The Mortgage Business says problems with arrears that clients were not responsible for were down to human errors during systems migration.Andrew Forsey, principal of Andrew Forsey Financial Services, contacted Mortgage Strategy to say two of his clients had been declined a new mortgage with another lender as they were shown as having missed a payment in the past 12 months with their current lender, TMB. Forsey says: “The problems occurred during TMB’s switch to a new computer system. “In certain cases the full monthly payment was not taken. No arrears letters were sent out so a client could not have known unless they checked their bank statement.” TMB says the problem was caused by an error in setting up a BACS number, which meant direct debits were not called for over a period of up to three months on a number of customers’ accounts. The lender says this created technical arrears on the accounts in question but that most of these accounts were normalised by May 2004. Bill Dudgeon, managing director of TMB, says: “We apologised to customers who were affected and gave them three options to bring their mortgages up-to- date. They were offered the choice of paying the arrears, capitalising the amount not collected or making additional payments over a number of months.” Dudgeon says TMB also informed credit reference agencies to ensure the missed payments would not adversely affect customers’ credit ratings. Dudgeon adds: “It would appear that in the case of Forsey’s clients this did not work, but the missed payments showing on customers’ accounts will be rectified immediately and the appropriate people at the new lenders will be notified.”
Abbey is offering three months’ free mortgage payment protection insurance for all new applications from now until the end of the year. The offer is intended to encourage more borrowers to take up the cover. Abbey says research it has carried out shows that home owners are leaving themselves vulnerable when it comes to mortgage […]
The Ombudsman for Estate Agents Company Limited has secured OFT approval for its consumer code of practice. The code is designed to ensure consumers get a fairer deal when using OEA estate agents’ services.The OEA represents around 40% of estate agency offices in the UK.Members of the OEA can now use the OFT approved code […]
Mark Riddick, the newly appointed chairman of the Property Information Systems Common Exchange Standard and CEO of SearchFlow, is leading the organisations first annual conference on September 7 and 8 in Stratford-upon-Avon, as chair and facilitator. Riddick was unanimously appointed as PISCES chairman by board members on August 5 2005.The conference is aimed at providing […]
Intermediaries do not have to directly compete with lenders going direct to consumers through high street branches and can instead form strategic relationships.Speaking at a debate at Mortgage Strategys Mortgage Summit in Jerez, Larry Banda, head of mortgages at Nationwide, says nobody will benefit from the battle between the distribution channels.Landa told delegates: There is […]
Last Wednesday was International Youth Day: a UNESCO (United Nations Educational, Scientific and Cultural Organisation) initiative that began in 1999.
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