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News: Hundreds of thousands of mortgage customers in arrears have wrongly overpaid

Former_MSE_Lucinda Posts: 46 Forumite
edited 20 October 2016 at 10:34AM in Mortgages & endowments
Around 750,000 customers with mortgage payment shortfalls have overpaid when trying to clear their arrears, according to the financial watchdog – with those affected potentially due compensation worth hundreds of pounds...
Read the full story:
'Hundreds of thousands of mortgage customers could receive £100s in compensation over arrears payments'
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  • System
    System Posts: 178,107 Community Admin
    Photogenic Name Dropper First Post
    They (effectively) repaid money that they had borrowed earlier than they might have otherwise - probably saving them money.

    I borrow £100 from you and repay the loan at £10 per month instead of £5 - am I actually worse off?!
  • muhandis
    muhandis Posts: 994 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Heng_Leng wrote: »
    I borrow £100 from you and repay the loan at £10 per month instead of £5 - am I actually worse off?!

    Depends on what you might have needed the extra £5 for and what you did to make up any shortfall in your expenses due to the extra payment - payday loans, spending on cc, etc.
  • Scrimpers
    Anyone know how the building society contacts you if you no longer have a mortgage with them? Or whether its worthwhile contacting said building society first and if so, which department you would address letter to?

    Many thanks.
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