Advice

[Mats]

Incompetent bank.

I have been in the process of taking out a second mortgage as a property for my parents to live in. It has been a torturous experience with many calls back and forth to the call center and then India phoning me at every hour known to man requesting details etc. Unfortunately I was gazumped and subsequently chose another property as a fall back. I explained to bank that I would like to proceed with the new property.

The india side of the business opened up a new mortgage application instead of continuing the existing. I had already paid a survey and arrangement fee. 1 Month later the bank charges me another £500 for setting up the mortgage. I have therefore paid 2 fees. I requested the bank refund my money. I was told they could not do that as it would cost me £150 due to me not taking the mortgage. I explained to the bank that the mortgage fee was paid and this was taken out in error. Many phone calls passed and I had an agreement that I would be refunded in 4 days.

4 days pass and I still did not have a refund. More phone calls to the bank and I explained if I did not have the money in my account within 48 hours I would be taking legal advice. I was assured that the money would be in my account within 3 business days. I checked my account today and no refund is present. I already have a complaint with the bank for my original mortgage fee as the whole process has been a disaster. If I do not get that back I am not too worried, but there is a principal. I am furious that the bank after 15 days have still not returned the money to my account after they had incorrectly billed in the first instance. What can I do? Is it a case for the financial ombudsman? Do I take them to small claims? Any advice would be appreciated.

Thanks

[Soovy]

Mats said:

Incompetent bank.

I have been in the process of taking out a second mortgage as a property for my parents to live in. It has been a torturous experience with many calls back and forth to the call center and then India phoning me at every hour known to man requesting details etc. Unfortunately I was gazumped and subsequently chose another property as a fall back. I explained to bank that I would like to proceed with the new property.

The india side of the business opened up a new mortgage application instead of continuing the existing. I had already paid a survey and arrangement fee. 1 Month later the bank charges me another £500 for setting up the mortgage. I have therefore paid 2 fees. I requested the bank refund my money. I was told they could not do that as it would cost me £150 due to me not taking the mortgage. I explained to the bank that the mortgage fee was paid and this was taken out in error. Many phone calls passed and I had an agreement that I would be refunded in 4 days.

4 days pass and I still did not have a refund. More phone calls to the bank and I explained if I did not have the money in my account within 48 hours I would be taking legal advice. I was assured that the money would be in my account within 3 business days. I checked my account today and no refund is present. I already have a complaint with the bank for my original mortgage fee as the whole process has been a disaster. If I do not get that back I am not too worried, but there is a principal. I am furious that the bank after 15 days have still not returned the money to my account after they had incorrectly billed in the first instance. What can I do? Is it a case for the financial ombudsman? Do I take them to small claims? Any advice would be appreciated.

Thanks

Ask for details of their Compliance Department. Call them and say you want to make a complaint. This will costs them time and money, and it is likely you will be paid out to avoid this.

[Mats]

Thanks but I already have a complaint outstanding. I have received a letter stating that it will take 60 days to address. This is an additional complaint where they have taken my money. Do I have to wait another 60 days. Seems a little bizarre.

[Soovy]

Mats said:

Thanks but I already have a complaint outstanding. I have received a letter stating that it will take 60 days to address. This is an additional complaint where they have taken my money. Do I have to wait another 60 days. Seems a little bizarre.

Well they have 60 days to respond. If they reject yuor complaint then complain to the FOS. This costs them £500, so they will pay you back instead.

[Mats]

I appreciatate the advice. Thank you. I am a little annoyed that the bank get to hold onto my money for a maximum of 60 days when they should not have taken it in the first instance. There is no recompense for me.

[Sarnie]

Sounds like Woolwich?

[Mats]

Due to naming and shaming policy I could not possibly comment

[Sarnie]

Mats said:

Due to naming and shaming policy I could not possibly comment

I've had issues like this with a few clients mortgages......

[Mats]

How did you resolve Sarnie? The ineptitude has been quite staggering. I am at the point of taking all of my money and various savings/investments from the affiliated bank and going elsewhere. Even my account manager has been given the run around with 6 different departments.