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Mrs F v Kensington Mortgages


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Ive just started the ball rolling today with the DPA request for info. I understand i now have to give them 40 days to respond with the info.

 

Can anyone help me with what exactly i can claim back? I paid a redemption fee which was about £900 but i have also been stung each month with a 'Monthly Arrears fee' of £50 because my account has been in arrears for the past 6 months or so. I have also been charged £25.00 for each returned DD.

 

As from tommorrow my mortgage will no longer be with Kensington but the amount i have had to pay back was more than the amount i borrowed 2 years ago because of these charges!

 

Do i have to do 3 separate claims - 1 for DD fees, 1 for Redemption fee and 1 for monthly arrears fees or can i add all these together? (should be under the 5K mark for all three so small claims route is ok.)

 

Any help greatly appreciated

 

Thanks

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Good luck Mrs F - you're in good territory :D

--------------------------------------------------------------

HSBC

Settled in FULL on 8/8/06 - £3619.53

:D

CAPITAL ONE

Settled in Full on 6/9/06 - £84.76

:D

ABBEY NATIONAL (Old N&P Mortgage)

Settled In Full on 2/3/07 - £307.13

:D

SPML

*Court Case Withdrawn - family illness*

MORTGAGES PLC

*Court Case Withdrawn - family illness*

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  • 2 weeks later...

Kensington havent cashed my cheque yet but ive received a letter from them saying they will comply with my request bu 14th december but as the request is only signed by me (joint account, i never gave it a thought!) they will omit any data relating to other parties on the account.

 

How can they do this? Its a joint account, so surely they should send me all the info.

 

Is it too late to send them a signed statement from my husband?

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Good luck in your quest to get your money back.

I sent my SAR to Kensington on the 29th September. They wrote and told they had forty days to comply with this from the date they received it in thier department 6th October, which gave them till today to comply. Guess what still nothing. So phoned them today got through to I must say a very apologetic lady who assured me they would be with me by the end of the week so here's hoping. But i will be taking them all the way. What i find strange is a lot of the Kensington threads seem to just stop are people getting the money back and then agreeing to keep stum.

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Well keep at it. I started using this site some months ago and yes, the whole process does take time, but you have to be persistant. I have left mine for a while due to other things going on, but am taking them up again.

It would be interesting to know if anyone has been successful with Kensington, any sucess if good, no matter how much money was involved.

When I win, I'll be telling the world as without this site and the advise, I wouldn't have even know about it!

 

Good luck and keep with it

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Right i posted them a letter signed by my husband, went recorded post yesterday... so ill just sit tight and wait for now.

 

Thanks for the advice.

 

I can't see any posts on here where people have had refunds from Kensington but im watching this space, surely they will have to give in soon!!

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Got my details from them today. get yourself ready for a very large parcel. They have sent me copies of every last bit info they have about including screen shots of comptuer diary entries. Quess they thought i wouldnt bother to plough through all of this stuff to find all the money they owe me. Guess what i will. He He.:D

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  • 2 years later...

I have just managed to eventually get a copy of my original mortgage offer from Kensington. I thought my rate would be based on LIBOR plus their percentage ( mine is 3.25%) However on looking at the offer I have found it states not LIBOR but KENSINGTON VARIABLE RATE. Clearly their is no way to find out what this is as its simply a made up rate! Is this legal? Does anyone else have this type of Rate or are you all on a simple Standard Variable rate or Libor? I am at the stage where I would be willing to take Kensington on on this as I think they are compete rogues and that's putting it politely! It may be I need a new thread for this.

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As you can see from my name I'm no fan of kensington mortgages.

 

Ive read the kensington general mortgage conditions booklet for England and Wales (2004-1st edition). This and their mortgage offer are all I have to go on.

 

They actually sent me a copy at my request about a year ago whilst trying to use their usual strong arm tactics in one of our disputes. So I believe this is up to date otherwise they should have sent me an update.

 

THE FACTS AS I SEE IT

 

section 22 headed METHOD OF CALCULATING INTEREST states variable rate will never be less than 1% or more than 3% above LIBOR rate.

 

Thats basically it, although it also says the libor rate is fixed not less than quarterly.

 

section 1 defines LIBOR as that of the London inter-bank market sterling rate at 11am rounded up to next 0.5%.

The rate is the rate that appears on the display designated as the british bankers association's interest settlement rate on the dow jones / telerate monitor screen No 3750.

DOES ANYONE KNOW WHAT EXACTLY THIS IS???

I presume its the standard libor rate as mentioned below.

 

In my so called agreement with Kensington they can charge me 2.5% above their variable rate.

Because Libor is presently less than 2% the above means according to their conditions my rate should be lees than 2+3+2.5=7.5%

I have a letter from Nov 08 stating my rate would be 8.45% from 1st December.

Based on the above I can only assume my rate will drop below 7.5% soon assuming libor stays low.

 

I think this applies to everyone and the only variable is any additional percent you may have in your agreement.

From reading some other threads I wonder why Kensingtons so called customer services are so incapable of explaining this.

 

The BBA website holds historical libor rates which are open to download and go back several years.

Its worth checking that you have been charged correctly in the past. Although don't get your hopes up as the libor rate has been much higher in the past.

 

Finally I have a few questions if anyone can help

 

In the BBA historical libor downloads you can get an idea of the average rate, but would appreciate if anyone can explain what the different figures mean.

 

I believe my mortgage advisor acted purely for their own benefit although on completion they harrassed me to sign a form stating I was satisfied with their advice. Is their anything I can do to return some of the grief this mortgage has given me.

 

Hope this is of some help

 

Viva les revolution! Nationalise the banks! Nationalise the energy companies! Force companies to pay their bills within 28 days! and the world will be a better place.

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Dear Ih8kensington

 

Yes this all seems par for the course. What I find galling is that

(A) No variable rate is published by KM anywhere so they can tell you wat they like

(B) T&C's seem to state 'variable rate' But is this their standard variable rate, thier kensington variable rate? When asked no one at Kensington can tell me.

© They cannot tell you whow their variable rate ( which ever one that might be) is actually made up. Libor + ??? Bank rate + ???

(D) I recently checked their LIBOR rate and found they were using one that was 1.5% above the official BBA LIBOR rate that is published in public domain!

I am sure a slick barrister could run a train through their T&C's. It's just being able to find & fund one!

 

The LIBOR rate tables are straight forward there are tables for different currencies by month by day by year. Each table then sets out the LIBOR rate by 1 month up to 12 months in advance. Km use the 3M ( 3 month Libor rate) I use the rate at the end of the month as a fix on what I should have been paying. I have a feeling I have been overcharged over the past 36 months by anything from 1.5 - 3% on a £420k mortgage that's a lot of cash!!

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Hi KGF & ih8ken

Glad to hear we are in the SAME position. As far as I can tell 3 of us in the SAME position means there must be more people like us in the SAME position.

I did the same research that KGF did, and found out the same. Also phoned FSA who seem totally at a loss as to what to do about them and cannot find anything about them or how to go about it. so what is the FSA for?

Kensington are a law onto themselves it seems.... BIG SHARKS indeed, owned by Investec, who is owned by the ROTHSCHILD . That much is on the net.

I have the time and willingness and dogged determination to take this further if anyone is game to take them on!!! Because if no one is able to find out the real kensingtion Standard Variable Rate which is obviously different for different customer...... and furthermore it clearly states in their booklet that it is advertise.... WHERE? then they are in BREACH of their CONTRACT to us the customer.

KGF is right we need a slick lawyer. Shall we get together and find one? THE COMMON PEOPLE IS WAKING UP!!

It is truly astonishing that ONE FAMILY like the ROTHSCHILD can cause so much misery to so MANY FAMILIES....

If you guys want to get in touch, drop me a line on 07958 77 55 63

Regards

Astrid

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I think their variable rate is pretty clear, from my previous posting its a maximum of 3% above the libor rate. Therefore at the moment it must be around 5%. Then you have to add whatever additional conditions are on your agreement, ie I have to pay 2.5% above their variable rate.

The only variable in question is what exactly kensington use as the libor rate. I can see them having a little leeway here, but due to the nature of their business it must be possible to request a copy of the libor rates used.

I don't believe we need a fancy lawyer, despite some of the threads I have read, I believe these people have no choice but to keep correct records, and provide information requested.

Im sure that this can be handled with a threat of a legal claim similarly to the way unfair bank charges have been reclaimed, ie firstly request the information.

The thing to remember is these people may be operating legally but their immoral tactics will be clear to any court.

They must be beaten using the courts or the threat of court action.

Im going to request clarification of their calculations and will be in touch with my progress.

When I find a way to beat these people I will sit in front of my computer for days if necessary and pass this info to everyone on this website.

 

Viva les revolution! Nationalise the banks! Nationalise the energy companies! Force companies to pay their bills within 28 days! and the world will be a better place.

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  • 3 weeks later...

Hi ih8kensington & Pombix

 

I agree their rate is fairly easy to follow once you get the info from them! The problem is they hide behind their calculations. Frankly a variable rate varies because the interest varies and should be a fixed amount on top of that. Clearly they use LIBOR fine and I am all for it being 1% above LIBOR not varying as high as 3%. I am withholding my mortgage payments until this is settled. They are also using LIBOR at 3.95% This was the rate back on November 26th It is currently ( as at 13th FEB) 2.07% making what should be a total rate of 3.07% plus whatever other margin they deem you should be hobbled with.

 

They have written and told me that they cannot reduce this. Absolute rubbish.. they gave a 2% discount at the start of the mortgage so they can easily give another 2% indeed why doo they need the extra margin at all. It was never explained to me why they put this on in the first place.

 

I am happy for them to take me to court since I have offered to pay a fair rate so it will be interesting to see what a judge makes of it. I still believe a good Counsel could drive a tank through their T&C's dated 2003. For us it will be an upward struggle for a brief who knows his way around the legal system it would be a lot easier and they would have to sit up and listen.

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  • 3 months later...
Forgot to add. If anyone is interested in talking to the media about KM the more the merrier. Maybe we could join forces, - as they seem to do- and go to WATCHDOG or some newspaper, radio... lets do it.

Contact me if you have any ideas. 07958 77 55 63 ASTRID

 

hello mrs f, my name is john, because i was self employed 2 yrs ago i had no option but to go with these loan sharks, initially i was with northern rock and had a mort for £49,000 i sold my property for 80,000, but the new property i was buying was 76,000, n/r wanted the whole 76,000 which would have left me with virtually nothing to re-furb the property i was buying, so i was advised that k/m would give me a mort, i put 10,000 down deposit which left 66,000 and they come up with 6.84% which meant i would be paying £512.74 per month. i worked it out for every £512.74 i pay there is only £165.00 goes to my repayment of the mort ant the £300 and 0dd goes to them for the 6.84% interest tied for three yrs, i have anothr yr left with them and thats £12,000 to date i've paid them and because of the late fees and arrears i now owe them just over the same £66,000 when does it all stop, at present i'm involved with a tv production company and would be only to glad for everyone to get together and fight these sharks, the more the merrier, i've also tried writting to them,phoning them, even tried to get onto the pm question time but to know avail, and now we are being threatened with reposession of our property. kind regards john.

Edited by mcguffney
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I am using a CMC and have been advised that my loan with these is Unenforceable and its currently going through the legal process now. Until recently I was being charged just under 13%. It wouldnt surprise me if they have dropped my rate this month knowing my agreement is unenforceable

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KMCworker, eviction is not a last resort with you lot. Your organisation has not got a clue when it comes to providing a sensible mortgage product and I know from personal experience (having been associated with one of your directors and gleefully being in posession of a recording on my mobile which I'm saving for a rainy day). KMC is very poorly managed. Hence the organisation went bankrupt a while ago.

 

Please justify the £50 charge for being in arrears.

 

If someone is in financial difficulty, where is the financial logic in making their situation even more difficult?

 

If someone cannot maintain a payment schedule, what brainless fool thought it would be a good idea to charge the person more? If a horse is slowing down half way through a race what idiot would rush to the bookmaker to place another bet?

 

Utter, mindless cr*p and a classic example of the money grabbing greedy sluts that run KMC.

 

I guarantee you cannot provide a sensible, logical, ethical answer to my question - Why charge £50 if someone cannot afford the original agreed payment?

 

I'm not looking for "because it's in the terms" cr*p. Thats a given. What I'd like to hear from you my intelligent friend is why put it there in the first place?

 

1970

It's going to be an interesting year...

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Furthermore, you have posted 4 times so far since joining. Interestingly they all say the same thing - reminds me of the standard letters produced by banks which they charge £30 for.

 

I wager your total number of posts will not exceed 50 and you will be long gone from this site within 3 months.

 

Why?

 

Becasue like the banks and mortgage companies, you're clueless which explains a lot about the state this country is in.

 

Get a proper job.

 

1970

It's going to be an interesting year...

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Tell you what if you are having problems give us a chance to sort it give us a call tomorrow and ask the person you speak with to go through the toolkit with you. We can offer concessions, arrears capping, if you want to sell your house we can offer a assisted sale where you can stay in the house until it is sold. I dont mean to get people's backs up but it does work both ways and you cant blame it all on Kensington.

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  • 2 weeks later...
  • 2 weeks later...

hi everyone.

new to the forums so hi.

i too have a loan with these swines. got behind when i lost my job

have been paying arrears for last yr now but owe more than when i tok the loan.

is it worth me getting one of these companies to try and get the agreement looked at?

i was just about to pay the lot off but if i can some money back from these robbing swines i would be over the moon.

the tried like mad to take my house when i got behind too, much harder than my actual mortgage company!

any advice welcome. thanks

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  • 4 weeks later...

Hi Mrs F,

 

You haven't updated where you got to so i hope it all worked out for you.

 

I would be very interested to hear if you guys think there is cause for unjust charges and interest rates, as i would certainly be interested in following it up.

Edited by Hampshiregirl
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