Mortgage mis-selling (HBOS)

[orfoster]

Re: Mortgage mis-selling (HBOS)

seems very clear to me, their misrep made you take the transactional decision you wouldn't otherwise have taken, and because you relied on it you have been disadvantaged as you had two months nil payments marked on your credit file and arrears charges added? as opposed to two months preplanned payment holidays which wouldn't have impacted your credit file nor attracted fees.

Precisely! Now my claim I've put in for is for just over £10k, I don't really know what its worth but I worked that out based on a number of factors which are for the miss-selling of the mortgage, in my view.

[Amethyst]

Re: Mortgage mis-selling (HBOS)

Winging it then xx

Redress wise as I see it you should be put back to the position you would have been in had the mortgage have been as you were told it was, ie that you could have taken those two months as payment holidays.
So any arrears charges, and ongoing additional interest fees, plus compensation for the effect on your credit file (is that 2 months late payment markers? - if so not quite the same as a default marker) and a bit of compensation for the stress of dealing with it. Think £10k might be pushing things a tad but its a reasonable place to start negotiations.

[orfoster]

Re: Mortgage mis-selling (HBOS)

Winging it then xx

Redress wise as I see it you should be put back to the position you would have been in had the mortgage have been as you were told it was, ie that you could have taken those two months as payment holidays.
So any arrears charges, and ongoing additional interest fees, plus compensation for the effect on your credit file (is that 2 months late payment markers? - if so not quite the same as a default marker) and a bit of compensation for the stress of dealing with it. Think £10k might be pushing things a tad but its a reasonable place to start negotiations.

Haha just a tad perhaps £9,900? No, it isn't about the money as such more about the payment markers etc. I mean with the mortgage arrears markers on my file have prevented me for 2 years to get another mortgage at a better than Standard Variable Rate, thats a lesser sum and more reasonable. I think that might be a fair line of negotiation?

[orfoster]

Re: Mortgage mis-selling (HBOS)

Hello everyone,

I thought I would write up a summary of where this is with background details for ease;


Summary

On 29 July 2008 I had an e-mail exchange with a Halifax Mortgage advisor as on reading the documentation I'd received I wanted to check entitlement to benefits. (emails located Edited E-mails_July_2008.pdf). It is clear in those e-mails my understanding and confirmation of my entitlement to Payment Holidays with the mortgage.

In addition a few other things were said, for example no deposit was paid. I was told by phone (backed up in emails above) that the Shared Ownership was classed differently and that it was also accepted as a deposit, I believe the advisor was confused, however, system notes show (Source of deposit.pdf) their systems acknowledged the Shared Ownership as a deposit.

The mortgage offer and KFI showed Payment Holiday entitlements. They refer to the Terms and Conditions (Terms and Conditions.pdf) these state the following, firstly "Some of the practices and procedures in this booklet may not apply to your mortgage. If this is the case, we will tell you in your offer which your or our conveyancer will explain to you."

The offer contained Payment Holidays, and I queried this as per the e-mails. I had no reason not to believe this as the terms provide that if something didn't apply I would be told in the offer letter, I was not.

In November 2012 I applied for a Payment Holiday and was told that I was unable to do so as I had a Shared Ownership 2nd charge on the property, obviously I was confused and it took me some time to dig out the evidence above. A complaint was made and was unresolved.

I believe I was misled, I took a decision to enter into this mortgage in good faith based on the information provided. I tried my best at the time to understand the legal position etc and asked lots of questions, I was happy with Halifax based on the information they gave me.

I had a temporary drop in income in 2012 and therefore had a Nil payment arrangement with them, this of course appeared as late payments on my credit file which has prevented me from being accepted with any other mortgage provider as I failed to meet a high number of lenders lending criteria, therefore I've remained on the Standard Variable Rate with Halifax since September 2013.

I therefore question whether I have the following potential claims, I just thought I'd outline them as they come to me;

1. Compensation for misselling mortgage?
2. Compensation for breach of contract?
3. Negative information on Credit File removed and compensation as such.
4. Something for the additional interest by being prevented for getting another preferential rate mortgage?

Their Defence and my POC's are integrated here #68. The Directions Questionnaire is due by 29 June.