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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I paid a lump sum of £12000 off my part interest and part repayment

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I paid a lump sum of £12000 off my part interest and part repayment mortgage with the Nat west which reduced it to around £15000 and then transferred the remaining balance to a wholly repayment off set mortgage with repayments at around £215 a month...I then refinanced the mortgage in 2010 for a further £18000 bringing the balance to about £32/33k...and as the interest rates had gone down I continued to, as I thought to over pay by about £30 a month. Then out of the blue I received a letter from the bank saying I am not on track to pay my mortgage off by 2025...they had still got me on part interest only and part repayment from 6 years ago...they say I have under paid by £29 per month for the past 6 years and have credited my mortgage account with £1500 as it was their mistake...they are keen to make me go away after I refused to reapply for my mortgage again and they have subsequently increased my repayments to £239 a month even though I have told them I cant afford this and even though they have credited my account with the underpayment I have not slept with the angst of all this and they keep ringing me and offering me compensation and asking is there anything more they can offer me but I dont know to do...could you advise me please
Submitted: 1 year ago.
Category: Law
Expert:  Joshua replied 1 year ago.
Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience.

  1. I am sorry to read of the circumstances. May I clarify that they have offered you £1500 as compensation by way of acknowledgement of their mistake please?
  2. If so do you accept this is adequate or consider they owe you more?
  3. Is the remaining issue just the repayment amount or is it that and the fact that you consider that you are entitled to further compensation?
Customer: replied 1 year ago.

1.no...The £1500 is not compensation, they have credited my mortgage account with this amount for their error 6 years ago it is the amount I am supposed to have underpaid for the last 6 years. They have admitted it is all their fault that my mortgage wasnt transferred to an offset repayment mortgage. The interest from my savings was supposed to go towards my repayments but I'm assuming this has been swallowed up by the interest only part of the mortgage.

2.I do consider they owe me more..they are now trying to say when I refinanced the mortgage they didnt increase the repayments accordingly but I distinctly remember when I went into the branch them saying as I had been overpaying there would be nothing more to pay as I had kept my repayments the same even after paying the £12000 off.

3.They are telling me I am due compensation because it is a serious issue and had to be dealt with at a high level.

Expert:  Joshua replied 1 year ago.
Many thanks for this. based upon what you say, the bank appears to be guilty of negligence and/or mal administration. As a result of this, you are entitled to be put in the position you expected to begin based on what was agreed and you may also be able to claim compensation for the distress and inconvenience as well as any loss the banks errors have caused you.The first step is to schedule in a letter any losses you consider you have incurred as a result of the above together with your requirements in terms of a monthly repayment figure you can afford and finally in terms of any compensation you consider to be due to you as a result of the distress and inconvenience the above has caused you.from there, you may consider contacting the bank's complaints department in writing to set out your concerns and your above proposals for settling the matter. Is required to reply to you in accordance with the timescales set out in's complaints procedure. If you are not satisfied with the banks response, you can refer your complaint to the financial ombudsman service which is an independent service that can review your complaint independently of the bank and make a determination including where they find it appropriate, to order compensation is paid to you. There is no charge for their service.http://www.financial-ombudsman.org.uk/consumer/complaints.htmThe determination of the financial ombudsman his binding upon the bank though it is not binding upon you unless you choose to accept it. from what you say, the bank appears to be ready to negotiate with you and you may find you are able to settle your differences directly with the bank without the need for ombudsman involvement but it remains a useful option should you be unable to resolve matters directly with the bank using the above process.I hope the above is of assistance? If you have no further questions for now I should be very grateful if you would kindly take a moment to click to rate my service to you today or just reply back to let me know if the above is helpful. Your feedback is important to me. If there is anything else I can help with please reply back to me I'd be very grateful
Customer: replied 1 year ago.

I have done all that you have advised as above...I do not have to go down the ombudsman route as I have explained they are offering me compensation for the distress and inconvienience...but they want to know how much I want?

Expert:  Joshua replied 1 year ago.
I agree that you would hope not to have to approach the Ombudsman. As above one would hope you can resolve the matter amicably between you and the bank as you suggest. The Ombudsman remains a useful fall back positino though if you are not despite your best efforts able to resolve matters to your satisfaction. As regards ***** ***** you might ask for the below is the guidance the Ombdsman uses to award compensation for distress. You may consider using this as a guide for how much to ask for as compensation for distress.I hope the above is helpful? Can I help you with anything else or has the above answered your questions satisfactorily? If you could drop me a quick message to let me know I'd be very grateful. moderate (less than £500)The business only sorted out a minor problem after the consumer had written and phoned a few times – causing frustration and unnecessary inconvenience.The business failed to get the consumer's address right – despite a couple of requests – for two months. This caused inconvenience to the consumer as they had to retrieve the letters from a neighbour.The business told the consumer that they couldn't find any records to show a PPI policy was added to their account. The consumer had to go through their records and submit copies of bank statements before the business acknowledged that PPI was added. We later found the business had copies of the bank statements on its own systems. We decided that the business’s initial handling of the complaint was poor and had caused an unnecessary delay to the consumer.The business continually failed to deal with an apparently eligible – and ultimately successful – complaint. This caused the consumer frustration.The business wrongly calculated compensation on a PPI complaint – saying they didn't have any credit card statements to make a detailed calculation. Following our involvement, the business searched their archives, retrieved account data and recalculated the redress. This process caused unnecessary delay and additional frustration to the consumer.The business had the consumer over the phone that they would be receiving a cheque in redress for a mis-sold PPI policy. However, they were then told that any compensation would be set off against the arrears balance on their loan, which was in default. The consumer said that, in the meantime, they had relied on what the business told them being right – and, expecting that they would soon receive the money, had bought a bed for their son. We thought the consumer had had a high expectation that they would be receiving a large amount of money – and that the disappointment of not receiving it would have been significant. This disappointment resulted from the business giving incorrect information. We awarded £200 for the upset and inconvenience the consumer had been caused.The business mislaid paperwork the consumer had sent containing their personal information. The loss of the documents caused the consumer worry and distress.The business made an error calculating the surrender proceeds of a policy – leaving the consumer disappointed, as they received much less than they were initially told they would.The business took three months to provide information to the consumer to help them resolve a problem with a third party. This aggravated the consumer's problems with the third party – and the consumer was inconvenienced by having to chase the business.The business delayed the paying of the surrender proceeds of a policy by two months. This left the consumer without money they should have had, causing them some concern.The business didn't provide the consumer with a courtesy car for two weeks – even though the consumer was entitled to one. The consumer had the inconvenience of having to arrange an alternative, and was caused unnecessary stress and disruption to their life. (We would consider separately any travel costs the consumer incurred.)The business shared sensitive financial information with a third party without the consumer's consent – which caused the consumer considerable embarrassment.substantial (£500-£2,000)The business's delay meant the consumer lost out on an investment opportunity – causing them considerable disappointment.The business delayed paying an insurance claim – which meant the consumer had to use an overdraft for living expenses. This caused the consumer some anxiety, as they didn't know when they would receive the money to repay the overdraft. They also had the inconvenience of chasing the business to pay the claim, and finding other funds to cover their living expenses.The business wrongly advised the consumer that they would be exempt from inheritance tax – causing the consumer disappointment and inconvenience when their tax planning failed.The business's repeated errors caused serious embarrassment to the consumer over a significant period of time – for example, when their payments were declined – despite the consumer being assured several times that the issues had been resolved.The business repeatedly sent letters addressed to a deceased consumer to the family home – despite the family informing the business that the consumer had died. This caused considerable distress during an already difficult period.The business delayed for a year providing the correct information about cashing in a bond. This caused substantial inconvenience because the proceeds were needed by the executor to distribute under a will.The business failed to provide and pay for alternative accommodation for a family, leaving them living in a property without essential facilities for a month. This caused the consumers substantial distress and inconvenience.The business's mistakes led to a county court judgment being incorrectly registered against the consumer – which resulted in a mortgage application being rejected. This caused the consumer considerable embarrassment, upset and inconvenience.severe (£2,000- £5,000)The business under-paid the consumer's pension for a significant period. This meant the consumer experienced reduced living standards for that period, causing them considerable distress and embarrassment.The business incorrectly returned as unpaid a cheque from a business customer to their main supplier. This had a significant impact on the reputation of the consumer's business. The consumer also had to spend lots of time sorting out the problem and trying to mitigate the reputational damage that came from suppliers and customers hearing about it.The business's error left the consumer in the difficult position of attending court unrepresented. This would be stressful for anyone – but the business was aware that the consumer was prone to severe stress reactions.The business's poor repairs exposed the consumer and family to health risks – for example, from asbestos. This caused severe worry and stress for the consumer, both for their own and their family's health.The business took over a year to complete repairs following the consumer’s claim for the cost of repairing their house following a flood. The insurer didn’t provide suitable alternative accommodation during this time – and when the consumer finally returned home, the repairs weren’t of an acceptable standard and more work had to be done. The business agreed to put things right – but they caused a significant amount of avoidable distress, disruption, inconvenience and stress for an unnecessary amount of time.The business delayed processing a medical insurance claim – leaving the consumer in severe pain for four weeks while waiting for a decision about their treatment. This prolonged the consumer's physical suffering and caused them considerable distress and anxiety.The business wrongly rejected the consumer's claim for a wrist replacement under their private medical insurance policy. This caused the consumer prolonged pain and suffering – and their lifestyle would have been significantly different if the treatment had taken place sooner. extreme (£5,000 or more)The business failed to inform the consumer that they were withdrawing their mortgage offer until it was too late for the consumer to change their plans to move house. This had an extreme impact on the consumer – with irreversible changes to their personal and professional life that would have long-term and far-reaching effects.The business wrongly disclosed the consumer's address to violent ex-partner – despite being aware of the difficult and potentially dangerous domestic situation. The consumer was attacked and hospitalised as a result – causing extreme distress, pain and suffering.
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
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