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    • Belle999
    • By Belle999 24th Feb 18, 2:57 PM
    • 5Posts
    • 1Thanks
    Belle999
    Increase in monthly payment- notice required?
    • #1
    • 24th Feb 18, 2:57 PM
    Increase in monthly payment- notice required? 24th Feb 18 at 2:57 PM
    My bank has increased my mortgage payment at the end of my deal which I expected to happen. But they did not give me any notice of the new amount due and collected the direct debit on the usual date, taking the new amount. They have now written to me 19 days later telling me the new amount, saying there was an error preventing them from advising me earlier. What are my rights in this respect? Should they be compensating me?
Page 1
    • Nick_C
    • By Nick_C 24th Feb 18, 2:58 PM
    • 3,844 Posts
    • 5,288 Thanks
    Nick_C
    • #2
    • 24th Feb 18, 2:58 PM
    • #2
    • 24th Feb 18, 2:58 PM
    Compensating you for what? How have you lost out?
    • getmore4less
    • By getmore4less 24th Feb 18, 3:04 PM
    • 32,192 Posts
    • 19,346 Thanks
    getmore4less
    • #3
    • 24th Feb 18, 3:04 PM
    • #3
    • 24th Feb 18, 3:04 PM
    Your original agreement would have had the details of the change.

    If the follow on rate has changed then they should notify what the new rate/payment will be at the end of the fix.

    The difference for one month is likely to be small and could be negative.
    • zx81
    • By zx81 24th Feb 18, 3:04 PM
    • 17,258 Posts
    • 18,352 Thanks
    zx81
    • #4
    • 24th Feb 18, 3:04 PM
    • #4
    • 24th Feb 18, 3:04 PM
    You can reclaim it from them under the DD guarantee, then immediately pay it back to them, plus any late fees.
    • molerat
    • By molerat 24th Feb 18, 3:06 PM
    • 18,789 Posts
    • 12,943 Thanks
    molerat
    • #5
    • 24th Feb 18, 3:06 PM
    • #5
    • 24th Feb 18, 3:06 PM
    They should, if you ask, pay back the difference between the 2 payments. But that does not mean you do not have to pay, that difference will be added to your account and be accruing interest until the next payments review. They should also refund any fees incurred if that extra payment amount took you overdrawn.
    www.helpforheroes.org.uk/donations.html
    • Belle999
    • By Belle999 24th Feb 18, 3:11 PM
    • 5 Posts
    • 1 Thanks
    Belle999
    • #6
    • 24th Feb 18, 3:11 PM
    • #6
    • 24th Feb 18, 3:11 PM
    Eh.... 220.... not so small!
    • Belle999
    • By Belle999 24th Feb 18, 3:13 PM
    • 5 Posts
    • 1 Thanks
    Belle999
    • #7
    • 24th Feb 18, 3:13 PM
    • #7
    • 24th Feb 18, 3:13 PM
    Also its an interest only mortgage
    • Belle999
    • By Belle999 24th Feb 18, 3:16 PM
    • 5 Posts
    • 1 Thanks
    Belle999
    • #8
    • 24th Feb 18, 3:16 PM
    • #8
    • 24th Feb 18, 3:16 PM
    For the inconvenience! I was lucky I had enough in my account to cover it but had to draw in other monies to cover the rest of the month to stop me from being overdrawn, Not everyone can do that at short notice
    • zx81
    • By zx81 24th Feb 18, 3:19 PM
    • 17,258 Posts
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    zx81
    • #9
    • 24th Feb 18, 3:19 PM
    • #9
    • 24th Feb 18, 3:19 PM
    But fortunately you were able to, so didn't lose out.

    If you had incurred fees, you may have been able to ask for those to be refunded. But you didn't, so all is well.
    • davidmcn
    • By davidmcn 24th Feb 18, 4:25 PM
    • 7,827 Posts
    • 8,003 Thanks
    davidmcn
    My bank has increased my mortgage payment at the end of my deal which I expected to happen.
    Originally posted by Belle999
    If you expected it to happen then what's the problem? Why couldn't you calculate the new amount by yourself?
    • blues
    • By blues 24th Feb 18, 6:04 PM
    • 181 Posts
    • 606 Thanks
    blues
    Compensation for what?
    • Lemonsqueezer78
    • By Lemonsqueezer78 24th Feb 18, 6:20 PM
    • 301 Posts
    • 363 Thanks
    Lemonsqueezer78
    are you claiming compensation because you believe in the "multiverse" theory and you want financial remediation for an alternate version of you that may exist in a different dimension who may not have had enough money in their account to cover it?
    • getmore4less
    • By getmore4less 24th Feb 18, 8:06 PM
    • 32,192 Posts
    • 19,346 Thanks
    getmore4less
    Eh.... 220.... not so small!
    Originally posted by Belle999
    What payment was on the agreement for the follow on rate?

    You need the difference between that payment and the new payment.
    • Thrugelmir
    • By Thrugelmir 24th Feb 18, 11:08 PM
    • 58,925 Posts
    • 52,251 Thanks
    Thrugelmir
    For the inconvenience! I was lucky I had enough in my account to cover it but had to draw in other monies to cover the rest of the month to stop me from being overdrawn, Not everyone can do that at short notice
    Originally posted by Belle999
    If you complain you'll probably receive a discretionary payout.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Belle999
    • By Belle999 8th Mar 18, 6:45 PM
    • 5 Posts
    • 1 Thanks
    Belle999
    Irrespective of most of the views expressed by others in this thread, thankfully my mortgage provider has been very sympathetic to my issue of lack of notice of the new amount due.
    They have paid 50 into my bank account this morning in recognition of the "inconvenience" this caused.
    Happy with this as an outcome! Thank you to a very reasonable bank!
    • csgohan4
    • By csgohan4 9th Mar 18, 8:00 AM
    • 4,541 Posts
    • 2,835 Thanks
    csgohan4
    I hope you have a repayment method for your interest only mortgage, as it seems even with an interest only you may be stretched.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Amst
    • By Amst 11th Mar 18, 5:58 PM
    • 96 Posts
    • 71 Thanks
    Amst
    Irrespective of most of the views expressed by others in this thread, thankfully my mortgage provider has been very sympathetic to my issue of lack of notice of the new amount due.
    They have paid 50 into my bank account this morning in recognition of the "inconvenience" this caused.
    Happy with this as an outcome! Thank you to a very reasonable bank!
    Originally posted by Belle999
    That is them telling you to go away as having to fully investigate is going to take up someone's time which will amount to a higher value than 50. In this claim culture we've found ourselves in, getting compensation doesn't mean you're right or have been misinformed - it's just cheaper to throw the moaners a crumb.
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