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£250 refunds for 34,000 Customers of Yorkshire and Chelsea building societies


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Customers of Yorkshire and Chelsea building societies to receive refunds of arrears charges in £8.4m windfall

 

About 34,000 mortgage borrowers with Yorkshire Building Society are to receive refunds averaging almost £250 each after mistakes were made in the calculation of mortgage arrears charges. In all, about £8.4m will be paid to the customers affected, some of whom have mortgages with Chelsea and Barnsley building societies and Accord Mortgages, which are all part of the Yorkshire group. Borrowers will receive an average of £247.

 

The group is to refund all mortgage arrears administration fees charged since January 2009 and interest on those fees, even to customers who were not affected by the mistakes in calculation. The problem came to light when the City regulator, the Financial Conduct Authority, questioned whether Yorkshire's procedures were robust enough. The society then reviewed its treatment of some customers who had been charged arrears administration fees.

 

More: http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10640632/250-refunds-for-34000-building-society-borrowers.html

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  • 3 weeks later...

Hi I have received a letter this morning saying a refund of 600 will be credited to my account. Surely as these may or may not be correct charges, I am within my rights to ask that they refund them in the form of a cheque? I understand that I will not be paying interest if it's added to my capital account but this is money that would of been in my pocket had they not wrongfully charged it? Or were the charges added to my capital balance also? I a bit confused but would sooner have the money throw than benefit in 15 years?

HSBC - 11/9/06 - prem letter sent

19/9/06 - lba sent £3391 requested

5/10/06 - MCOL

17/10/06 - offer for £1600 on one account recieved

28/11/06 - Full offer recieved

 

Capital one - 13/9/06 -letter asking for statements sent

17/10/06 - prelim sent for £640

 

Lloyds TSB - 13/9/06 -letter asking for statements sent

17/10/06 - prelim sent fro £732

Lloyds TSB - 26/9/06 - prem letter sent - £391

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Hi I have received a letter this morning saying a refund of 600 will be credited to my account. Surely as these may or may not be correct charges, I am within my rights to ask that they refund them in the form of a cheque? I understand that I will not be paying interest if it's added to my capital account but this is money that would of been in my pocket had they not wrongfully charged it? Or were the charges added to my capital balance also? I a bit confused but would sooner have the money throw than benefit in 15 years?

 

Have I put this question in the right place admin ?

HSBC - 11/9/06 - prem letter sent

19/9/06 - lba sent £3391 requested

5/10/06 - MCOL

17/10/06 - offer for £1600 on one account recieved

28/11/06 - Full offer recieved

 

Capital one - 13/9/06 -letter asking for statements sent

17/10/06 - prelim sent for £640

 

Lloyds TSB - 13/9/06 -letter asking for statements sent

17/10/06 - prelim sent fro £732

Lloyds TSB - 26/9/06 - prem letter sent - £391

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Hi jodyperry

 

Yes your question is in the correct place and relevant to this thread as others many be asking the same thing.

 

So please be patient as I am sure the caggers will be along.

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I have copied this thread to the Yorkshire /Clysdale Bank forum as well :)

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Hi I have received a letter this morning saying a refund of 600 will be credited to my account. Surely as these may or may not be correct charges, I am within my rights to ask that they refund them in the form of a cheque? I understand that I will not be paying interest if it's added to my capital account but this is money that would of been in my pocket had they not wrongfully charged it? Or were the charges added to my capital balance also? I a bit confused but would sooner have the money throw than benefit in 15 years?

 

They do say in the announcement that only those who are no longer customers and have no balance on their mortgage will receive a cheque. All other victims will have the money knocked off the outstanding balance.

 

I wonder if an argument could be made that if the charges have actually been paid and are not still showing as arears on the mortgage that you could request the cheque be paid to you. Others with more knowledge would need to look into that for you.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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