Jump to content


mortgage charges help needed


hannah8686
style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 6502 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

hiya

 

I took out a secont mortgage last year - ut was only for 7k to pay off a few debts and get ourselves on out feet again. The rate i got were crazy so we decided that we would pay the loan off and replace it with one with lower repayments.

 

our settlement figure came through and it was 7171.78 - even more than we borrowed a year ago.

 

they had added a legal fee of 120 quid and a load of interest up to 8th august 2006.

 

i gather that i have been paying mainley just interest over the past year and not much has gone to repayment.

 

Can i claim back anything i swear there is an early repayment penalty in that settlement figure somewhere. also this got paid on 12th july so in theroy cann i ask them to refund me the interest they have taken from me up to 8th august as it seems wrong to have to pay it when they had the money the month before.

 

they have also put on the letter that the charge will be released 28 days after cleared suffcient funds.

 

any help would be greatfull

 

 

thanks:confused:

Link to post
Share on other sites

Hannah,

 

As i understand it, the reason for the interest, and the balance being more than you originally borrowed is the "rule of 96" its a way to work out interest. At present it is legal, but i believe it is next on the OFT list of things to do.

Spanish Holiday Rental - 10% off BAG and CAG Members

www.rent-in-spain.org.uk

 

 

Progress so far:

 

Yorkshire Bank - LBA 26/07/06 £1001.00 - £500.50 offered and rejected

RBS Credit Card - Settled £200.00

Sainsburys - Settled in full £100.00

JD WIlliams - Settled in full £50.00

Argos Card Services - £98 - offered £60 and rejected.

Abbey Mortgages - MCOL 2nd October - Deadline 21st

Link to post
Share on other sites

Hannah,

 

As i understand it, the reason for the interest, and the balance being more than you originally borrowed is the "rule of 96" its a way to work out interest. At present it is legal, but i believe it is next on the OFT list of things to do.

 

It is rule of 78 complicated, but you need someone like Robertx to work it out for you. try the thread this keeps coming up - sorry cannot do links

 

Best wishes

Consumer Health Forums - where you can discuss any health or relationship matters.

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...