Charging Bank for late re-payment

SpannerMatthews · 15 February 2007 at 5:05PM

OK, I've just re-mortgaged using L&C, as recommended by Martin, and I exchanged on the first of this month.

Now, my mortgage payment to my original lender went out on the 31st of Jan and I exchanged on the 1st with my new lender, but I only got my original mortgage payment back today 15days later.

Now, if I hadn't paid my mortgage for 15 days I would have been hit with a whopping bill - so as the previous lender took 15 days to pay me back, earning interest on my money, can't I bill them for each day late they were in re-paying my money back?

I'd hate to think what I would have been charged so I'd love to invoice them back for the same amount.

Any ideas?

Yours cheekily
Spence

plane_boy2000 · 15 February 2007 at 5:15PM

Dont know how much your payment was for, but 15 days is not really that long for them to close your account and finalise what they needed to pay back to you.

I had a similar experience with inteligent finance but they kept a chunk of my payment claiming that my solicitor had only repair the mortgage a week later. I checked and contacted them again, and they then refunded the amount with interest.

dunstonh · 15 February 2007 at 8:31PM

So, the direct debit left your bank on the 31st. They get that about 3-5 days later and providing it hasnt been recalled, they would allow 7 days to be sure. It takes about 7 days to get back to you to allow for admin and clearing cycle so the 15 days seems fine.