shortfall on my mortgage account

gramdean

Hi I am new to this site and hope you can help.Ihave a variable rate repayment mortgage with approx four years to run, my monthly payment has always been set by Barclays and have never missed a payment.Yesterday  I received a letter stating there was a shortfall on the account of £283.75 how can this be possible when Barclays set the repayment amount in the previous years this is the first letter of its kind anybody know what to do they require the amount before my next monthly payment thanks. 

The_Unready

Perhaps ask Barclays why there is a shortfall in the first instance?

Brie

You'll need to ask Barclays for their reckoning on this to find out where THEY went wrong.

Be sure that you let them know that this is at least an inconvenience and potentially an impossible payment for you to make.  Ensure also that you advise this financially disadvantages you and as it is their error they need to assist on setting this right.

I would at the very least expect that they would allow it to be paid off over a certain period of time.  In the past perhaps over 12 months but given the expect energy rises they should be more forgiving.  I would suggest you would look for a portion to be written off and the balance to be included in the payments over the next 4 years.

dunstonh

Ihave a variable rate repayment mortgage with approx four years to run, my monthly payment has always been set by Barclays and have never missed a payment.

Your wording indicates you are sending the money to Barclays.  Rather than Barclays collecting it from your account.   i.e. the former could be cheque or standing order but the latter would be direct debit.

how can this be possible when Barclays set the repayment amount in the previous years

If you are sending Barclays the money each month, have you adjusted the amounts to reflect rate changes that have taken in that period?