What If You’re Over-charged On Your Mortgage?

Posted on May 3, 2007 by | 0 Comments

An interesting item from Brett Davies of LawCentral:

For a second time last year, NAB announced that they had again overcharged their customers. The first incident was announced on 28 July 2005. On 9 Nov 2005, they announced that a failure in their manual processes had led to overcharging. This came to light when NAB held their internal review of manual processes and systems. For more information, read their media release. This only goes to show that there is still a need to keep a watchful eye and conduct stringent checks on bank statements. When checking the calculation of interest on bank statements, home mortgages and business loans, be sure not to use a calculator or in many cases even a spreadsheet. The formula is very complicated and will require verified calculations.

I suggest you consider using a verified mortgage checking program like Mortgage Watchdog to go over your accounts. It has successfully been used as evidence to claw back clients funds from lenders who have made mistakes.

Coincidentally, LawCentral is running a promotion on the Ultimate Investors Pack which includes Mortgage Watchdog and other investment tools.

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