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djc

mortgage auditor wanted

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our mortgage with endowment, has just been converted to prepayment.

during the 19years we experienced a number of high costs due to our inability to pay and and prevented court repossession. at further high costs.

 

we have been trying to locate an auditor that will investigate our mortgage payments and subsequent charges that we incurred.

 

can you recommend or suggest an individual or organisation that may be in a position to help.

 

regards

 

djc

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I'm afraid that we are unable to make such a recommendation but this is because we don't have the necessary contacts at the moment. We have only been running 5 weeks.

 

Hopefully someone will respond back to you. In the meantime please keep us informed and if you find any good contacts let us all know about it.

If you start a claim then please run a thread in the appropriate forum.

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apologise for not responding earlier to your reply but we have been searching the net for guidance etc....

we have located a number of organisations that undertake audits on behalf of companies but find verry little that provide for the homebuilder.

except this one, INDEPENDANT BANKING ADVISORY SERVICE,

web site address http://www.ibas.co.uk we are not a hundred percent sure this is exactly what we are seeking but are emailing all the same and hope we are successful in our endeavors.

 

anyone that may have any advice or words of warning on how to proceed your comments are welcome.

 

regards

 

djc and thanks bankfodder for your reply

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apologise for not responding earlier to your reply but we have been searching the net for guidance etc....

we have located a number of organisations that undertake audits on behalf of companies but find verry little that provide for the homebuilder.

except this one, INDEPENDANT BANKING ADVISORY SERVICE,

web site address http://www.ibas.co.uk we are not a hundred percent sure this is exactly what we are seeking but are emailing all the same and hope we are successful in our endeavors.

 

anyone that may have any advice or words of warning on how to proceed your comments are welcome.

 

regards

 

djc and thanks bankfodder for your reply

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I'm in the process of taking on Southern Pacific Mortgages who are truly lovely people.

 

The approach I am taking is to only go after them for their arrears fees. When I had the mortgage they charged £25 for missing a payment and then £65 for every month that the account was in arrears. In practice this means that you could pay off the arrears on the first of the following month and still be stung for £90. I hope that they defend this if it gets to court as I'd love to see how that sort of charging reflects their true cost!

 

If you have your mortgage statements or could get them then you should be able to identify and top up the arrears charges.

 

I don't think that you would have much success in challenging any legal costs that the mortgage company incurred and I think you may struggle with any fees for converting the account to a repayment basis. I have deliberately left SPML alone in respect of "arrears interest" as I think that is suitable compensation for breaching the contract by my not paying on time. There is a possibility of recovering interest on the penalty charges but unless you have a detailed transaction history and know the historic interest rates this could be quite difficult and not amount to much.

 

I am considering whether to pursue SPML about their redemtpion penalty policy but I don't know if applied to your mortgage conversion.

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hi1 and thanks for your response 'seminole' sincerely hope you are successful in your own pursuit.

 

We have kept all but one of our mortgage statements spanning 19 years but find that the number of additional transactions coupled with the high number of interest charges that have been applied is too much for me to grapple with so we are looking for outside professional help.

 

We have been increasingly agrieved at the callous way and lack of understanding that our mortgage provider has responded or simply ignored any written documentation.

 

an old saying that is still true to this day is ' Dont get mad get even', and we intend to.

 

kindest regards

 

djc

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hi1 and thanks for your response 'seminole' sincerely hope you are successful in your own pursuit.

 

We have kept all but one of our mortgage statements spanning 19 years but find that the number of additional transactions coupled with the high number of interest charges that have been applied is too much for me to grapple with so we are looking for outside professional help.

 

We have been increasingly agrieved at the callous way and lack of understanding that our mortgage provider has responded or simply ignored any written documentation.

 

an old saying that is still true to this day is ' Dont get mad get even', and we intend to.

 

kindest regards

 

djc

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i apolgise to all those enthusiasts that believed this may be an easy task but finding a mortgage auditor that will audit a residential mortgage is difficult.

 

but now i am in a position to bring you all upto date.

forgive me if we do not divulge at this time all of the players in this unfolding story but it is highly possible that this will be bigger than claiming back your bank charges. our fingers are crossed.

 

we located from an article in the Times newspaper a company called bankcheck, county down, in ireland.

a company that audits just about everything that concerns monies.

during the last 15 months the usual sparring and lost post and or never received scenario has been experienced.but alas we have now reached the situation whereby an impasse has been accepted by the other side and have recommended that this impasse is passed to the ombudsman for resolution.

 

unfortunately i personally have little confidence in this service it all appears to cosy and demonstates a lack of tenacity to get to the root cause and penalise the transgressor.

 

so what have we done well we hopefully have found ourselves a rottweiller and are taking them to court but even this has proven difficult as believe or not any all solicitors practices contacted claimed conflict of interest and therefore would not accept our case. we wonder why.

 

so there you have it sorry for the long delay but will post when i can if it does'nt hit the media first. hears hoping. my how time flies when your having fun.

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After a few months of searching we have entered discussions with a large solicitors practice, based in cambridge. There are no conflicts of interest and so far the case as outlined to them looks extremely promising. We now await our legel counsel to come back of holiday and our first working meeting should commence mid august.

 

The background to this dispute is as follows.

 

Mortgage plus endowerment was taken out in dec 1986 for £48000 during this time a number of monthly payments were not made and consequently the mortgage provider took us to court.

 

we had been concerned for sometime at how our mortgage provider calculated the interest charges applied each year to our account,but during telephone conversations with them it became evident that they new less than we did.

 

finally after some time we read an article, in the Times, concerning an audit company that specialized in the undertaking of providing a dedicated service to mortgage holders and in the auditing of there mortgage.This company has been absolutley brilliant and is a first class professional outfit.

 

They completed the audit of our account inside 3 months and established an overcharge of £11,400 upto sept 2007 plus accrued interest. And the mortgage is still current.

 

for information about 5 years ago approximately 50% of all motgages were calculated in this method by all mortgage providers and if or when we win this case the number of compensation claims are going to be very very large indeed.

 

We will be looking for media attention in the near future to help bring this to the attention of the 100,000s of mortgage holders past and present that will be able to benefit directly as a result of this action.

 

any one who would like contact details of mortgage auditor please pm and we will try to assist.

 

djc

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update re mortgage overcharge.

 

having located a top 500 solicitors practice willing to take on our case of over charging on our 22 year mortgage account, we are now scheduled to have our first working meeting on 19 th august.

will post the outcome and pertinent facts when known.

 

djc

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this looks like it is going to be big, do you know whether it will be able to be applied retrospectively to mortgages that have been paid up?

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hiya lula.

our understanding of this action will provide benefit to aprox 50% of all past and current mortgage holders.we are not aware if the 6 year old rule will apply as of yet but we will be finding out during the cause of the next few weeks. we will post further details when we are in a position to clarify.

 

the opportunity to so many persons to be able to claim back month on month over charging is potentially huge but whilst it has taken us some 16 months to arrive at this position, we still have a long way to go proving our argument

and in winning our cause.

 

djc

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further update

the planned meeting with counsel has had to be rescheduled due to difficulties our end but hopefully our problems have now been overcome. The reason personal nothing to do with the merit of the case.

 

our meeting is now scheduled for 7th Oct and we cannot wait patience is not a virtue i possess.

 

djc

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hi! site team am i in the correct part of the forum.

sorry to be a nuisance.

 

djc

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We have received a number of PM's requesting details of the mortgage auditors that we are currently using for those of you that are in need of this information please peruse thier website BANKCheck financial experts checking bank and building society fees, overcharges and account set ups.

 

be lucky

 

djc

Edited by djc
we thought we had screwed it up

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Hi

 

It is very interesting and I have looked at their site several times.

They seem to be based in Ireland so do they have people who work in several different places?

They also do not state how much they charge. Does it vary or is there a set fee?

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hi! midge61

Bankcheck are based in N Ireland and we are not aware of other locations, however that may not be the reality of there situation.

#concerning fees etc.. we can only provide info reference our own circumstances.

initially they undertook a quick look at a number of years transactions picked at random to see if they could find any anomolies( in our case yes) this was undertaken at no charge,we then agreed to pay them £300 plus vat and a success fee of 25%.

please remember this was 18months ago and we have know idea if this is still the going rate.

 

but a phone call maybe worthwhile and the distance does not affect the communication channels. Post is still overnight and seems better than local experiences.

 

djc

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Hi - I'm searching for something similar but want to check my mortgage interest payments - does anyone know if there is a particular formula to use? thanks

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hello campari2

 

a long while ago now we did try and work our interest charges ourselves but gave up, as we were unable to make the figures pass the test of reasonableness. if that is understandable.

 

there are a number of websites under browser heading ' mortgage/loan checker' but be carefull as they are seeking monies.

 

the other problem is that unless you are 100% sure of the terms and conditions that are inforce with your mortgage concerning how they calculate interest and offsett credit and debits it may be a minefield. also the further you go back the more complicated those sums are particularly if MIDAS is affecting the workings.

 

good luck

 

djc

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Hiya - thanks for that. I think I'll read the conditions again but there doesnt seem to be a reference to any particular rules so will read the MCOB stuff also - I think the payment has the charge added (£50) plus a disputed insurance. Incidentally - was in court this week with this and the claimants guy was spouting off to the judge about how we could not challenge the charges of £50 because it is already in a higher court - his reference was to the OFT case no doubt - BUT - I dont think that case has ****er all to do with mortgages does it??

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campari2

we are not sure if excessive charges are part of oft case ( mortgages) probably yes! and if that also provides an opportunity for damages and claim back against unfair charges applied to mortgages.Brilliant.

 

but we would suggest that your mission has a different set of objectives for the immediate future. be carefull not to be sidetracked. it may be to your advantage to ask your questions in the legal forum and get clearer and better advice than we are able to provide. When one is fighting for your home good advice is paramount.

 

if we can help further please ask

 

good luck

 

djc

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hi midge61

 

the meeting went ahead as planned and i must admit to being very optimistic of the long term outcome. We are now awaiting on counsel to confirm there own terms and conditions of engagement and hope to receive these conditions in about 10 days. It is obviously very important at this stage to understand fully the potential costs of failure before proceeding. but as previously stated we are very optimistic and so far i am feeling pretty good. I just wish that i had more freetime available some do say that retirement can be quite boreing but i beg to differ.

 

thank you for your interest.

 

regards

 

djc

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