Reclaim Mortgage Arrears Charges. NEW CAMPAIGN.

homer_j_3

Lynz

The £140 charged by the mortgage company for being late or was that a combination of bank charges and arrears charges from the lender?

Is it stayed because of the OFT ruling?

lynzpower

homer_j wrote: »

Lynz

The £140 charged by the mortgage company for being late or was that a combination of bank charges and arrears charges from the lender?

Is it stayed because of the OFT ruling?

It was for being late with the payment. My mortgage was the only account Ive had with the abbey.

It is stayed due to the bank charges ruling, yes.

homer_j_3

so it looks like the courts could be treating these claims for mortgage arrears in the same manner...Any claims could be stayed for a while.

krisskross

Does no one have to take responsibility for their own failures to pay their bills on time or pay with their own rather than the banks' money?

It will all end in tears with everyone paying more.

As this is a moneysaving site I feel Martin should concentrate more on individual fiscal responsibility rather than setting off another bandwagon for people to climb on.

lindenlee_2

I've just been reading some of the messages here and it seems to me that while there are undoubtedly some people who may deliberately disregard their financial situation, there are many more who either through bad luck or possibly financial ineptitude or sometimes just an oversight, might incur such charges. surely the point is that a lender may call it an "administrative charge" but if it doesn't actually reflect the cost of administering a failed payment and a letter or two, (which in these electronic days, must be minimal- most letters I see from institutions these days on any subject are clearly template letters which all too often don't even address the circumstances of a particular case!) then anything over the actual cost MUST by default be a punitive charge. I call that immoral and a failure to act in a transparent manner. As much as I believe individuals should recoup any such charges, there is also surely a principle at stake here of the need for any financial (or for that matter any other ) institution to be open and above board in its dealings with its customers. (I'll get off my soapbox now!):j

homer_j_3

krisskross wrote: »

Does no one have to take responsibility for their own failures to pay their bills on time or pay with their own rather than the banks' money?

It will all end in tears with everyone paying more.

As this is a moneysaving site I feel Martin should concentrate more on individual fiscal responsibility rather than setting off another bandwagon for people to climb on.

The whole campaign is about exploring the possibility that the banks have been breaking the law. If they have then why not - all these people who have failures have been subsidising the likes of you and me for years.

Clearly if the law turns out to be on the side of the bank then those people who have been charged for their failures will continue to do so.

Johny_T

krisskross wrote: »

Does no one have to take responsibility for their own failures to pay their bills on time or pay with their own rather than the banks' money?

It will all end in tears with everyone paying more.

As this is a moneysaving site I feel Martin should concentrate more on individual fiscal responsibility rather than setting off another bandwagon for people to climb on.

I have to disagree with this (certainly in the long term). Yes the banks / lenders will probably blame each and every fee or charge they introduce on this once claims become widespread.

However think of it this way. No one can doubt that house prices are currently way over valued, why?

Because income multipliers and LTV have been pushed up and up. Result being those who don't have such high / stable incomes are able to borrow more = more demand = higher prices = higher mortgages = everyone pays more.

Alternatively

Banks find they can't hammer for late payments = no money for them in risky lending = lenders don't push the boundaries of risky lending = less demand (for over priced homes) = lower home prices = lower mortages = everyone pays less.

(appreciate this is a long term view and woudln't exactly resolve tomorrow)

KentishLady

Re the arrears charges where a borrower is deceased.

The company I work for automatically stops applying arrears charges to a mortgage account for 6 months from the date of death (to allow executors a reasonable amount of time to finalise the estate). The normal interest however still accrues.

In my opinion you should contact the lender concerned regarding the arrears charges asking them to consider waiving some or all of them given the circumstances.

Whilst they are not obliged to waive them, if you are persistent then you may be successful (if needs be log it as a complaint).

Orrible

Tripledrop wrote: »

I love all these things people can claim back! I have just forwarded this info to my mother-in-law who had a few problems with GMAC recently...

What other unfair charges are there we can refund?!

Credit cards, bank charges, mortgage exit fees, mortgage charges and ...?!!:beer:

I was charged every month for a year by GMAC despite me keeping in constant contact with them. They charged me for late fee £65, No D/D £15 and numerous legal fees. I eventually sold but because the completion date was 2nd Nov, my solicitor could not get a final redemtion figure beacause (it seems) they wanted to lay on the extra £80. They are evil.
My solicitor says he hopes he never has to deal with them again. I will def be trying to get "my" money back.

One other thing. Does anyone think i should try to fight the £15000 penalty for early redemption (one year early)? It was 6%. If I paid my payments for a year it would have beeen less than that. It is robbery but what can I do. I was forced into the sale due to illness.
Will GMAC have details of my F/A. I have no contact details for him...

Orrible

krisskross wrote: »

Does no one have to take responsibility for their own failures to pay their bills on time or pay with their own rather than the banks' money?

It will all end in tears with everyone paying more.

As this is a moneysaving site I feel Martin should concentrate more on individual fiscal responsibility rather than setting off another bandwagon for people to climb on.

Obviously I see your point. However life throws some people a curveball.
Unfortunatley i've had quite a few nasty suprises causing difficulties. I think the majority are not in their position out of choice ro that it could have been avoided.
The fact remains that Banks have been cahrging extortionate fees for years and kicking the beaten while they are down for pure profit. It's nice to have sites like this to help the unimformed out..