To say I'm shocked is an understatement!! We are in the process of switchingover our mortgage with the help of Zebra and last week I requested redemption figures for both our mortgage & our secured loan. When I initially rang for the figure, I was told by the firm who we have the secured loan with that our balance was £X. This was less than on our latest statement but I expected that as that was Novemeber. We have now received our redemption figure in the post - almost £6k more than the balance outstanding!!!!!!! As you can probably understand, I was shocked & so angry.I rang the company to query this to be told they use the calculation from the Consumer Credit (Early Settlement) regulations 2004 to work out the total. Nowhere on the statement from November or the verbal balance I was given over the phone was I told that the figure would be so much higher. Suffice to say I have lodged a complaint and said that we will pay what was on the November Statement. I have looked at the regualtions & I am sure that we should not be penalised by almost 50% of our balance. Any thoughts anyone?
Very unfair Andy! I've just had a look at the formula on the Consumer Credit website - you need a degree in maths to understand it!!! But looking at the couple of examples that are on there, I'm now more conviced that our figure is way over the top.
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