Consolidate datedate of consolidation
Mortgages Liabilities from mortgages Consolidated Consulting expenses L&G
The Legal & General Partnership Services have been informed that they will indemnify a pair for which they have arranged mortgages to consolidate the liabilities. Upon the recommendation of the L&G consultant, Mr and Mrs S. took out a new loan which enabled them to lend enough to repay some of the outstanding amount at that point.
However, they had to repay an early redemption fee - and had other debts that were not included in their new mortgages. One judge of the Financial Ombudsman Service said that Mr and Mrs had made savings of 3,130 by lending additional funds to clear the two credits and the debit note they had been consolidating at Remortgage.
Fos also calculated that Mr and Mrs S. were accordingly told by L&G not to consolidate another credit as they had cut interest by following this advice. Mr. and Mrs. S. were pleased to save 5,392 over the remainder of the ERC term by increasing their savings each month.
However, the arbitrator advised that this appeal be upheld on the grounds that Mr and Mrs S. would have been better off overall if they had included a customer credit charge that had not been part of the inclusion in the inclusion. Fos felt that the debts on the customer should have been fully covered in order to protect the interests of Mr. and Mrs. S..
L&G did argue, however, that Mr and Mrs S. made it clear that they did not want to consolidate the debts on the customer credit and could have bought to keep the payments each month and pay the debts in about five years. Ombudswoman Susan Webb said in a definitive ruling that L&G should have made it clear to Mr. and Mrs. S. that they would be less fortunate to let the customer credit cards debts out of OC.
It pointed out that if they were included in the consolidation, they would have been paying 254.09 less over the life of the mortgages, so they are generally less well off as a consequence of L&G's recommendation. The L&G was instructed to calculate the principal and interest amount previously disbursed for the customer charge back from the date of the charge back, how much would have been disbursed for the charge back of the charge back if it had been fully funded, and to disburse the balance as a flat rate to Mr. and Mrs. S., plus 8 percent interest per year.