Posted May 27, 200718 yr HOMEOWNERS are being overcharged by up to £50,000 in a mortgage scandal involving some of Britain’s biggest banks and building societies. Evidence drawn up by an independent financial auditor reveals a catalogue of mistakes made by Nationwide, Alliance & Leicester and Abbey that led to some customers being overcharged interest for up to 15 years. The blunders centre on repayment mortgages – the most popular type – as their complexity makes it hard to spot mistakes. Out of more than 30 mortgages reviewed by BankCheck, an auditing firm, the interest charged on monthly repayments was wrong in all the cases – and always to the customer’s detriment. The lender never lost out. In one case, a farmer was overcharged £56,520 by Nationwide following two separate mistakes, but the building society, blaming human error, only refunded the money after BankCheck high-lighted the problems. Trevor Hillen, a director of BankCheck, said: “On the law of averages, you would expect 50% of mistakes to be in favour of the customer and 50% in favour of the lender. However, we always see them in favour of the bank.”
May 30, 200718 yr Am I the only person anal enough to check such things? If you trust banks to add up then more fool you!
May 30, 200718 yr Am I the only person anal enough to check such things? If you trust banks to add up then more fool you! :lol: :lol: Absolutely... And no, you're not anal at all. I'd say sensible....
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