Incidentally, based on Argenton's single other post, their complaint related to an MEAF, not an early repayment charge. So no relevance at all to franceshill10's ERC issue (which incidentally also isn't relevant to the topic of this thread!).

itfwales

NRAM - Old Northern Rock. Result, had closed mortgage down and taken new one in 2006. Sent letter off 4 weeks ago, had usual balloney letter saying looking into and may take 8 weeks. Also another follow up letter last week saying has charged £250 for exit and would send out original contratct (Could not find anything with Exit fee mentioned) to show had not done anything wrong.

However, letter arrived today with a "gesture of good will" yeah right and the full amount of £250 plus interest = £370 to pay direct into bank upon signing final settlement letter.

What a result and only cost one first class stamp, phew glad was before this week as would have eaten into my profit being 60p now!!!

Thank you to this site, and have now spent all evening getting other letters to hit the credit cards and store cards on a roll, time to get some money back!

Ted_Hackett

My old mortgage was swapped with Woolwich in January 2004, so I was not too optimistic of obtaining a refund. However, a cheque for £139 arrived today so thank you for your advice - all it took was a phone call and a bit of patience!
:beer:

Alantheaged

Way outside the 6 year limit (about 8) but nothing ventured..............Just received cheque for £175!!!!!!
Thanks Martin

Harry_Potless

Sent my letter which I sent "Recorded Delivery" (using the MSE template) requesting reimbursement and/or reply within 14 days but, although they signed for it 3 weeks ago, have heard nothing at all.

Any advice from those who have experienced similar, please?

dunstonh

Alantheaged wrote: »

Way outside the 6 year limit (about 8) but nothing ventured..............Just received cheque for £175!!!!!!
Thanks Martin

There is no 6 year limit.

The issues over timing are that lenders will start to destroy documentation over time and 6 years is the point that this tends to begin with some lenders. Some start much later or dont destroy documents at all.

LindaandNicole

dunstonh wrote: »

it is a threat that carries no weight. The FSA does not investigate consumer complaints at that level. They would just forward your complaint on to the lender.



Effectively you blackmailed them.

Oh stop it Dunstoh. It really isn't appropriate for you to say, every time a poster says they will refer a matter to either the FSO or an FSA "effectively you blackmailed them". It's not big and its not clever. The financial companies always have the option to continue to say that they are in the right and will not refund. And if you are suggesting that they won't do that because of the time/trouble/money involved in defending their case; what about the time/trouble/money of the consumers - who have far less resources and no profit margin to draw on? The point of having an independent arbitrator, is to make a fair judgement. You sound like a grumpy defensive ISA

dunstonh

Oh stop it Dunstoh. It really isn't appropriate for you to say, every time a poster says they will refer a matter to either the FSO or an FSA "effectively you blackmailed them". It's not big and its not clever.

It is not clever for innocents to have to pay £500 for doing nothing wrong. How would you like it if you had £500 deducted from your pay one month for an accusation someone else had made where no wrong doing had been done?

The financial companies always have the option to continue to say that they are in the right and will not refund.

The have a choice. Pay say £250 back now or pay the £500 FOS fee and the consumer gets nothing. By the time you add in costs of handling the FOS complaint and it takes upto a year then the FOS option costs thousands. It is no choice.

The point of having an independent arbitrator, is to make a fair judgement.

It is important that people get what they are entitled to. It is not about committing fraud or blackmailing companies into paying money.

The complaints process is under pressure to be reviewed due to the abuse it is getting from people trying it on. This means genuine complaints are getting held up and one of the calls has been to introduce charges for using the ombudsman or a charge if your complaint fails. So, these try-it-ons could damage the process for the genuine people who need it.

I have the morals not to put in fraudulent claims or blackmail companies. It is up to others if they feel the same way or not. If they want to proceed with blackmail then that is their choice but lets not try and hide what it actually is.

Raglan500

I phoned The Woolwich (10 minute call), gave the mortgage reference number and was told that I was owed £210. A week later I received a cheque for £310.80!! I'm not complaining.