First National loan sharks!

[kathybeddow]

Hi everyone
I am a newbie and this is my first posting. My husband and I were quietly fuming about bank charges and threatening to set up a rebellion group when I came across your web site. Thanks!
After visiting this site a good few times and reading up, I have just sent off my Data Protection Act to the shAbbey for all of our accounts over the last 6 yrs but wanted to ask about this:-
We took out a second mortgage (£40k) from First National Home Finance via loans.co.uk in addition to the original mortgage we had with Direct Line. They insisted that we have the Payment Protection at a cost of £5769.45 over a 25yr period.
To cut a long story short, we sold up 17months later and when we went to settle up we were charged £50,236.93 all in plus our payments for 15mths!
This is now 2yrs ago but it still makes my blood boil! We have four kids who could have used that money for shoes, holidays, etc....
Can anyone advise us if there is anything that we can do about this - sure £15k is way over excessive by any firms standards?

Help!
Kathy

[Loula]

Kathy,

Do you still have the paper work?

You need to look at the terms and conditions and early repayment charges.

I know on our present mortgage early repayment in yr 1 is about £14k, yr2 about £9k and yr 3 £4k. So anyhting is possible. But we knew this when we took out the mortgage it was in black and white and also pointed out to us twice by the mortgage broker.

I know this may not help, but you never know!

LOULA

[kathybeddow]

hi
thanks for the response!
We have some paperwork but I think it wasn't really classed as a mortgage at the time, and we did it all over the net so nothing was pointed out to us at any time. The paperwork we have is the schedule which refers to the "loan" and the fact that the payment protection period is 5 years (for £5769.45!!!!)

The other paperwork that I have to hand is the Completion Statement of the house sale so I can see the total figure we paid.

I think I may have thrown out the others in disgust, but will endeavour to do a search!
Kathy

[Loula]

Are you sure your query is about the Payment Protection?

You have not said much about the case but Mortgage Payment Protection Insurance is to pay your mortgage in the event of accident, sickness or unemployment.

Loan Payment Protection Insurance is to cover you for financial commitments for a variety of scenarios depending on which one you chose.

The vast amount you had to pay back was due to the terms of your mortgage/loan I suspect.

Are you able/willing to give anymore details over the forum?

LOULA