Capital Repayment Charges

Smi1er

Is the fee mentioned in the T&Cs of the mortgage? If not then complain.

If they don't play ball ask for a deadlock letter as you wish to progress the complaint to the financial ombudsman.

Urban_Tangleweed

Just had a letter saying they are crediting the £10.00 charge as a gesture of goodwill !

The fee will apply in the future though :-(

Took nearly two months, however, it's a win for the little guy !

robin53

I have recieved a letter of reply stating that they are unable to waive the £10 charge so it seems that they are not doing this for everyone!

Urban_Tangleweed

robin53 wrote: »

She said for future payments to get round the fee if I pay less than £1000 at any one time then there will be no charge although it does not mention the £1000 in the leaflet so this all seems a bit arbitrary to me.
quote]

Robin,

Can you clarify regarding the £1000 situation, it might be a way to help me make payments without incurring the £10 charge ?

TIA.

robin53

The paragraph in my letter regarding the fee states 'It is applicable when you make a lump sum payment of over £1000 and wish us to immediately reduce your term or monthly payment based on the new balance. If you wish to make overpayments and do not request that we immediately make recalcuations, no fee will apply. We will still charge interest based on the reduced balance from the following day.'

So it seems you can make as many payments under £1000 as you like and they won't charge you. I would check this with them over the phone before going ahead.

Urban_Tangleweed

Latest................

Spoke to a very helpful lady at C&G yesterday, she confirms I can make an overpayment of any amount on a monthly basis, I just have to call them (0800 number) and tell them how much to add to my next direct debit, this must be at least five days before it is due. They will immediately reduce the balance, and send me a letter advising of the reduced amount/payment/term. This does not incur any charge.

I'll be doing this from now on, hope it helps others.