OAKWOOD Homeloans Admin Fee Scandal

[S Anders]

I had a mortgage with GMAC which was then sold to Oakwood Homeloans. Oakwood recently sent me a letter requesting a copy of my home insurance to check I was appropriately covered, and added that there would be an annual £25 admin fee for checking this. My Mortgage advisor told me I shouldn't have to pay this as I signed the T's & C's with GMAC, not Oakwood, but Oakwood disagreed. My mortgage advisor then suggested I invoice Oakwood for the administration they asked of me, which I did, and as expected, they refused to pay. One rule for them! I know it's not much, but it's the principal. If they're asking all their customers to send them a copy of their insurance documents and charging them £25 to check it, that's a lot of extra money for probably 30 seconds work. Any ideas on how to stand up to them?

[saintly_1]

Hi

Sorry your post has gone unanswered but I'm sure someone will be along soon who can advise you



saint

[Bog]

I think your advisor is correct! Personally I would ignore them and not pay!

Are Oakwood regulated by the FSA?

[alanalana]

Hello s anders,

I think you may be on the wrong forum for you subject thread. To answere the post by bog this is from the FSA register.
You will need to confirm this is the correct firm.

Basic details for:

312920 - Oakwood Homeloans Limited

Current status:Authorised
Effective Date:31/10/2004
Tied Agent:
Undertakes Insurance Mediation:Y
Registered under Money Laundering Regulations:
Address:180 Brompton Road
London
SW3 1HQ
Phone:
Fax:
Email:
Website:
44 020 7761 0550
44 020 7761 0555
mikeculhane@oakwoodholdin gs.com

Notices:Unable to hold client money.

Hope this helps you
aa

[Hobbie]

This is just like sending a letter to your mortgage company saying

Please send me a statement for my mortgage account, to ensure that you are managing my account correctly, you will be charged £25.00 admin fee for me examining my statements.

I know what I would be doing, and it will be telling them to whistle for the "admin fee" amoungst other things.

[Bigmac versus]

Moved to mortgages forum

[jjenjt123456]

Originally Posted by S Anders

I had a mortgage with GMAC which was then sold to Oakwood Homeloans. Oakwood recently sent me a letter requesting a copy of my home insurance to check I was appropriately covered, and added that there would be an annual £25 admin fee for checking this. My Mortgage advisor told me I shouldn't have to pay this as I signed the T's & C's with GMAC, not Oakwood, but Oakwood disagreed. My mortgage advisor then suggested I invoice Oakwood for the administration they asked of me, which I did, and as expected, they refused to pay. One rule for them! I know it's not much, but it's the principal. If they're asking all their customers to send them a copy of their insurance documents and charging them £25 to check it, that's a lot of extra money for probably 30 seconds work. Any ideas on how to stand up to them?

I had the same letter I rang them and said I wasnt going to pay £25 for someone to read one piece of paper, they said if I faxed the paper to them they wouldnt charge me I spoke to someone called Gerrard and I asked them to confirm this in writing SO DONT PAY IT