Dead Of Postponement

BIG_BRIAN_2

I am in the process of a re-morgage and have a secured loan so the company want me to pay £125 for a deed of posponment, is this fee excesive or can i re claim it as this cant just be admin ? help please

silvercar

Its your choice. Either you have to pay it or you can't have the DoP, you can't pay it then reclaim it.

jonesMUFCforever

Are you paying off the secured loan when you re-mortgage?

If you are then IMO it is not necessary.

If you are not repaying then the secured loan people want to protect their security ie their second charge.
If you don't pay the re-mortgage will not go through.

dunstonh

, is this fee excesive or can i re claim it as this cant just be admin ?

Doesnt matter if it is excessive or not. It is not a penalty charge.

inmypocketnottheirs

Ah but I got a deed of postponement waived by Igroup on the basis that the charge was excessive. They will have this piece of paper ready and in a drawer. There really is no merit to this charge, £25 would be excessive. They just work on the basis that you do not know what the deed is and how much it would cost.

I have cut and pasted below a paragraph from my letter that got the charge refunded.

Furthermore, you have not justified the legal fees of £117.50. This is also governed by the Unfair Terms in Contracts Act. Please provide me with a copy of your invoice from your solicitors, detailing my name and address and loan reference number, proving this charge.


silvercar, I did just that. I paid the charge, got my funds, then wrote and complained and got it refunded.


dunstonh, it does matter if a charge is excessive.



HTH

dunstonh

dunstonh, it does matter if a charge is excessive.

No it doesn't.

Penalty charges and service/admin charges have different rules. The FSA does have a treating customers fairly rule that could be used to reduce some charges but there are no specific laws that say an admin or service has to reflect the work that took place.

inmypocketnottheirs

dunstonh wrote: »

No it doesn't.

Penalty charges and service/admin charges have different rules. The FSA does have a treating customers fairly rule that could be used to reduce some charges but there are no specific laws that say an admin or service has to reflect the work that took place.

You mentioned penalty charges, no one else. The question was is the charge excessive. And yes it is, ad it falls under the Unfair Terms in Contracts Act. I was advised this by my solicitor, and this was how I got it refunded. It costs the same as writing a letter, i.e. about £4.00. Just another example of corporate greed and how as punters we are mugged of by the financial industry.

silvercar

If you want to re-arrange your mortgage you are going to have to pay this charge. Once you have rearranged the mortgage you can try and reclaim it, but don't rely on getting your money back. It certainly doesn't seem worth delaying your mortgage rearangement to argue about the fee, or you will lose money on your monthly mortgage payments.