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early repayment fee Kensington Mortgage Company


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I want to try & claim back some of the £17,000 in Early Repayment fees + £15,000 interest, that Kensington Mortgage Company took, when I recently completed on the sale of my home. I took the mortgage out about 2yrs ago & the penalty period would have ended next October 2007. Could someone please give me some guidance regarding how i can go about trying to reclaim some of the money & what chance i have of any success. I only found out the figure a day before completion. I sent a fax to KMC on the day before completion, demanding for a reduction in the fees but they must have just laughed all the way to the bank with my money, as i have of course, not received a reply. Right now i am so angry & frustrated, I can't think straight.

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The breakdown of KMC's Redemption Statement sent ti us is as follows;

 

Starting balance £273913.38 dr

Arrears Charges £250.00 dr

Solicitors Costs £500.00 dr

Redemption Fee £145.00 dr

Sundry Debits £298.75 dr

Early Redemption Charges £16771.98 dr

Interest £14702.73 dr

Total payment £7593.00 cr

 

Redemption figure £298,988.84

Any suggestions re a possible ERC claim & fror the Interest

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  • 1 month later...

I've had time to calm down & have since received a letter from KMC, basically saying that my partner & i, signed the mortgage offer at completion, that the ERC was mentioned in the offer & that ie, we are legally bound by the terms & conditions of the mortgage.

 

Well I have now adapted the SAR letter from the CAG library & will be sending that to KMC tomorrow, as the 1st throw of the dice in my war with KMC.

 

I'm certain that this is going to be a hard fought battle, given the amount of money we are trying to claim back, so any assistance i can get from anyone at CAG will be much appreciated.

 

Happy New Year to you all.

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Hi

I too am going after Kensington. However if you read Jamorgans posts you will see that they put up a very dirty fight. Read Zoots posts, all the neccessary templates to get the ball rolling are there.

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I am just going through my statements so am at a very early stage.

Am at the same stage with Igroup.

SPML has just sent me the 'sorry you feel the need to complain but sod off letter'.

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I will post all that happens for me with Kensingson. Having read Jamorgan's thread I am apprehensive but feel that i must push forward with this.

 

Thanks for the advice re Zoots posts. Those posts are brilliant and assist in giving me the impetus to be brave & confront the likes of Kensington.

 

Red1 keep me posted re your Kensington fight & i wish you every success in all your claims

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

Hello all, I’ve been busy trying to survive financially. I've recently read about the devastating ERC loses, & after much deliberation, now consider that given my dyer financial situation, I simply cannot proceed with KMC at this time, until further information is available about the potential of any ERC success with mortgage companies.

red1 are you still going forward with your claim?

Do you agree with this stance Zootscoot?

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Hi 00765,

 

The 16K + fee would put you in the multi track and would therefore expose you to astronomical costs. It would be madness to proceed in the current climate despite the obvious injustice of Kensington's practices.

 

All the best

 

Zoot

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  • 4 months later...

Hello all

 

i have a 2nd mortgage with KMC which i am in the process of trying to remortgage. I have informed KMC several times in writing, that i am remortgaging + they have written to me informing me that they have received correspondence from a mortgage company in regard to my account with KMC. I have been paying KMC at least 1,000 pounds per month even though the actual due amount is some 2,700 per month over the last 4 months because that is what i couild afford as my circumstances have changed, yet KMC have run to court and initiated repossession proceedings, the hearing of which is next wk. I am currently abroad & will not be back in the UK until the day before the hearing so i've had no time to prepare for the hearing.

 

Does anyone have any idea or suggestion as to what i should do re the court hearing due next wk?

 

Thanks

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  • 2 weeks later...

The court did not allow for an adjournment. Fortunately i arrived back in the UK a day prior to the repossession hearing.

 

The judge gave me 42 days to pay up or vacate the property. I have today finally managed to complete the remortgage. However KMC took £10,700.85 in interest. Yet it was already an 'interest only' mortgage + there was no early redemption penalty fee to pay. So where does this interest come from?

 

Can I take KMC to court to try & recover even half of this interest, as i simply cannot understand how they can justify charging such an amount of interest? Between June 30 and 17 June 2007 KMC increased the interest by £2,000. It just looks like a huge shark fee. It's immoral.

 

Please some advice, please.

 

Thanks

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Hi 00765,

 

I am currently going through court action with Kensington Mortgages. There are two parts to my claim, firstly there is the ERC and secondly an amount that they overcharged. They have admitted in their defence that this was an overcharge. Looking at your figures they have also overcharged you. I would gladly help you with getting this back (without court action). If you are interested just email me back with your initial advance amount plus any further sums borrowed. Wishing you well.

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Hi Nz1313,

 

Thanks for your generous offer to assist.

 

Tomorrow i shall be faxing KMC a SAR letter + asking for confirmation of the amount i initially borrowed. I just think that KMC must be the worse subprime mortgage lender & i cannot undertsand how they seem to inexorably get away with such outrageous fees. As soon as i get a response i will post it here. Again thank you Nz1313, hopefully we can assist each other & other consumer action group users, dealing with similar situations.

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I beleive there's been a ruling in the High Court recently on ERCs unfortunately the ruling was in favour of the lender.

 

This needs to be verified.

 

Paul

An appeaser is one who feeds a crocodile, hoping it will eat him last. <br />

Winston Churchill

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Hi Paulwlton,

 

I'm not suggesting for one second that 00765 takes KMC to court over the ERC. However I think that they have overcharged him as they have admitted overcharging me. Whilst this isn't a great amount it is still hundreds. It is my belief that they do this often. If a customer has been overcharged in this manner this isn't something that KMC could dispute, It wouldn't be covered by their indemnity clause furthermore it breaches their own terms quite clearly. This isn't my interpretation of the contract, its just fact. I'm still here and happy to help anyone who has had a mortgage redeemed with KMC.

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The breakdown of KMC's Redemption Statement sent ti us is as follows;

 

Starting balance £273913.38 dr

Arrears Charges £250.00 dr

Solicitors Costs £500.00 dr

Redemption Fee £145.00 dr

Sundry Debits £298.75 dr

Early Redemption Charges £16771.98 dr

Interest £14702.73 dr

Total payment £7593.00 cr

 

Redemption figure £298,988.84

 

Any suggestions re a possible ERC claim & fror the Interest

 

You also need to get a breakdown of the Sundry Debits, in my own case these consisted of various charges for making phone calls, writing letters, etc.

 

Paul

An appeaser is one who feeds a crocodile, hoping it will eat him last. <br />

Winston Churchill

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Hi Paulwlton,

 

I'm not suggesting for one second that 00765 takes KMC to court over the ERC. However I think that they have overcharged him as they have admitted overcharging me. Whilst this isn't a great amount it is still hundreds. It is my belief that they do this often. If a customer has been overcharged in this manner this isn't something that KMC could dispute, It wouldn't be covered by their indemnity clause furthermore it breaches their own terms quite clearly. This isn't my interpretation of the contract, its just fact. I'm still here and happy to help anyone who has had a mortgage redeemed with KMC.

 

My post wasn't meant as a criticism merely to point out a development in our ongoing fight against these rogues.

 

 

Paul

An appeaser is one who feeds a crocodile, hoping it will eat him last. <br />

Winston Churchill

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Evening all,

 

I am grateful to both Nz1313 & Paulwlton for your comments. The fact that anyone is even responsing to my query is helpful enough.

 

I actually had two mortgages with KMC, the 1st had an ERC & KMC Snatched £17,000+ but the most recent one, which i redeemed last wk, had past the ERC period, so the interest of £10,700.85 in this case, cannot have anything to do with an ERC or does it?

 

So i really do not understand how KMC could charge me over £10,000 interest.

 

I have sent for the SAR & i will keep alert for details of any sundries as Paulwlton mentioned.

 

Nz1313, i would still be grateful for any assitance you can offer once i receive the response to my SAR letter, as if i have a basis to recover all or part of the £10,700.85 interest, then i will want to proceed to court but i will definately require some guidance.

 

Thanks again to one & all, for the invaluable comments, suggestions & offer of assistance. I am extremely stressed but reading the impassioned posts on this thread, gives me the will to fight on with KMC. Thank you

 

As promised previously, I will be right back here, scribing as soon as i hear from KMC.

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Stress is a killer and these companies cause a lot of stress and have a lot to answer for. Coming onto CAG Forum empowers you and the synergy of so many willing to help means you are NEVER alone. Tens of thousands have found inner strength to take these people on at their own game and win. Take the stress out of your life and share it all here, it's as de-stressing helping others as it is to those being helped. Good luck, there's a thousand CAG eyes watching and waiting.

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Andrew1 your post is absolutely correct & very touching. Thank you.

 

PKea yes your right, i have sent the letter with the £10 statutory fee.

 

I will report back here when i hear from KMC or if they fail to correspond with me within the allotted 40 days.

 

As always, i am truly grateful for all your comments. YOU all, are keeping me sane

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