Reclaim Mortgage Arrears Charges. NEW CAMPAIGN.

HEADACHE

Martin.
Ive got a court hearing very very soon against an old mortgage lender claiming back late payment penalty fees when i was late paying my mortgage.have you got any tips I can use in court? thanks.

HEADACHE

I lost in court very recently on two technicalities.
The mortgage company defended the case very heavily.I represented myself and took a battering.
If you're looking to reclaim mortgage arrears fees,don't bother unless you can afford a lawyer in court.
Im not bothering anymore.I had some other bank charges to reclaim but at the end of the day the legal system and financial institutions will win.
I wasted an entire day not to mention court fees etc,time preparing,and i had to pay their costs too.
Im out of pocket and am not motivated to challenge anything or anybody anymore.I paid a hefty premium on the mortgage at the time,huge interest payments then fell behind with payments and was globbered even harder with charges.
Who cares about the 'test case',its all weighed in the favour of the banks and governments.

I wish everyone on this site all the very best.my advice would be that just accept youve been turned over by the banks etc,quit while you're behind,its not worth the effort or stress,hassle and money in persuing in court.

Ive lost all my enthusiam,energy,motivation and fight to even get up in the morning and 'try'.But hey,im on my own,live and work alone so i don't care anymore.

All the very best to everyone on here and thanks to everyone,goodbye and God bless.:T

dunstonh

Headache, I think thats why this thread is so much less busy than the overdraft charges one.

cazbaz

Hi,
I'm new to forums but here goes.
I recceived in post today a reocrd of Mortgage payments from beginning of 2005 to present day, and also a list of "fees" ranging from £25 for Arrears letter/phone call fee, £30 for unpaid direct debit fee, £75!!!!!!!! for Arrears Management Fee!!!! Talk about ripoff! Is there anyone out there that could help me to try and sort it out. The total "fees" comes to £1,825.84!!! I am really struggling as it is and seperated fm my hubby, and don't know if I can reclaim any of these fees pack. Help!!

dmg24

Can we have another campaign please, that if you think that you have a right to claim back arrears fees this goes on your credit record, so that nobody lends to you again?

mcmac

has anyone had success with this please post your stories

also headache sorry to hear that it went against you suppose thats a bummer for the rest of us

mcmac

i have been searching for this on this site without much joy but i found another form
consumeractiongroup dot co dot uk


mortgage arrears claiming success storie heres the link i hope i do not get in trouble from martin sorry mate only trying to help others like you are

http://www.consumeractiongroup.co.uk/forum/other-institutions-successes/140065-barclays-mortgage-arrears-admin-2.html

kengb

Seems like a minefield. However in my opinion the issue is one of fees/charges being unfair.

I have been looking through the info I was given by my mortgage lender when i took the mortgage out a couple of years ago. There is no mention of what happens if a payment is made late. On my mortgage statement it refers to unpaid DD fee's (£35 per time) and i paid the amount on 2 occassions the next day and a further 3 occassions within 2 weeks. On only 1 of the 5 missed payments did I receive written notification of the missed payment.

I am self employed and as such do not have a specific 'pay day'. Anyway I have (very) roughly calculated the cost of each missed payment as follows. Even if you doubled these assumptions they would come to a little over a fiver. and this is assuming that there is a human element to it which I doubt very much.

pence per casePC ( £500 over 3 yrs, incl software & maint)99.2p.p.hr16.53leccy p.a (£45 per machine +light @ £10 + heating @ £10)0.65staff (@£14,000 p a)139rent (@ £9 per sq ft per yr x say 64 sq ft)57postage & stationery35other costs10258.1835 hrs per week 48 weeks per year10 mins per case = 210 per week per staff member

So, is the charge of £35 unfair? of course it is. If they are merely 'reflecting' the cost of a missed payment then surely the additional £30 is a 'penalty'.

Having said all this, I'm still going to wait and see what happens.

kengb

oops, it seems that copying and pasting from a spreadsheet doesnt work so well. Basically the cost worked out at £2.58 per missed payment based on my assumptions.

It could be viewed as basic profiteering. most businesses running a credit control operation incur costs associated with chasing and collecting outstanding invoices. The cost of this credit control is built into the cost of the product or service provided. Now you can't tell me that financial institutions don't already do this as a matter of course, surely they are not that isolated from the rest of the world to not know of this principle and already be putting it into practice.

rant over......for now

dunstonh

Seems like a minefield. However in my opinion the issue is one of fees/charges being unfair.

It has little to do with fairness but the way the charges are packaged. Look at the new overdraft charges that the banks now levy. These are compliant but many people are worse off with these than they were before.

The fact charges are made is not an issue. Its what was being charged and what it was for.

BTW, you have missed out a lot of things on your costs analysis. Training, supervisors, managers, compliance requirements, storage of data, cross referencing, rates to name a few. You also forgot profit.

Being self employed, I am sure you dont do transactions that only cover your cost.