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early redemption interest = £ 430.60
as detailed on agreement
discharge fee = £ 100.00
amount required to settle = £56477.48
account as at 18/01/02
please note building insurance cover ceases on redemption
daily rate valid for 14 days thereafter : £13.89
with me so far now i sent off my S.A.R - (Subject access request) and got statements back loads of charges for arrears and dds etc but on examining the statements came accross this on 7th page !
NOW I DONT KNOW WHERE I AM WITH THIS MAYBE SOME ONE CAN LOOK AT THIS AND SHED SOME LIGHT ON IT I ORIGINALLY THOUGH MY REDEMPTION STATEMENT WAS WHAT I WENT BY BUT LOOKING AT THIS STATEMENT HOW COME THERS £907.70 credit when the account has been settled and how can interest charges being acrued when accounts settled im bamboozeld by this any Help or advice given would be most welcome and maybe help me sleep tonite ! lol
SORRY FOR BEING SO LONG WINDED BUT IT WOULD HAVE BEEN HARD TO EXPLAIN WITHOUT PUTTING THE ACTUAL FIGURES DOWN ! PADDY
At a rough guess I'd say they'll probably tell you the interest is charged in arrears so you're paying Decmber's interest in January and part of Januarys in february, which wouldn't be included in the early settlement fee, however, your settlement fee should have been exactly that, a Full and final figure. The insurance is interesting also as they clearly say it ceased on settlement! Think you've been [edit] mate!!!
I am sure you have been [edit], you just need to work out how/where. I would start at that write off figure of £2.06 and a sundry fee of £100.
Looks to me like they may have a case for a bit more as settlement figure was up to 18/1/02 and it looks like settlement was made on 24/1/02. Other than that it looks like they are inventing things to reconcile the overpayment of £907.70.
CR after the amount means they have credited that amount into the account. (or you in the instance of the settlement) Basically it looks as though you've been charged annual insurance premiums and they have refunded the remainder (eg if you terminated six months into the insurance they would have to pay you back halve of what you have paid)to bring your account back to zero. The same with the interest they would have taken that from you with your normal mothly payment and then pay back from the date you redeemed.
hi zoot not with you !
thats the balance on account on 2/01/02 £55653.12dr ok? now redemption statement was dated 18/2/02 for £56477.48 so 6 days later on 24/2/02 was paid so had + 6 days x £13.89 = £56560.82 as full settlement what i cant for the life of me work out why there wouldve been £907.70 left in credit and why these payments have been taken after the account has been paid in full ! im i just being totally stupid here can anyone see what im getting at ? this really has me bamboozled ! thoughts advice solutions anyone ?????
The full settlement takes into account exactly what you owe on the particular date of settlement. However, your annual insurance payments would have been added at the date they were due eg if renewed on 1st Jan the settlement figure would take account of the fact that you only had 2 months of interest. However, the full annual premium has already been added to your account so they then have to credit the the 10 months back after you have paid the settlement figure which will bring your balance to zero.The payments haven't been taken out by the mortgage company they have been put in.
im lost even more so now ! yes they credited the account paid off balance then £907.70 was left in credit but mysteriously dissappeared after account was cleared ! as in
31/01/02 interest £402.82 bal= £504.88
07/02/02 interest £403.60 bal=£ 74.28
07/02/02 write off £ 2.06 bal=£100.00
07/02/02 sundry fee £100.00 bal =£ 0.00
i never got any refund they took the £907.70 out of account for theses alledged payments after account had been settled
awww mate ive been at this all day i just cant figure out how i ve settled in full and discovered the account was left in credit then looking further down the statement theyve charged me interest twice and a sundry fee after its been cleared just think it down right suspicious !
You paid the balance but this would have left a shortfall as the total sums for annual insurance had been added to the account. So they put the 907.70 into the account. To make it balance with the settlement figure which had already accounted for this refund.
but zoot that was already counted in the redemption statement its alla there in my first thread ! it looks to me as if my moneys been paid as per redemption statement but too much has been taken which left the balance of £907.70 which has been eaten up in interest payments after full settlement looking at it it looks to me as if i shouldve had that money refunded to me ! is it common practice for an account to be paid in full and then between 1 and 2 weeks later more interest payments to be made when account has been cleared ? as i say im lost im not an expert but it just looks suss to me but then ive been trying to get to grips with it all day im absolutely ****ed off looking at it ! lol
by the way folks ive another 2 companys statements to go through for other mortgages i had i know i can see you all with your heads in your hands lol but hey we are all in this together ! ha ha
Help Cant Get My Head Round This
on 24/01/02 i found the redemption statement and this is how it reads !
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Originally Posted by paddym
