TVHA MyChoice HomeBuy refunds

MDE

Hi all

I bought a house in October 2008 using a 15% MCHB equity loan from TVHA.

Fast forward to today when I receive a pack of info from TVHA telling me that the paperwork they issued in 2008 was non compliant and therefore they have to return all the payments I have made to TVHA from 2008 until now. Totalling about £2k- very nice Xmas bonus.

However, they are returning the payments only, no interest on the amounts paid. When I had a similar situation with a refund of PPI (because they had not been compliant with the sales process) a simple interest rate of 8% was added to the refund.

Should this interest also be added to the MCHB refund amount?

Thanks

Mark.

MDE

No responses? Maybe everyone is as confused as me!:money:

chanz4

so you want more, think what you have gained when really you never knew any different

MDE

Jesus how rude! It's not about wanting more, it's about getting what I may be legally entitled to!

Phizzy

Hi Mark,
Did you find anything out on this? I'm in the same boat, if my hard earned cash had been going into my savings account I'd have been earning interest!! A friend of mines hubby works in banking and he said we should be entitled to 8% compensation but I have no idea how to go about it. Any ideas?

Jules112

Hi, I also had a MCHB with TVH from 2009 until 2015. They have contacted me stating they will repay the interest I paid during the 'period of non compliance'. Can anyone confirm when the period of non compliance was? It it the whole term or for a set period of time? TVH could not enlighten me on this point. I would also be interested to know about the possible interest to be added if anyone has any answers please? I would be grateful to get any bank, but if I am looking at the whole six years, I would be due a very nice sum! I was assuming it was just going to be for a short period of time though? Surely they wouldn't be 'non compliant' for years? Thanks to anyone who can help!