Sold a flat recently - get free money

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Tuesday 27 February 2007 11.27pm
I dont know if this better belongs in the chatter section, but the flat I sold was in SE1.

Basically I bought my flat in 1999, sold in 2006 got stung with big mortgage exit fee (275 instead of 95 when I started).

In the press there has been all this stuff about getting money back for unfair charges such as this (thought can't be bothered as it will be a million forms to fill out and paperwork to find....).

Anyways, today one phone call to woolwich - then given new number of special unit for people who have been hit with unfair exit fees:

"What was your account number.."
"XXXX - but i dont know what the original exit fee was in 1999.."
"Oh it was 95 so you are owed .... what account do you want it paid into..."

So spread the word - one very happy customer for about a five minute phone call. Even if you dont want the money, take it and give it to charity rather than more massive profits for the bankers.
Wednesday 28 February 2007 12.42pm
Thanks for the tip JimG. I had a 2-year fixed rate deal with the Halifax, which came to an end two years ago. Just phoned them up and they're going to refund me 100. Not a fortune - but not bad for 2 minutes work - and the woman on the phone was charming with it.
Wednesday 28 February 2007 2.24pm
The banks won't lie down and take this for very long - if consumers keep putting the pressure on fees, banks will have to make their profits elsewhere. This will probably mean the end of free current accounts, higher interest rates, etc.

It's nice that the banks are being 'fair', but people only get charged what they sign up to. Read the small print people!
Wednesday 28 February 2007 2.45pm
Carmenes, I don't know where you get the idea that banks are being 'fair' over this, it's the very fact that they haven't been, that has put them in a situation of having to give back their ill-gotten gains. I quote from a finance website run by Martin Lewis:

"A contract must be written within the law, and they can't enforce a contract with legally unfair terms. Ultimately if it isn't proportionate then it's unlawful, and thus you've a right to your money back. Let me use my favourite analogy for this:
If someone told you they were about to punch you before smacking you; it doesn't make it legal. The same's true with bank charges."


However, I do agree with regard to the banks recouping their losses through other means. Although, a few banks have already responded by saying they will never charge a fee for basic current accounts - that doesn't mean there won't be 101 other ways to find the money!
Wednesday 28 February 2007 2.48pm
I couldn't agree more, carmenes82, about reading the small print. The point of this thread is that many mortgage lenders have been charging a higher exit fee than the one stated in the small print when the contract was signed. No matter how much you want to defend the banks' current charging structure, surely you can see that that's just plain wrong, no matter how you look at it?
Wednesday 28 February 2007 3.13pm
Today is the day that all mortgage lenders have to inform the FSA as to how they plan to rectify the situation of overcharging on exit fees. It is expected that they will all repay the difference between the start rate and the end rate. BUT it is also likely to be agreed that refunds will not be automatic ie that idividuals must put in a claim.
It's easy to do and most lenders are settling claims over the phone although some will ask you to fill out a form. Expect to get a refund within 14 days
Wednesday 28 February 2007 3.20pm
Charles Alfred wrote:
I couldn't agree more, carmenes82, about reading the small print. The point of this thread is that many mortgage lenders have been charging a higher exit fee than the one stated in the small print when the contract was signed. No matter how much you want to defend the banks' current charging structure, surely you can see that that's just plain wrong, no matter how you look at it?

Absolutely.
Wednesday 28 February 2007 6.15pm
Hoorah for people power - the secret number for the woolwich refund is:

0800 0234180

Dont know if this applies to any other of the barclays stable.

..and the money appeared in my account today - after phoning yesterday!
Wednesday 28 February 2007 11.51pm
carmenes82 wrote:
This will probably mean the end of free current accounts,

They are no "free" accounts. People need to stop repeating that myth.
- I deposit a check and it takes them one day to get the money and THREE to credit my account. Guess who makes money on the (float)interest in the mean time?
- You got to your online banking and transfer money. It is electronic bits. Still takes THREE days to be credited at its destination, unless I pay a 30 quid fee. Again, time is money and guess who benefits?
- Try taking your money out abroad with your debit card and you get ripped twice: first a rip off exchange rate and then a "transaction fee", to boot.

Guess who collects profit on the interest in the mean time? Multiply that by the entire banking system and its pretty obvious there is no such thing as "free checking".

And then you've got all these ridiculous fees which bear no relation to the underlying situation.

With this it is not surprising that the banks are STILL resisting one day clearing and putting it off as long as they can. Meanwhile the rest of Europe is living in the 21st century. You can transfer money from account to account and it is executed in minutes in many countries.

I amm for honest business, transparency and fair profit. No such this is in existence in this banking syste, - and it needs to be.
Thursday 1 March 2007 8.41am
Osamede,

So which way do you think the banks should charge? For the account, but do immediate clearing and no costs for going over overdraft limits, like on the continent?

Loafer
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