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

Former_MSE_Lucinda

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

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

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.