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Don't blame you. The rate they are going they will be losing customers at an alarming rate. Not noticed anyone going for mortgage redemption charges before (not that I have looked for it) so that will be interesting to read about. Good luck with that one.
When the Liberals and Conservatives were in opposition they both agreed that banks should pay back high bank charges to customers. Nothing seems to of happened since they came into power as a coalition. PPI insurance has been sorted now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Should you be offered help that requires payment please report it to site team.
Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007
Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06
Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007
Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
Just seen a thread in the Legalities section called Early mortgage Redemption Penalties (or something like - must work out how to do links). There is some information and advice there which would be useful to you, but it seems it is not tried and tested yet.
When the Liberals and Conservatives were in opposition they both agreed that banks should pay back high bank charges to customers. Nothing seems to of happened since they came into power as a coalition. PPI insurance has been sorted now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Should you be offered help that requires payment please report it to site team.
Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007
Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06
Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007
Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
Thanks for that. My fees are just redemption fees rather than early redemption penalties.
I have now got back the difference from the Woolwich mortgage redemption fee from when I took out the mortgage and the 40% hike they added in just 20 months. I am now going to the fos to see if I can press them to reveal just how much it costs them in administration to redeem a mortgage. I have written to A&L about their fee and will also go to the FOS when they refuse a refund as is likely.
I note from a Sunday times article that one bank caved in for the full refund rather than give the FOS an explanation of how they arrived at their charges. It also claims the FSA stated that redemption fees should resemble the actual cost to the company of redeeming the loan.
My argument is that if they claim the fee is for administration to clear the mortgage, then the fees should have gone down not up as as deeds are now kept electronically by Land Registry reducing their 'work load'. If they claim the fee is for anything else it should be seen as a charge for credit and added into the APR calculation. I wonder if they do add it into the APR figures ? Somehow I doubt it.
A&L have now offered a refund of £70 on the redemption charge as long as they receive a signature that the offer will be accepted. Looks like they are worried.
Their charges have gone up from £150 to £295 between when the mortgage was taken out and redeemed. I have refused the offer and asked for a deadlock letter for the fos.
On the bank charges front, only a few days until the DPA limit is up. No reply so far...
On a different note, Barclays have phoned me now that I have contacted fos about their redemption charges. They aren't going to refund more, but they are still unwilling to tell me how the redemption figure was arrived at. They are aware that the FSA have told them that it must relate to the cost of the administration of discharging the loan - but claim its not just for redemption but for administration of the loan throughout the loan term.
Problem with that argument is that as I only had the mortgage for 2 years that implies the cost should be less, meaning I'm due a refund. It can't be just for setting up the loan, they had a separate charge for that ! If they only had 2 years to administer it and not the 25, why no refund ?! I suspect the fee is actually a charge for credit - which I believe should by law be included in the APR calculation. It wasn't. Soooo - back to the FOS by the look of it.
As a former Trading Standards employee I'm more than interested to see exactly how redeeming a mortgage has gone up from £50 (or free) a few years ago to the £295 it can be now. I am happy to pay the true cost of redeeming my mortgage - but not any more !
Alliance and Leicester have at last responded to the DPA letter - a couple of days before the deadline. Looks like they owe about £700 in charges.
When the Liberals and Conservatives were in opposition they both agreed that banks should pay back high bank charges to customers. Nothing seems to of happened since they came into power as a coalition. PPI insurance has been sorted now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Should you be offered help that requires payment please report it to site team.
Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007
Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06
Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007
Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
No reply from A&L yet over the redemption charges and my refusal of their offer. However Woolwich have refunded their redemption charge in full, much to my surprise ! (I did offer to pay £50 which I considered a reasonable amount for the work they do). I guess they didn't want to justify their charges to the Ombudsman...
Joy at last. Alliance and Leicester have agreed to pay back the entire mortgage redemption charge of £295. That makes 100% success getting back two charges one from Woolwich and the other from A&L.
Doesn't look like banks want to go to the fos to justify their admin charges...
When the Liberals and Conservatives were in opposition they both agreed that banks should pay back high bank charges to customers. Nothing seems to of happened since they came into power as a coalition. PPI insurance has been sorted now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Should you be offered help that requires payment please report it to site team.
Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007
Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06
Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007
Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
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Will put it on my Christmas to do list !
Things are at last proceeding with the bank charges claim against A&L. Have had to wait, as mrs sikejsudjek has been reducing the overdraft to a level when I can cover paying it back if (when !) A&L demand repayment. Fortunately the charges they owe us will clear the remainder. Charges to be reclaimed are £618. And if A&L are reading this, no I'm not going to back down !
Preliminary letter sent on 26 Nov 06
Rejection from A&L received 7 Dec 06 lba will be sent recorded delivery 8 Dec 06
sorry .. but i have just sent my first letter off to the A&L 2 days ago.. i have been reading others posts in here and noticed you have mentioned about a signature ???? can i sound silly and ask what you mean by this.
sorry .. but i have just sent my first letter off to the A&L 2 days ago.. i have been reading others posts in here and noticed you have mentioned about a signature ???? can i sound silly and ask what you mean by this.
many thanks.
Not sure what you mean by a signature either ? Where did I say it ?
I filed my claim for £5500 from A&L just before the New Year along with a cliam for my girlfriend for £2087.
Received confirmation of the court proceedings from Northanpton Court on 4/1/07 with regards to my claim.................... ......girlfriend received nothing until today!!!!
CHEQUE IN FINAL SETTLEMENT FOR ENTIRE CLAIM OF £2087!!!!
Is that a record???? less than 2 weeks. Hope mine is as successful........will keep you posted!!!!
Replied to A&L's solicitors - thanks for the cheque but how about the 8% statutory interest I am claiming which you haven't refunded ? Informed them and the court that the legal action will not be withdrawn until this is also paid. Will be interesting to see if they cough up ...
sikejsudjek vs Alliance and Leicester
redemption charges back as well as bank charges.
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Re: sikejsudjek vs Alliance and Leicester
Originally Posted by caro
