mortgage fees

roonaldo

brown1950 wrote: »

Only in their own greedy world are they allowed to charge arrears fee's- but are they legal ???

yes

Check what the FSA did with certain mortgage lenders regarding the arrears fee's.

they fined them, but because they were charging excessive and unfair charges, not because they were charging fees full stop.

The FSA has not said that all fees or charges added to a mortgage account in arrears are unfair. Rather it has highlighted certain specific types of charges which it considers to be unfair because they are disproportionate to the extra costs incurred by the lender

brown1950

roonaldo wrote: »

yes

they fined them, but because they were charging excessive and unfair charges, not because they were charging fees full stop.

The FSA has not said that all fees or charges added to a mortgage account in arrears are unfair. Rather it has highlighted certain specific types of charges which it considers to be unfair because they are disproportionate to the extra costs incurred by the lender

And that is why Mortgage lenders are now refunding clients !
I don't know of one mortgage lender (as a defendant) who has allowed the case to go to court thereby having to justify their fee's.
If you know otherwise and Mortgage lenders have justified their fee's in Court - examples would be appreciated. On the other hand i know of many people who following legal action have received settlement offers ( prior to the Court date ) from their Mortgage lenders incl 24.9% restitutionary damages.

roonaldo

brown1950 wrote: »

And that is why Mortgage lenders are now refunding clients !

as gesture of goodwill, not because they are illegal.

I don't know of one mortgage lender (as a defendant) who has allowed the case to go to court thereby having to justify their fee's.
If you know otherwise and Mortgage lenders have justified their fee's in Court - examples would be appreciated.

you're the one talking about court cases. I've simply stated they are not unlawful. see my previous post.

brown1950

roonaldo wrote: »

as gesture of goodwill, not because they are illegal.
you're the one talking about court cases. I've simply stated they are not unlawful. see my previous post.

I am talking about court cases because many people have taken this course of action yet the Mortgage lenders have refused to test their charges in the Courts. Ahhh yes the gesture of goodwill payment regime - what a load of crap - Goodwill from Banks/Mortgage lenders to it's customers - don't make me laugh.


If the Mortgage lenders thought their fees were legal then they would not pay out 1p let alone over £4,000 in some instances. I suspect once PPI claims dry up (shortly) then claim management companies will be looking for their next gravy train (ie) mortgage lenders arrears fee's.

roonaldo

brown1950 wrote: »

I am talking about court cases because many people have taken this course of action

who? you keep mentioning court cases but have not quoted one.

I suspect once PPI claims dry up (shortly) then claim management companies will be looking for their next gravy train (ie) mortgage lenders arrears fee's.

they may try, but would only apply to charges in the last 6 years and again charges have not been defined as wrong, only excessive and unfair charges as FSA stated, i doubt this would satisfy their greed.

brown1950

roonaldo wrote: »

who? you keep mentioning court cases but have not quoted one.


they may try, but would only apply to charges in the last 6 years and again charges have not been defined as wrong, only excessive and unfair charges as FSA stated, i doubt this would satisfy their greed.

I have not quoted one court case because their are none ! All the
mortgage lenders settle PRIOR to the court hearing !

6 year limitation Act does not apply to Mortgage charges hence why Mortgage lenders are paying back charges levied over 10 years ago. Also please note the Limitation Act of 6 years begins from the date of your discovery (ie) FSA fines on Mortgage lenders.

roonaldo

brown1950 wrote: »

I have not quoted one court case because their are none ! All the mortgage lenders settle PRIOR to the court hearing !

no they dont, you keep referring to court cases in previous posts but none exist. you seem to be referring to companies like lloyds that will just cave in and issue refunds.

Also please note the Limitation Act of 6 years begins from the date of your discovery (ie) FSA fines on Mortgage lenders.

incorrect, 6 years from date of event and 3 years from discovery. its an MCOB rule that customers get written to to be informed of arrears within 28 days, this can be argued as point of knowledge.
you dont just find out 10 years after being charged that you have been charged. many firms do apply the limitation act which even FOS have agreed with. you also refer to lenders being fined as point of discovery, but two of the larger subprime lenders in GMAC and Kensington were fined over three years ago, so your point is flawed.

have you been reading all this on the CAG website? you seem to keen to bank bash but with no real evidence, just speculation.

brown1950

roonaldo wrote: »

no they dont, you keep referring to court cases in previous posts but none exist. you seem to be referring to companies like lloyds that will just cave in and issue refunds.

incorrect, 6 years from date of event and 3 years from discovery. its an MCOB rule that customers get written to to be informed of arrears within 28 days, this can be argued as point of knowledge.
you dont just find out 10 years after being charged that you have been charged. many firms do apply the limitation act which even FOS have agreed with. you also refer to lenders being fined as point of discovery, but two of the larger subprime lenders in GMAC and Kensington were fined over three years ago, so your point is flawed.

have you been reading all this on the CAG website? you seem to keen to bank bash but with no real evidence, just speculation.

Sorry i give up with YOU ! I will leave you to continue to defend your paymasters and in the meantime i and others will reclaim
mortgage arrears fees.

roonaldo

All ive done on this page is quote FSA facts! ive not said anything that isnt true. All the best with it anyway.