problems and mistakes with calculationa

betterfixit1

Hello has anyone had same problem as us

Took out loan in 1986 endowment to finish 2009 (£20,995) then added for home improvemnts came to £28,995 altogether as endowment. then took out £7200 in 1996 We think that they had then added all together and mistakingly calculated repayment. In 2003 took ot £20,000 our payments have been £600 and the mortgage has been stretched and streched in the number of repayment years. The repayments should have ended in 23 years, but endowment ended 2011 and they said the mortgage should have ended at the same time but we had another date of 2011 and 9 months. we have had 4 end years 2009 (23 years) 2011 (when enodwment ends) dec 2011 and 9 months and the last letter said 2012 and 9 months. In 2007 got a call asking how we are going to pay all mortgage in Nov 2009. We think they have been recalculating at the end of each year to finish in 2009 but just kept us going with higher charges and the high payments

We have now found out about these schedule abcd in schedule c or d e have been paying insurance and admin on a monthly bases. We dont have insurance with them as we moved in 2005 as they had been adding money in advance even though we paid it monthly
And we have no idea why we are paying a monthly admin cost when they recalculate yearly and add admin costs. we are going to the ambudsman as we have written unitl we are blue in the face can someone help us we have asked for copies of all agreements but they have not sent them. We need to go to the ombudsman now and would like to know which points to raise so not to make any grey areas for society to get through

We ony have one week to get this together and I have most of the paperwork but need to put in the relevant ones

Thrugelmir

Could you set out a much clearer explanation of the problem. Impossible to understand your issue at the moment.

mrginge

I believe you have a strong case of mis-something against someone.

Simon_gloster

An the bishop turned round with a baguette in his hand.

Is the paperwork you need all with one lender, and is this lender your current one who you have beem since the start?

betterfixit1

Hello I will be clearer as needed

We took a loan out for 23 (1986) years and for a while the building society based calculations on this. After a while we noticed the years changing one minute it was to finish in 2009 then 2012 and 11 months then back to 2009 then back to 2012 and 10 months then when endowment was due it was 2012. We complained previous to endowment ending in 2012 we were sent a letter saying 2013 and 11 months.

Each time we ended up being charged more and more. We fell into arrears because costs kept going up in Feb 2012 we were suddenly informed it was going up £100 per month (Feb) then in November 2012 we were informed that we had finished as I had paid £4000 as the amount of arrears they said we had and how much the remainder of the repayments were.

We still owed money from endowment especially as company broke the contract but that is another story, just need to concentrate on one thing at a time (building society was the broker)

We are still trying to get the wording right regarding the years and this continuous change of years. I have letters and info to prove case but need wording so it doesn't become a grey area and seem muddled.

betterfixit1

papers with one lender the previous two years 1984-86 was with another but have papers

Annisele

I'm afraid I'm still confused about what the problem is - I think there might be several all mixed together.

• You've paid two lots of buildings insurance since 2005, you think Halifax should have known that, and you want a refund of the buildings insurance premiums you paid to Halifax.
• You don't think Halifax should have charged you any admin fees, and you want all of that money refunded.
• You think that your mortgage should have been repaid completely in 2009, but it wasn't.

Is that right?

Some of your post I'm still struggling with - for example, you say "in November 2012 we were informed that we had finished", but we're still in October 2012 so there must be a typo somewhere.

I'm also confused by your references to "calculating repayments". Usually, when people say they have an "endowment mortgage" what they really mean is they have an interest only mortgage with a supporting endowment policy. However, if Halifax has been "calculating repayments" that suggests you might have had a repayment mortgage.

It's *possible* that you might have more than one sub account, and there have been issues about allocating your arrears payments to the right account - but I'm just guessing.

If your mortgage really was interest only, then the term is largely irrelevant to your monthly payment. If it was repayment, then the term matters a great deal. I can't work out which it was!

Thrugelmir

My initial understanding is:-

Your original mortgage was taken out in 1984 for a 25 year term. So should have ended in 2009. Except there was a shortfall on your endowment policy. Is there were the "arrears" originated from?

I assume that the subsequent mortgages, 1996 and 2003 are for different time terms. Is this correct? Were these endowment backed too?

betterfixit1

Hello yes it should say November 2011 not 2012

betterfixit1

No they were not endowment backed these were on repayment.

betterfixit1

At one stage we ended up going to court and their solicitor had argued that our mortgage should have been paid in 2009, they had taken us to court in 2007. (we were able to pay off the arrears before the court hearing) they had submitted a breakdown and we have the papers on this. the case was squashed at that point as we had paid anyway