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Hi folks,
Firstly my apologies if this is not the right place to post, I am not sure really where to put this, so decided this might be the safest option.
I have a secured mortgage with Southern Pacific, (managed my ascenden), now I know of the horror stories with their fees and so forth, so during a difficult period, I cut everything back, did car boot sales, you name it so they had their money and I avoided the charges.
The loan is down to just under 4K now, so doing much better and having saved a bit, I decided to make a capital repayment of 1K, as it gets it down quicker and just in case the interest rates rises, I thought it might be a good thing to do.
They were not happy with this, and I went through the original contract with Soutern Pacific carefully and noted, no penalty charges could be applied due to the length of time I had the loan with them. I contacted them and sure enough a few days later an illustration was sent out confirming this and giving me the bank transfer details.
I duly made the transfer - with my reference number (this was 8 weeks ago).
I logged into the account management section on their site and it shows an arrears balance of -£995, but the loan at its original value, so obviously they have found some way to charge me something and then not applying it to the loan.
Called them up and was interrogated, they demanded to know where the 1K came from, citing money laundering regulations. I explained savings, but it any event it was none of their business (they were getting my back up by now). I also said there was nothing in my contract that stipulated I had to tell them anything and empathized this was a bank transfer through my bank, and anything suspicious would be picked up by them.
Told it would be escalated, a week later same problem.
Called again, told they were looking into it but need me to sign a letter confirming where the funds came from.
I told them I expected the interest over the last 2 months to be calculated and debited from my mortgage balance. Told that wasn't possible, I tried to argue, she laughed and hung up on me.
Nearly a week later and no letter
Is it just me or do you think they are doing this deliberately, I am aware there are money laundering laws, but this seems over excessive on their interpretation.
Seems my 1K is now stuck in Limbo!
Not sure what to do really, or what the real law is on this, any advice appreciated.
Thanks
James
Firstly my apologies if this is not the right place to post, I am not sure really where to put this, so decided this might be the safest option.
I have a secured mortgage with Southern Pacific, (managed my ascenden), now I know of the horror stories with their fees and so forth, so during a difficult period, I cut everything back, did car boot sales, you name it so they had their money and I avoided the charges.
The loan is down to just under 4K now, so doing much better and having saved a bit, I decided to make a capital repayment of 1K, as it gets it down quicker and just in case the interest rates rises, I thought it might be a good thing to do.
They were not happy with this, and I went through the original contract with Soutern Pacific carefully and noted, no penalty charges could be applied due to the length of time I had the loan with them. I contacted them and sure enough a few days later an illustration was sent out confirming this and giving me the bank transfer details.
I duly made the transfer - with my reference number (this was 8 weeks ago).
I logged into the account management section on their site and it shows an arrears balance of -£995, but the loan at its original value, so obviously they have found some way to charge me something and then not applying it to the loan.
Called them up and was interrogated, they demanded to know where the 1K came from, citing money laundering regulations. I explained savings, but it any event it was none of their business (they were getting my back up by now). I also said there was nothing in my contract that stipulated I had to tell them anything and empathized this was a bank transfer through my bank, and anything suspicious would be picked up by them.
Told it would be escalated, a week later same problem.
Called again, told they were looking into it but need me to sign a letter confirming where the funds came from.
I told them I expected the interest over the last 2 months to be calculated and debited from my mortgage balance. Told that wasn't possible, I tried to argue, she laughed and hung up on me.
Nearly a week later and no letter
Is it just me or do you think they are doing this deliberately, I am aware there are money laundering laws, but this seems over excessive on their interpretation.
Seems my 1K is now stuck in Limbo!
Not sure what to do really, or what the real law is on this, any advice appreciated.
Thanks
James
