Mortgage Arrears Charges and Simple Interest - Is it legal and fair?

[dx100uk]

then imho they cannot charge anything that is not on the order

[dx100uk]

right something else i've spotted

 

you say you are being charged 'collection charges'?

 

they cant do that

they are a PENALTY and thus unlawful.

 

i take it these are a fixed charge each month?

 

dx

[BRIGADIER2JCS]

Never heard this before charging interest on collection charges as part of a contract.

Has to be wrong the Judement order supercedes all contract Ts&Cs any way.

[n377y]

Yes they are and I have been reading other threads relating to these charges,

but cannot seem to find any success relating to secured loans.

 

Mortgages, yes, but second charge loans no success stories.

 

Information I find relates to borrowing regulated by FSA,

but second charge loans are regulated by OFT.

They say the charges reflect their collection costs.

[dx100uk]

can you scan up all the statements please

 

me thinks you are being fleeced.

 

set your default scan page size to A4 less than 300DPI [150 will do]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc using paint program

but leave all monetary figures and dates.

*********************************************************

{DO NOT USE A BIRO OR PEN OR USE SEE THRU TAPE OR LABELS]

try www.pdfescape.com TO BLANK STUFF,

*************************************************************

or

DO IT IN MSPAINT.EXE or any photo editing program

goto one of the many free online pdf converter websites ...

http://freejpgtopdf.com/

if you have multiple scans/pics

put them in a word doc FIRST and convert that to PDF

or use www.pdfmerge.com

convert existing PC files to PDF [office has an installable print to PDF option]

..

 

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

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or if you have PDF as an installed printer drive use that

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try and logically name your file so people know what it is.

though dont use full bank names or CAG in the title

i'e Default notice dd-mm-yyyy TSB

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dx

[dx100uk]

Yes they are and I have been reading other threads relating to these charges,

but cannot seem to find any success relating to secured loans.

 

Mortgages, yes, but second charge loans no success stories.

 

Information I find relates to borrowing regulated by FSA,

but second charge loans are regulated by OFT.

They say the charges reflect their collection costs.

 

rubbish

they are a penalty

welcome finance did this all the time

everyone was unlawful and they knew it

 

hence all the wins against them.

 

dx

[n377y]

But it is in their terms and conditions. If I fall into arrears and they have to pursue me for payment are they not entiled to something?

[dx100uk]

no t&c's are not the law

 

the charges are a penalty

under oft / fsa etc rules

 

penalty charges are unlawful

 

and not a true reflection of their actual costs.

 

go read a few threads in the welcome finance forum or just type in PENALTY charges

in our search of the grey toolbar top right

 

you are being had.

 

bet you had 'compulsory insurances' too ?

 

dx

[n377y]

Hi sorry Brigadier2jcs I missed your post. Would the judgement order normally include costs if I was to pay them too. As I have been passed on the costs too. Dx I do not have a scanner but will have ask a friend this week if I can borrow hers.

[dx100uk]

unless it is actually on the judgement order

you dont owe it

 

dx

[dx100uk]

use your mobile phone then

 

dx

[BRIGADIER2JCS]

dx is correct unless the judgement order specifically allows the interest they cannot charge is the order takes precedent over all.

[n377y]

I took out 2 secured loans on my property with CT in 2006. Both loans were taken out within 14 days of each other. We had decided to increase the loan and unfortunately this resulted in 2 separate loan agreements with CT. I did query this at the time as I did not want two separate agreements and was told that it was due to administration and credit checks etc etc and could not be changed.

 

12 months later Nov 2007 my marriage broke up and my business collapsed and the secured loan fell into arrears. This resulted in additional charges entitled "collection fees" and additional interest being added to the loan account. It was some 18 months later inJuly 2009 that I was able to start repaying the loans (no fees were added when I went into an arrangement) and the arrears and it took me until April 2010 to clear the arrears and the loans were finally repaid at the end of 2013. However the collection fees and interest that were added to the accounts (both accounts) from Nov 2007 to July 2009 are still outstanding on the account. There is currently just over £4k outstanding.

 

I have raised two complaints with CT one in 2010 and one in 2013 asking them to halve the charges, as it seems unfair to double charge on both loans. Following my last complaint in 2013, they refuse to give me a detailed response as they say that as the inception of the loans took place more than six years ago the matter is in fact time barred and outside the jurisdiction of the FOS.

 

Their Legal Charge remains on the property until such a time as the full debt has been satisified.

 

They have stated that they have no intention of taking legal action or going to court to repossess my property for payment of this charge.

 

I get the odd letter probably about twice a year asking me to ring and discuss this which I ignore.

 

My own feeling is that there is something not quite right about this.

 

Any insight or advice would be much appreciated

 

Netty

[BRIGADIER2JCS]

Hi, CT are saying here that the "inception" of the loans started the Limitation Act clock ticking, my opinion is they are wrong as the "final repayment" was made in 2013, given there claim that the matter is statute barred, then CT must feel that the outstanding 4k of fees and charges is also statute barred in that case maintain the charge is vexatious I think.

 

 

You may have to apply to a court to get the charge removed as vexatious and unfair given CTs claim of statute barred status.

[n377y]

I was wondering whether the fees and charges may be statute barred because they dont seem to be exorcising any powers to collect them which has made me suspicious. However I cannot understand if this is the case why they refused to reduced the debt. I was looking for a 50% reduction in view of the fact that they had charged me on both accounts. Why would they not accept this?

[BRIGADIER2JCS]

I was wondering whether the fees and charges may be statute barred because they dont seem to be exorcising any powers to collect them which has made me suspicious. However I cannot understand if this is the case why they refused to reduced the debt. I was looking for a 50% reduction in view of the fact that they had charged me on both accounts. Why would they not accept this?

Central Trust does have a history of strange and unreasonable practices .

 

 

As CT has said it considers that the matter is SB when considering your complaint(s) then I agree the charges etc., must also be SB

 

 

I suggest that CT are unwilling to start a CC claim for these charges because it believes the likelihood of it losing the claim and incurring further costs.

[n377y]

Please excuse my ignorance but what is a CC claim. I understand what you are saying, but I also received a letter off them yesterday asking me to contact them and arrangement payment of the oustanding balance. If it was SB are they allowed to do this?

[BRIGADIER2JCS]

Please excuse my ignorance but what is a CC claim. I understand what you are saying, but I also received a letter off them yesterday asking me to contact them and arrangement payment of the oustanding balance. If it was SB are they allowed to do this?

No problem a County Court Claim.

 

 

Unfortunately in England & Wales a Statute Barred debt still exists and remains payable but cannot be enforced via the court system.

 

 

Personally I would be inclined to "pull Cts tail) and send them a short note along the line of.

 

 

Ref: use CTs.

 

 

I not that in response to my complain (s) the CT considers this matter to be statute barred, given this information please note I do not acknowledge any liability to CT for the alleged debt and since CT regards the matter as statute barred I will not now or in the future make any payment or offer of payment.

 

 

I now consider the matter closed.

 

 

Use signed for post.

[n377y]

Thanks Brigadier. I can do that but will this cause me problems in remortgaging as they say they "This means that we have been unable to settle the loan and remove our charge over your property with the land registry". Im going through a divorce and will need to remortgage. Im seeing this as a spanner in the works.

[ims21]

Have you read back through your entire thread?

 

Have you taken on board what has been said historically?

 

Have you done anything about it?

[n377y]

I have looked back through the thread and I am a little confused to be honest.

 

 

As it looked like I had two arguments for not paying the charges and I didnt really know which way to go.

 

 

1) was the N24. A

ttached is the N24 which clearly says the Defendants pay the current monthjly instalment

+ £86 per month and makes no reference to the Charges and Interest that were made PRIOR to this.

 

 

The £86 per month was for the arrears and would have taken me to the end of the loan period,

however I managed to settle this in full in 2010.

 

 

Maybe another point worth mentioning is that when I discussed the charges and interest at the time of settling the arrears in 2010

they said that I didnt need to pay them at that time and they could be settled at the end of the loan term.

 

[ATTACH=CONFIG]53481[/ATTACH]

 

The other argument seems to be whether the charges and interest are lawful.

 

 

There seems to be alot of information about reclaiming unfair charges, but as I have not paid them this is not a reclaim.

 

The next argument is that it could be statute barred.

 

I also think I could have a case for irresponsible lending as we were both self employed at the time

and we were definately coerced into the second loan, just before Christmas etc.

 

I think last year I found it all too stressful to look at,

but as I am now seeking closure by way of a divorce,

and I have finally repaired my credit history

this is something that I must sort out.

 

 

I just wish I was a bit more savvy with stuff like this,

I find the legal jargon hard to get my head round, but will do my best.

 

So are you able to advise on the N24 by any chance please?

 

 

As the charges and interest are not included - do I have a case ?

 

 

also if I do how do I get the charge removed from my property?

 

 

Is this the simplest route?

 

Netty

[dx100uk]

you'll need to PDF that letter please

[n377y]

I dont seem to be able to change it from a jpeg to a pdf. Not the most technically savyy person sorry. Can you not read it. It really only has one line that says.

 

Claim adjourned on terms the Defendants pay the current monthly instalment + £86 per month.

[dx100uk]

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