How to get mortgage statements checked?

M

Murt

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Hi, just wondering if anybody knows where you can get your mortgage statement double checked. We had paid in two lump sums into our mortgage on the assumption that it was being taken off the principal sum. However permanent tsb did not do this and we only discovered it when selling our property last year. We received a letter saying that the sum would be lodged on a particular date. We queried the question of credit due to us and after numerous letters we were informed that no credit was due as they take into account at the end of each month any monies held on account and the interest is worked out after that. Copy statements received from permanent tsb do not show any account of the lump sum being lodged - it only shows when we paid it in initially. Statements we had received does not show these sums lodged anywhere. Can anybody help? Our accountant is not in a position to do anything about it.
 
I'm unsure as to exactly what happened - did you lodge straight into the mortgage or into one of your own accounts and then transfer ? Sounds to me like you have one of those offset current account and mortgages ? If you check your original offer letter it will state in the small print what exactly happens if you make an out of course payment. If you have a copy statement showing the money lodged somewhere, surely if this statement doesnt show it transferring out of this account its still there?
 
Murt said:
We had paid in two lump sums into our mortgage on the assumption that it was being taken off the principal sum.
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You should not assume that excess lodgements will be taken off the capital sum owed. You need to put this explicitly in writing. Often the default with excess lodgements is to simply hold them on account to be used if, for example, you don't pay your monthly mortgage repayment and they use the excess funds instead.
 
Hi Murt

As smmb says, you will need to be a lot clearer.
How many accounts did you have?
Into what account was the money paid in?
Where did the money go?

A mortgage statement on a single account should be easy enough to follow. If the money lodged does not show up on your account, that would be serious.

I would sort that out first before sorting out the interest calculation.

Brendan
 
We had only one mortgage account. I went into the permanent tsb counter, said I wanted to lodge the money to our mortgage account and to take it off the principal. It was lodged to the account but as a credit sum. it was never taken off until we queried it some months later. It does not appear as a lodgement on our statements. When we asked for a break down of our statements they sent copy statements which showed the two lodgements lodged into our mortgage account on the lodgement dates - but in my mind this is untrue as it had previously shown that we were in credit to this amount. I just need to know if there is some independent means of getting a mortgage statment checked to make sure that no monies are due to us.
 
Murt said:
We had only one mortgage account. I went into the permanent tsb counter, said I wanted to lodge the money to our mortgage account and to take it off the principal. It was lodged to the account but as a credit sum.
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This is where you lose me. AFAIK, with double entry accounting, a mortgage account has debits and credits. Debits would be the original drawdown, plus periodic interest charges. Credits would be repayment amounts.

I have no dealings with PTSB & am unfamiliar with a mortgage account being differentiated between principal and interest, i.e. if you owe €100,000, you owe €100,000, not €90,000 principal plus €10,000 interest.

Murt said:
it was never taken off until we queried it some months later. It does not appear as a lodgement on our statements.
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As has already been posted, if you made a clear instruction to PTSB to lodge an amount to a nominated account, and this was not done, that is a serious issue for the bank. That should be the focus of your energy.
 
Thanks for your replies. I may not be phrasing it very well but I have got nowhere with the Bank on this issue. In my mind they did not carry out our instructions. who can provide help in this matter?
 
It will be extremely difficult to prove your case to any independent observer so.
 
Who could you ask to read over the statements and to get an opinion on the situation?
 
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