~~~**IMPORTANT** Mortgage Claimants ~ PLEASE READ ~~

[tamadus]

Hi ZOOTSCOOT & PROGENIC7,

WELL AS NO ONE EVER ANSWERS MY QUESTIONS WHY ARE WE HERE,

THE MAIN POINT SHOULD BE AND WHICH THE COMPANIES ARE UNWILLING TO DO OR SAY IS WHAT THE ERC ARE FOR, IF IS A LOST OF PROFIT AS YOU SAY THEN IS IT LAWFUL, I AM AT A CASE SO FAR AND THE COMANPY DOES NOT WHAT TO ANSWER THAT QUESTION WHY????

THE OTHER QUESTION IS WHY IS IT ON A REDEMPTION STATEMENT AS ERC CHARGE AS ADDITIONAL INTEREST IS CHARGED IN ACCORDANCE WITH THE MORTGAGE TERMS

SO WHY THEN IS NO ONE ASKING WHAT THE ERC IS FOR IF YOU FIND OUT WHAT THAT IS THEN WE WILL BE ABLE TO DO SOME THING.

 

 

This question has been asked and continues to be asked. I am not saying much at this moment but we should have an answer by the end of June, all being well.

[gazza1968]

Unfortunatley I missed alot of the ongoings with erc's. I have a claim against a mortgage company for an erc of some £4000. They applied for the claim to be struck out/ summary judgement. The case was heard today, 24/04/07.The district Judge refused to strike the claim out and adjourned the case until July. He gave me the oppurtunity to seek legal advice on this matter. That's fine but where do I go from here????

[zootscoot]

Who are you claiming from?

[Bona]

Do you have or did you have a repossession order if so I am waiting an opinion as to the chances of claiming back erc under those circumstances will gladly share information

[gazza1968]

Claiming from Spml. No repossesion order. Mortgage was for £61200 redeemed after 8 months. Erc of £4000 plus ppp of £3800 and int. Total payback was over £70000. Not bad for 8 months.

[Bona]

No but at the moment I think your stuck with it

[Dangermouse]

Hi everybody

 

SPML helped themselves to an £18,000 erc from me last year, we sold to avoid reposession (under a posession order). Very interested to hear of progress/developments on these points. Will be watching with interest.

 

Dangermouse

[uglynine]

Hi everybody,

 

I very foolishly started an action against Abbey for an ERC of £640 last week, after sending off all the LBA's etc before Xmas. DLA Piper very kindly advised me of this thread; I should have done a bit more reading rather than expecting everything to stay the same.......

 

No big harm done, I've submitted a Notice of Discontinuance so my only loss is the court fee.

 

I suppose what I'm still curious about is the Office of Fair Trading statement below, given that ERCs are not considered as penalties:

 

"A redemption charge may be regarded as a penalty even if it is expressed as the price for exercising a right rather than a consequence of breaking the agreement."

 

I don't know a great deal about law and regulatory bodies, so how does this statement not apply to ERCs? Is the OFT statement just advisory rather than being legally binding?

 

 

Many thanks,

[Erectusthem]

hi all. i am having difficulty matching these numbers (interest charged) on my C&G mortgage statement does anyone know how to calculate these? seems to me that there is something wrong here somehow. The formula that give the correct result on one month's monthly payment doesnt work on the other month then sometimes it is right again.

My

[jackieandwayne]

Just a quickie, no hijacking I promise! How about when you get into arrears and they then charge £100 each for the numerous letters they send weekly to keep frightening you? And then the "management" fee when I was in arrears and on top of £100 a letter it was apparently costing both London Mortgage Co and GMac an extra £200 a month on top of my mortgage, because I was struggling? Are these charges not as unhelpful as bank charges? Not exit fees, but pure "management punishments"! I got rid of my home as quickly as I could when I split up with my former partner, but for the 6 months it took for the sale to go through I was bombarded with fees for this, fees for that etc, I should think they easily had a few grand out of me!

[Bona]

Claom it back from GMAC I am

[Andrew66]

Reading through this thread it seems like you can't or shouldn't go after the ERC's but it's ok to go for the arrears charges. I was with Rooftop for a year and when I remortgaged I had £1095 penalty charges. As well as £6000 ERC plus some arrears and ended up paying back £10,000 more than I borrowed! Nice work if you can get it!

[vikkijarda]

Has there been any progress on the ERC matter of late anyone know?

[Will Scarlet]

Vik - a recent report written by a barrister said that, on the basis a mortgage transaction is completed through a solicitor and you did not mention at completion that you were not happy about the ERC and that you were only paying it under duress, then you don't really stand a chance in court. I, like many others, have backed away from this one.

[Bona]

I also took advice from a Barrister he said try to get them to pay it threaten but back down before court as there is no precedent and he doesnot think that any one can win mine is different and I can try to re claim as in my contract it says you dont have to pay with 28 days notice and after 3 years

[Bona]

a new possibility to look at if your agreement says that in default of a payment the whole amount of the mortgage becomes due or if they go for a money claim for all oustanding amounts owed at the time and this does not include erc then you ar paying back money under the court order not to pay of your mortgager early and if the whole amount becomes due on default you ar not paying it early

[nz1313]

Hi, Message for Will Scarlet, I'm interested in your previous message on this thread. I am currently going to court with Kensington Mortgages re: ERC and details are under my own thread. At time of redeeming my mortgage I was under a suspended possession order. I tried to negotiate the ERC as that was one of the reasons I found it hard to redeem. In the end they gave their final response, which was negative. I then put in writing that I would pay it under duress and intended taking the matter to court. I would be very interested in what you think.

[gazza1968]

Might be barking up the wrong tree. On an erc claim could you not use the Consumer protection act where it says Unduly restricting the evidence to the consumer which then ends in legal action. I would argue that if i'd received the information relevant to the erc i may not have pursued it through the courts.

[welly59]

Can someone please advise me? I am being charged £50 a per month for being in arrears with my mortgage - GMAC - am I able to make a claim to get this paid back to me or is the attempt futile?

 

Many thnaks Peter

[Bona]

They have paid this back on a couple of occasions there are quiet a few of us trying look at the GMAC threads

[Will Scarlet]

nz1313 - if you would like to see a copy of the barristers report PM me with a fax number or postal address and I will happily send it to you. I was looking at ERC's as a potential "product" for a CMC but, on receipt of the report (which I commissioned) I decided to back-off as the majority of people pay ERC's without contention and were then trying to make a retrospective claim. Your case appears, on face value, to be somewhat different. How far down the court line are you? Is this something you could take to the FOS instead? There are obvious pitfalls with taking this through the courts (defendants costs for a start) and the FOS is a free service to consumers. It could be worth considering.

[phill2007]

Just thought that I'd drop a quick message to let you know that the court has entered judgement in my favour against the Halifax for a £4K Early Repayment Penalty and the £175 administration fee, plus interest.

 

Halifax have played their usual games throughout, and still remain adament that they will not pay in full before the 31st July and that they may exercise their right to appeal.

 

I'll keep everyone informed of my progress!

[Will Scarlet]

Wow, that sounds amazing. Is that a judgement by default or did you argue the matter in court?

[nz1313]

Hi Phill2007,

 

Thats great. Well done.

 

Did they show up in court? What was the basis of the win? Any information you can give would really help at the moment as I am up against Kensington and I know that they will try for costs under the indemnity clause.

[Will Scarlet]

Just thought that I'd drop a quick message to let you know that the court has entered judgement in my favour against the Halifax for a £4K Early Repayment Penalty and the £175 administration fee, plus interest.

 

Halifax have played their usual games throughout, and still remain adament that they will not pay in full before the 31st July and that they may exercise their right to appeal.

 

I'll keep everyone informed of my progress!

 

Any progress???