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Preferred Mortgages - FCA rule they have to refund overcharged fees


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Has anyone seen this: https://www.fca.org.uk/your-fca/documents/requirement-notices/preferred-mortgages-limited-vreq

 

I have a Preferred account and have been in constant battle over fees. I received a letter today to say they are refunding overcharged fees from 2009 - 2012 and they have entered into an agreement with FCA to refund overcharged fees plus 8% interest.

 

The fees in the scheme include: Arrears management fees, Litigation management fees and Repossession Management fees.

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Very interesting and welcome news :)

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They have to notify those affected by 8th July but it might be worth those with Preferred accounts to check their statements to see if they are due money back as I do not trust they will capture all. I received my letter on Saturday 11th July and it was dated 2nd July. Refunds must be processed by October 2015. It also states that old customers i.e those that have been repossessed or those that have repaid their mortgages are also entitled to the cash back by cheque or bank transfer if they were charged any of the above fees. Certainly worth checking and might be worth posting this as a sticky?

Would be useful to know if they are under the spotlight for anything else with FCA as this must have been rumbling along in the background for quite some time.

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  • 3 weeks later...
They have to notify those affected by 8th July but it might be worth those with Preferred accounts to check their statements to see if they are due money back as I do not trust they will capture all. I received my letter on Saturday 11th July and it was dated 2nd July. Refunds must be processed by October 2015. It also states that old customers i.e those that have been repossessed or those that have repaid their mortgages are also entitled to the cash back by cheque or bank transfer if they were charged any of the above fees. Certainly worth checking and might be worth posting this as a sticky?

Would be useful to know if they are under the spotlight for anything else with FCA as this must have been rumbling along in the background for quite some time.

Southern Pacific sold my mortgage to engage credit earlier this year, I have not heard anything about a refund from either company, am I entitled to be refunded?

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  • 1 month later...

I have just rec'd a SARS from Acenden the I saw this I have just rung Acenden to ask why I haven't got a letter re all the charges etc and I was told mine is an unregulated mortgage so they don't have to look into it!!!!!!they still took my money!! What happens now can I stilchallenge them for fees etc back at a loss as to now what to do.

Thanks

Edited by theoldrouge
Inappropriate words removed
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jssandy

Have tey told you what the fees where and how much they are giving you back? Thought it might be helpful to anyone, like me, who is unregulated, to tr and use that as a basis that the fees were exhorbitant and unlawful. Helppp!!

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  • 3 weeks later...

This thread is an information thread only - please start your own thread for advice.

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

1: How can BCOBS protect you from your Banks unfair treatment

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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