Mortgage underpayment not my fault

hutch610

Had a letter today saying that my mortgage company have made an error and so i underpaid last months payment. Letter sated they are sorry and that next months payment would be more.

I phone to check if that would be the normal payment now only to be told my account shows an underpayment and would i like to pay now. There was no mention in letter of making any payment.

If its their fault why should i be made to pay it all in one go.

bigadaj

hutch610 wrote: »

Had a letter today saying that my mortgage company have made an error and so i underpaid last months payment. Letter sated they are sorry and that next months payment would be more.

I phone to check if that would be the normal payment now only to be told my account shows an underpayment and would i like to pay now. There was no mention in letter of making any payment.

If its their fault why should i be made to pay it all in one go.

How much are we talking about?

In theory you have benefitted from having the money for at least an extra month so assuming they don't charge you interest on the balance that hasn't been paid, so the money should still be in your account.

If its a large sum the you could try and negotiate a longer repayment term, or you could just raise as a complaint when you might get an offer of fifty quid compensation possibly, though might get nothing at all.

dimbo61

So you work out your budget every month I hope ? and last month you found WHAT £200 extra in your account ?
Boss pay you extra ? TAX cut ? No Your mortgage payment was less than expected !
Now you are in arrears and need to sort it out ? So what did you do with the extra money last month ?
You can ask to pay it off over a couple of months but your lender will charge you interest and you do not want any Black marks on your credit file !

Thrugelmir

hutch610 wrote: »

If its their fault why should i be made to pay it all in one go.

You don't have to. However if you don't. Then you'll only end up paying more interest than you need to.

The adviser was only trying to be helpful.

Goldiegirl

A mistake was made and they have apologised for it, bit you still owe them the money that was underpaid.

If it's a small amount or the money is still unspent, why not just pay it off and have done with it. I can't see the point in making the situation more complicated by paying it off over a period of time if you don't need to, and you'd end up paying more interest by doing it that way.

However, if it's a larger amount, it would not be unreasonable to ask to pay it off over a period of time, they'd probably be amenable as it was their mistake. But you'd still end up paying more interest

Building_Surveyor

how much was it? if it was me i would have queried the payment myself before they even contacted me. Did you check your bank statement beforehand??

people make mistakes, banks especially. If they've apologized id just be done with it if it hasn't put you into financial hardship. Put your principles aside.

Have you spent the extra money? didnt you wonder where the extra money had come from?

lippy1923

As long as they don't charge you extra interest it doesn't really make a difference because you would have paid it anyway had the mistake not occurred.

Say your mortgage was £600 per month.
Over 2 months you would pay £1200. It may be inconvenient but will not make a difference if they take £400 one month and £800 another. You would still pay £1200. You just benefit from keeping the £200 an extra month.

Surely you havn't spent the extra money without checking where it had come from?

ACG

Gotta love these forums and peoples "principles".

It never ceases to amaze me.

Im going to go and bang my head against a wall now...