I had a letter from SPML regarding fees etc,

they have agreed that their fees were too high and will be refunding the difference

between what they should have been and what they actually charged,

ok so far

but didnt have many fees with them so no biggy there,

this is a redress scheme agreed between them and the FCA

having also had a mortgage with GE money where there were a significant amount of fees added,

mainly after the breakdown of my marriage,

i contacted them to ask for these back and was told that only 1 of them was being refunded!!

Shocker eh, no matter tho, they dont know me very well, let battle commence, think its time for a SAR

Will update as and when things happen

go nail 'em they are a very hard nut to crack

dx

Well i didnt need to send an SAR,

i simply replied to the letter asking for the statements and they have arrived in less than a week!

Good so far, just need to sift thru and outline which i can claim back and which are legit,

they have some strange names for the activities on the account

but worst case scenario is i'll pop em all in and see what happens.

The way they appear to have worked is that any and all charges,

whatever they may be for are accrued in like a side account which attracts additional interest at the contracted rate,

but and heres the sting, u dont have to repay these until you redeem the mortgage,

so maximum charges plus interest on top of all the other confusingly titled debits on the account.

Ahh well, kettle on, lets get cracking

i am assuming i should use the CISheet for this as a spreadsheet and look for the highest rate of interest they charge?

hey doing fine

will be an inspiration for others.

in the back ofmy head

I believe GE only charge simplr 8% stat int?

not compounded on these charges?

so the statint sheet might be the right one.

if they do

their and you int figures should almost match?

dx

hi dx, been a while eh!

so just a quickie, should i not use the cisheet and use statsheet instead?

partly asking as ive just started it and on putting in the average apr at 7.49% in D15, the first entry of a £20 charge for dd recall, charged on 30/7/07 has calculated over £86k in interest, lol.

as much as i'd love to carry on i think thats a touch wrong.

please could somebody help me find the statint spreadsheet for mortgage charges, i cant find one anywhere now but i have seen it!

TIA

martin

sri internet here has been crap all day.

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

dx

Looking at the statint spreadsheet, its set out for PPI and my claim will be for mortgage charges, is it editable to suit and also, when entering the charges it is calculating interest on say a £20 charge from 2007 to be £185?

I think i must be doing something wrong here, i'm not au fait with office programs so any help is much appreciated

no simply use it

that's ok for mortgage and the int is about right too

all you need to do is fill in date amount and desc.

the sheet auto does everything else for you

dx

hi dx,

its not doing that tho,

maybe bcoz im using it in openoffice,

not sure but what ive done is use the CISheet,

added 8% compound interest as this is roughly the interest i was being charged for the mortgage

but oddly, in the "days since charge applied" column it simply adds todays date in an american format

so ive had to manually work out from the latest charge,

how long ago in days that was,

as it was 28/10/2013 it was easy, 730 - 20 days as its almost 2 yrs ago

and then counted all the way back for each date there was an incident back to 2007

which for the first incident was exactly 3000 days ago on 30/7/2007.

been a bit of a pain but i'm happy that the compound interest is correct on the spreadsheet.

E.G. £20 x 8% compounded by over 8 yrs or 3000 days, equates to around 75% of the initial £20 or £17.56 to be precise.

That looks right to me, what do you think?

Martin

sound correct

our sheets do work on open office ok

never had anyone with any issues

i wonder if any of you could cast your thoughts on this:

i'm currently starting a claim for mortgage charges etc and have done a spreadsheet etc and just about to send the prelim,

but it struck me this morning that it may be incorrect to calculate interest on the charges.

The reason i say that is, and it certainly applies to GE mortgages,

when you are charged a fee, for example, administration fee @ £40, that fee is then put into a side account that runs alongside the mortgage account

and attracts interest at the same rate the mortgage does,

but i think crucially to any claim, you dont actually pay that fee, plus any interest, until you redeem the mortgage.

In my case for example, £40 fee charged, added to a side account that runs alongside mortgage and attracts interest,

didnt pay that fee until the mortgage was cleared in 2014, so it had accrued interest aswell.

That being the case with all the subsequent fees and additional interest,

is it therefore justified that i am now claiming compounded interest

from the date the charge was levied in 2007, or should it be from the date it was physically paid in 2014?

Hope thats clear as mud

any thoughts for post #12 above?

as far as I am aware GE don't compound int?

its simple 8%?

dx

The additional interest,

which is what they apply to unpaid fees is charged to the mortgage account in a separate side account

so you effectively have 2 balances,

one fir the main mortgage and

one for the interest bearing fees and charges.

The interest on this both balances is applied monthly on the 30th, isnt that compounding it?

Also this second balance wasnt paid until the mortgage was redeemed.

So from a reclaiming point of view, it looks like i can only claim 8% from the date it was paid, ie april 2014.

Unlike a bank charge which is debited on a given date and paid as soon as cash hits yr account.

Does that make sense?

I think you might be right.

spreadsheet completed, prelim letter ready, ink for the printer in the morning (darn kids and homework, never any ink when i need it!!)

off to the post office i go

Had no response from my prelim so far so moving on to LBA.

As a side note tho i am having some difficulty with the spreadsheet, as in, i thought that as the date changed it automatically updated the compounded interest column but it hasnt, its exactly the same as when i printed it off.

Probably something ive done wrong with it but if anyone is up to speed with spreadsheets, im using the CISheet v101.xls but as i dont have office im using it in openoffice, any help with this would be enormously appreciated

thanks

sheets should be ok in open office

did you leave the claim to date box alone

should have a formula of =today() or something like that in it.

not got value! error in any cols have you

dx

i put the date in the claim to box, just tried to change that to read =today and it changed itself to #NAME

opps that's why

download a new copy

and copy and paste your 3 cols into it.

dx

Thanks dx, like a typical bloke, i didnt read the notes attached to the spready

Ive got another copy of it and will redo it tomorrow while im home all day and get it posted

you could try putting the formula back

should be:

=TODAY()

ive re done the spreadsheet but putting 8% in is giving telephone number sums, is it the daily interest rate that goes in there? not 100% certain what the daily rate is

Could anyone advise what i should enter in box D15 for the interest rate please, ive tried entering 8% but this gives ridiculous sums, is there a daily rate to enter which equates to it being 8%?