Compensation?

piggo

My mortgage company went through a long period of not writing to me about my account, which stupidly I didn't notice as I have several others. I know - I'm getting my act together now! This was for a few years. Originally I'd fixed up a decent fixed rate, but that ended during this time then it just sat on a really high variable rate for years. They have made a lot of other mistakes too that they're offering me compensation for. But can I ask them for money back for not keeping me informed about my mortgage rate? I feel like I've been an idiot but also fed up that they rammed me on a really high rate & didn't send me statements that would have nudged me into action.

ACG

A good will gesture for not sending you an annual statements is very different to wanting compensation because you did not keep on top of your mortgage.

They gave you an introductory rate as most customers get and then put you on their standard rate, which all lenders do with all of their customers in accordance to the deal you signed up for....basically, they have done what they promised they would do and you agreed to. Im not sure you can get compo for that.

glosoli

Without sounding harsh they were simply adhering to the original contract, i.e fixed for X years and revert to Y thereafter, why didn't you take any responsibility to swap onto a new contract? Admittedly letters are normally sent out in advance of a deal expiring, however they would likely just point to your existing contract and I doubt you would have much room for grievance..

piggo

Yes, I agree really. I wouldn't have given this a thought if they hadn't done so many other dreadful things with my account. But I guess this part is down to me.

AnotherJoe

You want compensation for being lazy and careless ? Seriously ?

piggo

No, there's much more to it. Like I said, if it was only this I wouldn't give it a thought.

AnotherJoe

piggo wrote: »

No, there's much more to it. Like I said, if it was only this I wouldn't give it a thought.

So is your position that they have done things 1,2, 3, and 4 (4 being not telling you about the interest rate) and they are compensating you for 1,2 3 but because they did 1,2,3 then despite getting comp for them, you also want compo for 4 as well?

piggo

No, it isn't. Thanks for your input, though.

minimike2

Who is this mortgage lender that doesn't send an annual mortgage statement?

The answer is no, you should not be compensated. But if you bang on about it enough you will probably get £100 IF the statements haven't been sent to you, if that is actually the case.

stator

If a personal loan lender doesn't send you annual statements they have to refund you all the interest during that period.
I don't know if this applies to mortgages.
But I would be very surprised if they didn't send you any statement at all.
Did they send it to an old address and you hadn't updated it?

piggo

No, they sent all our statements and letters on this account to another address altogether, one we had no connection with, despite us having several other accounts with them and receiving correspondence for those at the correct address. Mail was returned to them marked 'unknown at this address' but they didn't act on it.