Mortgage company owes us money but wont pay out

Gingey29

Our Mortgage company owes us money for charges from 2008 to 2013 that they overcharged us, since then we have accrued some arrears that we have made arrangement to pay over and above the recommended amount as we want to clear it asap.
The Mortgage company are saying that they want to take the money owed to us and pay it off the outstanding mortgage but we would like the money refunding. They have refused but will pay if off the arrears despite us already having a payment plan in place....can they tell us what to do with money that is rightfully ours?

PasturesNew

Well, you've had money that was rightfully theirs when you got into arrears.

dunstonh

can they tell us what to do with money that is rightfully ours?

The rules allow them to set off the redress against any the debt if it is in arrears, defaulted or had amounts written off. It can only be against the same debt though. Not other unrelated ones (e.g. charges refund on a mortgage can only be used on the mortgage but not say a credit card).

It works both ways. By not paying your mortgage, you have money that is rightfully theirs.

brown1950

Mortgage arrears charges are claimable irrespective of the amount charged.

People are issuing proceedings in the small claims court (less than £10,000) for :-


Full amount of arrears charges
Interest in restitution at the same rate charged by the lender.
8% interest from the date of proceedings.

You will get the usual bank defenders on this website trying to tell you
otherwise however ask yourself this question ' Why have banks/mortgage companies not allowed their charges be tested for fairness in Court ?

antrobus

Gingey29 wrote: »

Our Mortgage company owes us money for charges from 2008 to 2013 that they overcharged us, since then we have accrued some arrears that we have made arrangement to pay over and above the recommended amount as we want to clear it asap. ....

If you want to clear the arrears asap, won't they get cleared even faster if the lender applies the refunded charges against the arrears?

Or am I missing something?

dunstonh

brown1950 wrote: »

Mortgage arrears charges are claimable irrespective of the amount charged.

People are issuing proceedings in the small claims court (less than £10,000) for :-


Full amount of arrears charges
Interest in restitution at the same rate charged by the lender.
8% interest from the date of proceedings.

You will get the usual bank defenders on this website trying to tell you
otherwise however ask yourself this question ' Why have banks/mortgage companies not allowed their charges be tested for fairness in Court ?

Your post is off topic and not relevant to the OP. Try harder next time before you insult other posters