Mortgages, Pensions and Investments are the biggest commitments most of us will ever make. You should be able to trust your providers and banks to honour your contracts and ensure your repayments are correct.
You shouldn’t have to worry that your lender is adding excessive and unwarranted charges to your mortgage, increasing your mortgage balance without your knowledge, potentially leaving you paying more than you originally borrowed or agreed.
What is happening?
Many customers with arrears on their account may have been charged excessively and incorrectly, meaning higher monthly repayments than necessary due them being in ‘payment arrears’.
In some cases, arrears and associated fees were still charged when the debt had been cleared, and in others, some customers were charged double, triple and more than what is deemed a ‘reasonable’ arrears fee.
What can be done about it?
All lenders have the right to add reasonable charges to your balance in the event you fall into arrears. However, this does not give the lender the right to charge excessively.
All charges that are added to your account should be a reflection of the amount of the work they have had to take. The lender should not receive a profit!
If you feel you may have had excessive and unwarranted charges added to your mortgage balance, you may be entitled to claim.
How much will it cost to make a claim?
- We operate on a Conditional Fee Agreement (CFA), more commonly known as a ‘no-win, no-fee.’
- If we fail to secure you a settlement, you will not be charged.
- Any charges will be deducted from your settlement, so you will not need to pay us anything out of your own pocket unless there is reduction in the balance, rather than a cash settlement.
How much compensation will I receive?
We cannot provide an exact figure until we have completed our investigation, though typical values of claims are between £2,000 and £15,000. However, for some clients, we have secured damages in excess of £60,000. We have recovered thousands of pounds already for a number of our clients.
What should I do if I think I have a claim?
If you believe or feel you have a claim, contact us for a free initial consultation regarding your options.
Why choose Oakwood Solicitors?
You will have a dedicated advisor who will see your claim through from start to finish, assisting you in the event of any queries or issues you may have. Your case-handler will also continue to provide regular updates until the conclusion of your claim, ensuring the process is as stress-free and effortless as possible.
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WHAT TO DO NEXT
There are strict time limits for bringing a claim. If you believe or feel you have a claim, contact us for a free initial consultation regarding your options by emailing us on enquiries@oakwoodSolicitors.co.uk, or alternatively, call us on 0113 200 9787.
