MEAF Do it now!!

wannabecontent

:j:j

Just rang Halifax not expecting anything at all. Saw on this site about reclaiming your mortgage exit fee. We moved house in 2005 and paid £175 repayment administration fee. I have just been told I can expect a cheque for £175 in 2 days. Thank you so much Martin.:T:T

kingstreet

On what grounds did you raise this complaint?

Why was the fee refunded?

wannabecontent

Searching through the mortgage tab at the top of the home page I found that you can reclaim unfair charges.

wannabecontent

I didn't complain I just asked if it was possible to have a refund?!

kingstreet

The FSA told lenders their exit charges were acceptable as long as the amount quoted at the outset, or at the last product change, was the same amount charged at the end.

The issue was with fees which increased during the currency of the mortgage.

I'd be disappointed if a taxpayer owned institution was simply refunding money on the basis of a request, with no investigation of the circumstances.

No offence intended to you.

dunstonh

The problem with MEAF fees is that they is that the lender is subject to blackmail and will often have to give in as that is the cheaper option. It is one of the major flaws with the current complaints process.

cheshire_set

I wrote to Nortern Rock as per your template - initially got a holding response saying they would respond within 2 weeks they just wrote back today saying as my claim is from June 2006 the six year rule applies and therefore they cannot consider my complaint.

I would be interested in the next step - should I ring them and try again, should I challenge the six year rule or should I write to the financial ombudsman?

Any good advice welcome - thanks

dunstonh

I would be interested in the next step - should I ring them and try again, should I challenge the six year rule or should I write to the financial ombudsman?

The FSA rule is that you have 3 years from being reasonably aware of an issue or 6 years from the date it is applicable to raise a complaint. Whilst I am not sure they could reasonably put the timebar in place here, the 6 year issue may not be down to the FSA rule but the destroying of data. The FSA recommend 6 years after closure for most things.

As for whether it is worth it, how much did you pay in MEAF and how much did your contract say you should pay? The FOS will apply the FSA ruling on only refunding the difference. Not the full amount. If the contract says £250 and you paid £250 then you are not entitled to anything back. So, complaining to the FOS would be pointless.

cheshire_set

The contract said I should pay £125 but I ended up paying £295 to which in my letter I added interest to the difference at 8% as suggested by this site.

dunstonh

cheshire_set wrote: »

The contract said I should pay £125 but I ended up paying £295 to which in my letter I added interest to the difference at 8% as suggested by this site.

On that basis they should refund the difference. However, if they dont have the documents any more (which is very possible after 6 years) then they should use the your documents, assuming you held on to yours.