Gave up job based on wrong mortgage balance

kingstreet

I see £250 and an apology in your future.

A solicitor only works on a redemption figure supplied in writing by the lender for settlement of a mortgage.

That is a good and cautious approach on which to base sound financial decision-making.

Thrugelmir

suse142 wrote: »

You've confirmed my partners view that we try to negotiate and take it as far as I can with the ombudsman.

As the redemption figure wasn't quoted in writing be hard to extremely make anything stick. The person you spoke to on the telephone wouldn't have the authority to do this either. The FOS would believe this to be a genuine mistake, not least that you were aware of your balance from your previous statement. So would have obvious that something was amiss.

ethank

I'm sure they could hide behind some obscure rule that a redemption figure is only a redemption figure if it is on an official statement.

Thrugelmir

ethank wrote: »

I'm sure they could hide behind some obscure rule that a redemption figure is only a redemption figure if it is on an official statement.

Doesn't require obscure rules. Just common sense to be applied.

getmore4less

suse142 wrote: »

Thanks to you all for the replies. You've confirmed my partners view that we try to negotiate and take it as far as I can with the ombudsman. It was a part endowment & part repayment: he forgot the "element" that was the repayment part of it. And you're right, I should have checked the previous statement but almost nothing is done by letter now and phones lines are the "done" thing for info, aren't they? And I was in some hurry. Maybe since they've admitted their guilt I have some hope.
Thanks.

Given that,

If this was the error it would have been obvious the total was wrong as it only contained the Interest only component.

You should have know the outstanding interest only and even a guess at the repayment part should have rung alarm bells.....

At the time of the request what were the real terms of the outstanding mortgage

rate, payment, term, interest only/repayment etc.

When was the last re mortgage renewal of terms(eg retention product)?

amnblog

So the idea is that the building society members stump up £7K because one of their staff missed a line on the pc screen whilst on the phone.

Meanwhile you are 7k up as it is not your responsibility to know enough about how much you owe on your major debt to question a provided figure given verbally.

Put in these terms a 'goodwill' payment of £200 should be considered a result.

beecher2

suse142 wrote: »

. And you're right, I should have checked the previous statement but almost nothing is done by letter now and phones lines are the "done" thing for info, aren't they? And I was in some hurry. .

It seems bizarre to me to make such a life changing decision in a hurry. Your workplace was clearly giving you more than 5 minutes to make this decision, so you really should have checked and double checked the figures.