Reliance Property Loans

cherry3000s

Hi all

I'm new to this but hope you can help with a bit of advice! Our mortgage was with JP Morgan who have just sold it to Reliance Property Loans. With JP Morgan I could always pay my mortgage on the 28th of each month and as long as you were under 2 months in arrears there would be no charges or marks on the credit file. Well, due to partner being out of work for a while I'm taking advantage of that rule and am just under 2 months arrears when I pay on the 28th.

I had a call from Reliance to say that the T&C's were not changing but they'd like me to pay on the 1st. I said well actually I was quite happy with the original arrangement thanks and we left it there. I've now had a letter to say they are charging me £25.

What I'd like to know is do Reliance have to honour JP Morgans terms and conditions? Partner starts work in January so I'll be back to paying on the 28th with no arrears. However, I'm not happy about paying charges in the meantime!

Thanks all for your help

melbell

So you are in arrears and you don't think you should be charged. riiiiight

Thrugelmir

cherry3000s wrote: »

What I'd like to know is do Reliance have to honour JP Morgans terms and conditions?

Charges for arrears are much or less standard terms. JP Morgan perhaps opted not to charge under the terms of the mortgage contract. As knew that they were selling their mortgage book on. JPM withdrew from the UK mortgage market some time ago. So perhaps no longer had the administrative back up either.

cherry3000s

melbell wrote: »

So you are in arrears and you don't think you should be charged. riiiiight

Thanks for that! No, I'm not 'in arrears'. With JP Morgan, it was perfectly acceptable (and in fact encouraged by them) for a customer to be one month behind.

This wasn't charged and there was no record on the credit file. This was a situation I took advantage of a few months ago when partner lost his job - JP Morgan suggested this.

This isn't really a thread about if I'm in arrears its about whether a company can change t&c's in this way.

Happily new job next month so I can make sure the month is cleared but in the meantime I want to avoid charges.

kingstreet

Do you have a copy of the original terms and conditions?

Do the terms specifically mention the situation you've outlined, or is it possible charges were permitted, but were not levied (at that time) at the discretion of the lender?