Mis-sold loans, mortgages,charges,

[nomorecrooks]

I have read of many individuals considering attempting to recover mortgage arrears charges and I have read the FSA's statements on the subject but I have never read of anyone successfully recovering a meaningful amount of mortgage arrears charges back.

 

Have you?

[dx100uk]

yes there are several here i'm sure

 

dx

[nomorecrooks]

 

Interesting that you have successfully obtained your arrears charges.I'd be interested to know a few more specifics such as:

 

 

1. Who is your mortgage with?
2. Did you use moneyclaimonline?
3. Did you use the same generalapproach as was previously used to recover bank charges?
4. When you say the mortgage company capitulated, do you mean after you filed your claim but prior to the hearing date?
5. Did your mortgage company file a defense?

I have ~£6,000 in these charges so your answers would be greatly appreciated!

[Blossomandebony]

Hi NoMoreCrooks,

 

I won't give the name of the mortgage company as they ask by way of settlement that I don't reveal details to third parties - unlikely that they will find out, but you never know!

 

I use the local court, not Moneyclaimonline, just find it as easy and more details can be put on Particulars of Claim.

 

Approach is same as with bank charges, yes -but POC will be specific to mortgage penalty charges.

 

Each time I was paid out,it was only after I filed a claim. Twice I received Judgment by default and once I contacted them about each judgment the payment was a few weeks later. The final time I claimed they did file a defence. A court hearing was set etc, then they agreed to settle just a week or two before court.

 

This has got me thinking - I have had to sue this company 3 times to get back what I believe were unfair penalty charges - I may bring this to the attention of the FSA. I don't know if this would solve anything but surely the fact they have paid out 3 times means they believe their own charges to be unlawful and do not want to risk court?

 

Anyway, good luck with your claim, NoMoreCrooks

 

BAE

[nomorecrooks]

 

Thank you for that.

 

I have previously written to my mortgage lender with the usual language that the charges exceed the lender's costs, the FSA's statements and findings for GMAC and DB Bank (UK). I received the usual response of "you agreed to it" in the mortgage T&C's. I then wrote to the FOS and got back a pathetic and, in my view, irrational assessment fromthe FOS that said the the lenders offer of circa £0.01 on the pound was a "fair" offer.

 

I have not pursued the lender via the courts because I was uncertain of my POC language and because I couldn't find evidence of anyone successfully obtaing recompense.

 

I would be most grateful if you would share the generallanguage you used for you POC!

[honeybee13]

Hello kaz320. I'm afraid we don't recommend exchanging email addresses here. For everyone's protection, advice should be given on thread. This will also help future caggers.

 

My best, HB

Edited January 6, 2013 by citizenB

[nomorecrooks]

Kaz320: I'd be very interested in any specific information you have on reclaiming mortgage arrears charges. I would add that I do not consider mortgage arrears charges to be related to mortage miss-selling per se.

Edited January 6, 2013 by citizenB

[Blossomandebony]

Hi NoMoreCrooks

 

As Kaz says there is a wealth of information on this site to help with your mortgage charges reclaim. The person who started the site, Bankfodder, believes there is over 90% chance you will be refunded.

 

Here is s link to the Particulars of Claim template from this site, which is in the LIBRARY section:

 

http://www.consumeractiongroup.co.uk/forum/content.php?708-Mortgage-charges-and-other-unfair-treament-Particulars-of-Claim-template

 

When I did my 3 claims I used my own version POC, which was very similar to old credit card charges POCs. I don't think it was the best but it did the job. However, the site POC may be a better one for you as it is more up to date. It should act as a good starting point.

 

The one thing I'd stress is that you should never simply use the template as it stands - put as much info that is personal to you in your claim - your attempts to resolve the situation, phone calls, letters, treatment by thecreditor etc - as possible. District Judges can sneer on POCs that are generic and the creditor's solicitor may get in some low digs about it too. It's much more laudable to put things down in your own words as it shows you understand the situation and are taking it seriously.

 

BAE

[nomorecrooks]

Blossomandebony, thank you for your advice.

 

I agree that my POC needs to be carefully written.

 

In my case the arrears charges were capitalised on to the mortgage principle, I have therefore being paying interest at the mortgage interest rate on the capitalised arrears charges (total charges of circa £6 k). If I attempt to make myself whole it would seem to me that I should attempt to recover the arrears charges (in whole or should I mark them down to a sensible level as in credit cards?); I should then add the interest that the mortgage has charged me on the arrears charges AND I should add the statutory 8% plus court costs. My argument being that the arrears charges themselves plus the mortgage interest do not make me whole in the sense that there is also an opportunity cost to the loss of money. Does that seem right to you?

 

Many thanks!

 

 

[Blossomandebony]

I would concentrate on charges debited in the last 6 years to begin with. If that comes to over £5000 I would go calculate charges from 2007 - 12 only. This will stop any possible defence of 'statute barred' (6 years span for claimimg). If that is still over £5000 then calculate charges from 2007 - 11 etc. The point is you don't want the amount you're claiming to exceed £5000 or you could go to the fast track court where costs could go sky high if you lose. Claims under £5000 will be allocated to the small claims track where costs are generally met by either side.

 

In essence you would only be claiming for a portion of your charges, and don't worry, you can claim the rest at a later date!

 

Eg: Charges for period 2007 - 11: £4000

Interest on those charges £800

Total claimed: £4800

 

Others might disagree but this would be my route.

 

BAE

[nomorecrooks]

 

I follow your thinking on this entirely. Thank you for your wise advice.

 

BTW: I believe that the true figure is 12 years rather than 6 on mortgages, is it not?