Interest Refund

window25

Anyone received refund from catalyst yet?
Is it just the mychoice homebuy scheme that is effected.

bibble81

Nothing yet - although 45 working days means it could be as late as end of Jan/Early Feb I guess (Depending on Catalyst working days over Christmas)?

window25

When I contacted them they said that payment should be sooner than 45 days so maybe they have just give themselves a long time to get them sorted but will get them sooner!

window25

Still haven't received it from Catalyst was hoping it would be in bank in time for some xmas shopping!!!!!

Does anyone know if any other schemes were effected by the error or is it just the mychoice homebuy

Alex_Snowball

Hi,

Did anyone find out or hear back on the question surrounding if Catalyst were entitled to growth on the value of the house / flat over the period the loan where the interest had to be returned due to issues with the paperwork for the loan?

We paid off our loan just after receiving the interest payments back so would like to understand the position?

Many thanks.

Mark_Lion

Received the refund just before Christmas.
Want to use some of the money to visit my mother living in Sydney.
She is a cancer survivor, but age is catching up to her.
Another problem now is I might lose my job.
Now have to wait until next month to tell mum if I am coming.
She does not know I was planning to visit.
Have not seen her for 13 years.
I think my job will be safe, but it is up to management to decide.

kells2281

Hi Did you find out if they have to pay back anything from gaining on the value of your home?

stator

It wouldn't affect their share of your home. The technicality only applies to interest they have charged you which they are not entitled to charge since they didn't comply with the law and send you a proper statement. And increase in the value of your home would have happened whether they sent you a proper statement or not and whether they charged you interest or not.

Dunkfar

We recently brought the share of our house Catalyst owned this summer, it's been a hectic six months so I just called last week to check everything had gone through ok their end not knowing anything about this refund. I could hardly believe what I was hearing as the chap on the other end explained the pending refund. We should be due around 5 years worth of interest back apparently those of use who have paid back the equity loan should be receiving a letter shortly with an amount included which should bee all interest paid after the 11th month. That was about a week ago and haven't received anything yet but will post up when we do. I don't feel to guilty as during the 6 years catalyst owned a portion of our house although they will have only had one years worth of interest they made about 25k from us due to the rise in house prices.

Dunkfar

Just spoken to Catalyst and apparently those who have exited the scheme, will be receiving a letter by the end of march with details of the refund.