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Hi Guys,
We have mortgage arrears which get paid at £50 every month and have done for the last 2 years (nearly 3 years).
We're on a fixed rate which is fixed until may 2018, however, our mortgage company decided to review our mortgage at the back end of 2015 which resulted in an increase of nearly £28 a month.
We complained but they refused the complaint as they said the remainder owed would leave an outstanding balance at the end of the term (11 years).
I asked how this could be as our payments would effectively decrease at the end of the fixed rate period as we're paying a higher rate of interest. They said our mortgage agreement said they can change the payments at any point during the contract.
We have another problem though. Since January this year the mortgage company have rung us to say we're breaking our agreement with them.
After talking through the issue with them it turns out it's their computer system which is breaking the agreement.
This is happening because i make payments into their account when i get money into mine. I usually make the payments 3-4 times across the month.
All my payments add up to my monthly payment including arrears.
They have failed to send letters out informing us of the broken agreement.
I complained in writing and after getting advice from the Financial Ombudsman.
My mortgage company have not said they're upholding my complaint but that as some of my payments are made before the 16th of the month, their system doesn't recognise these as being paid in that calendar month therefore they're suggesting i make payments into another account in my name and once i have the full payment to make my monthly Payment to them!
This has never happened before this year so I was wondering whether to complain to the FO as I feel they're 'bullying' us by using our situation against us and they simply can't be bothered doing the math!
Thanks in advance for any advice!
:tinysmile_hmm_t2:
We have mortgage arrears which get paid at £50 every month and have done for the last 2 years (nearly 3 years).
We're on a fixed rate which is fixed until may 2018, however, our mortgage company decided to review our mortgage at the back end of 2015 which resulted in an increase of nearly £28 a month.
We complained but they refused the complaint as they said the remainder owed would leave an outstanding balance at the end of the term (11 years).
I asked how this could be as our payments would effectively decrease at the end of the fixed rate period as we're paying a higher rate of interest. They said our mortgage agreement said they can change the payments at any point during the contract.
We have another problem though. Since January this year the mortgage company have rung us to say we're breaking our agreement with them.
After talking through the issue with them it turns out it's their computer system which is breaking the agreement.
This is happening because i make payments into their account when i get money into mine. I usually make the payments 3-4 times across the month.
All my payments add up to my monthly payment including arrears.
They have failed to send letters out informing us of the broken agreement.
I complained in writing and after getting advice from the Financial Ombudsman.
My mortgage company have not said they're upholding my complaint but that as some of my payments are made before the 16th of the month, their system doesn't recognise these as being paid in that calendar month therefore they're suggesting i make payments into another account in my name and once i have the full payment to make my monthly Payment to them!
This has never happened before this year so I was wondering whether to complain to the FO as I feel they're 'bullying' us by using our situation against us and they simply can't be bothered doing the math!
Thanks in advance for any advice!
:tinysmile_hmm_t2:
