Am I being ripped off?

pob128

Hi all,

I am currently selling my house and have asked for a settlement figure from Endeavour personal finance as I have a second mortgage with them.
This 2nd mortgage was taken out in January 2006 for the total amount of £11750 payable over 8 years.

Now, today I receive a settlement figure, almost 2 and a half years on which stands at a whopping £11333.66

To me this seems incredibly steep... in fact ludicrous, especially when the agreement states that after 2 years the settlement figure would be around the £9739 mark.

Firstly, I must add that during last year I fell into arrears with tjis loan. To the extent that a possession order was granted. However, I have now paid back all monies and am no longer in arrears with this company.
Surely, if I am not in arrears then that means their quoted figure of £9739 should be more like a settlement figure?
I am stumped as to what to do... I dont recieve statements on this account, I never have so cannot see what I have been charged atc.
Any advice highly welcome.
Thanks.

homer_j_3

Did you take any insurances out with this - i.e. PPI?

You will have been paying the interest by the looks of it and I wouldn't be very happy looking at this figure but without looking at credit agreements and looking at how the charge the interest, it would be difficult to see if they have gone wrong somewhere.

Do you have a copy of your original agreement?

pob128

Hi Homer,

No, no insurances were taken out with this mortgage. I know they can be a total rip off so avoided them.
Yes, I have the original agreement in front of me now and I have also found the court paper documents.
I can see from there that I had been charged 8 lots of telephone/letter fees of £18 each plus legal costs of £52.88
Even so, it still seems incredibly high, and even if I was paying the interest, surely if I paid of all the arrears that would include the interest too?

homer_j_3

If you were in a position to scan it and email it, I would be willing to have a look to see if I can spot any errors or inconsistencies on it.

Tiddler_2

Personally I would have thought that if the matter had gone to court for a repossession hearing, then the legal fees would be well in excess of £52.88 !

Also the interest charges would be higher because you were in arrears as the balance would have been increasing for the time you missed the payments.