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Redstone incorrectly calculating monthly payments

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Has anyone else received a letter from Redstone (alias Melanite) Mortgages stating that the FCA has ruled that they have calculated some customers' monthly payments incorrectly since 2010 and that those customers are due compensation? If so, has anyone received compensation or a refund yet?

 

I received such a letter stating that I was one of those who had previously been overcharged, but with no details of how much I would be refunded or when. It stated that my account has now been recalculated and my new payment will be £6 per month higher!

 

I rang them for more information and was told yes, I would receive a refund by cheque, but they could not tell me the amount. Then, after being put on hold for a long time, I was told that actually I will not be getting any refund as my account is in arrears. Instead, they might adjust my arrears, again no idea how much. All completely vague.

 

I then demanded a letter from them giving a complete breakdown of figures showing how much I have been overcharged and how much will be refunded, including interest. The employee agreed to but seemed clueless and uninterested. I also stated that if I do not receive this information within 2 weeks I shall contact the FCA and let them know that Redstone/Melanite has not complied with their ruling.

 

It also seems suspicious that Redstone changed their name to Melanite, and sent out letters telling customers that their mortgage had been transferred to this new company, at the same time that the FCA ruled they were in breach. They are pretending Melanite is a new company, yet their address is the same, the employees who answer the phone are the same people, and even the recorded message is identical.

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Yep loads of people

Might pay you to sar

 

As theyll be loads ofother charges you can now get them for and all the insurances that were not compulsory or needed at all


please don't hit Quote...just type we know what we said earlier..

 

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I too have a mortgage with Redstone/Melanite, haven't had a letter saying I've been overcharged.

 

I have been trying to get them to reconsider the nearly £7,000 of charges that have been added to my mortgage over the last ten years. The response I get from them is that I signed the mortgage agreement and so they are justified in charging me.

 

I must have written to them four or five times over the past few years, when I became aware of the link Andyorch posted.

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Further to my original post,

I have now received a refund from Redstone/Melanite of £1273 which they have credited to my arrears.

 

They have sent me a breakdown of amounts overcharged each month from 2010, however there is no interest added.

 

Can someone advise me please whether I am entitled to interest and if so, how to calculate how much I am due?

 

Thank you.

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You have been deprived of investing it

Either 8% Statint or compounded at their mortgage rate whichever the greater


please don't hit Quote...just type we know what we said earlier..

 

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Thank you. Could you tell me please whether the 8% stat interest is calculated on the total, or on each monthly payment? Thanks.

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Thank you for your advice so far.

 

I have today received a reply from Redstone/ Melanite saying I am not entitled to a refund of interest as my account has been arrears since 2010.

This is their final response.

 

Is this correct, and if not what can I do next please?

 

Thanks again.

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imho no they are not

 

FOS time?


please don't hit Quote...just type we know what we said earlier..

 

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Just what I was thinking. Would you say FOS is a better option than the Small Claims Court?

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No but id goto them 1st..good benchmark

Its what they are there for


please don't hit Quote...just type we know what we said earlier..

 

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