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Help with complaint and how to explain
Rubydoobydo
Posts: 2 Newbie
Long post alert:
applied to offset mortgage due to complete Nov 1 2021 from repayment fixed rate. Solicitors noticed an error on title deeds and bank admitted liability and due to error was unable to complete but wrote stating they would backdate to 1 Nov 2021 from date we actually completed to product from but would have to pay SVR until then, which we did. Completed on 29 March 2022 and contacted bank to backdate all payments on rate it should have been, and calculate offset back to 1 Nov 2021. After 3 months of getting nowhere, passed from pillar to post and a different person dealing with it finally went to Ombudsman. Bank gave a calculation of difference in payments from SVR to offset rate, totally over £3,000 since Nov - end of March, roughly around £500 a month. I asked for the compounding interest totals as if that money had never left the account (as it shouldnt have) and mortgage amount adjustments to made but bank have now refused saying we are not entitiled to any interest on the bank accts (totally confusing as that is not what we asked for at any time as offset does not allow interest! and is at deadlock with ombudsman. I need to put in writing clearly, may be with a example calculation of what it is I am asking for as I think it has been passed to too many people and they have lost sight of what it is they are expected to be doing.
applied to offset mortgage due to complete Nov 1 2021 from repayment fixed rate. Solicitors noticed an error on title deeds and bank admitted liability and due to error was unable to complete but wrote stating they would backdate to 1 Nov 2021 from date we actually completed to product from but would have to pay SVR until then, which we did. Completed on 29 March 2022 and contacted bank to backdate all payments on rate it should have been, and calculate offset back to 1 Nov 2021. After 3 months of getting nowhere, passed from pillar to post and a different person dealing with it finally went to Ombudsman. Bank gave a calculation of difference in payments from SVR to offset rate, totally over £3,000 since Nov - end of March, roughly around £500 a month. I asked for the compounding interest totals as if that money had never left the account (as it shouldnt have) and mortgage amount adjustments to made but bank have now refused saying we are not entitiled to any interest on the bank accts (totally confusing as that is not what we asked for at any time as offset does not allow interest! and is at deadlock with ombudsman. I need to put in writing clearly, may be with a example calculation of what it is I am asking for as I think it has been passed to too many people and they have lost sight of what it is they are expected to be doing.
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Comments
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£500 a month for 6 months, compounded 2% interest £17. Is it worth your time doing this for £17?0
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It's now been running at over £3000 a month for another 6 months, so the interest might only equate to a few hundred ££ but that would be 25% of our payment for a month which would be another overpayment in ur pocket, not theirs. It's been a year now and the error is only down to the bank, not us.0
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The interest over another 6 months will be an extra £20, less than £40 for the year.
Not saying your shouldn't get it back, as you should, but I wouldn't personally spend many hours trying to resolve it. Your principles might differ though0
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