ABBEY NATIONAL REMORTGAGE ERROR

In October/November I enquired with Abbey about a home improvement loan of £15,000. They said nothing could be done because of some change in the financial services act or something, call back in a couple of weeks. This continued for a further 3 calls until they said that home improvement loans were still not available but they could offer a remortgage. I expressed my concern about being tied in to my current mortgage until late 2006 because of a cash back offer I took to buy my home and the penalties involved with this. I was told that because this was to get past the "home improvement loan" problem and because I am staying with Abbey all such fees and penalties would be wavered. During the remortgage process I received two letters that indicated I would not receive the full £15000 because of other expenses, I called Abbey and was told to ignore these, it was standard bumf. Then when I finally received the cheque it was for only £12,925.

Now Abbey are saying that this is caused by their "not knowing how to work the new rules" and that I should receive compensation eventually?.no time scale. I will not get it automatically?..I may not receive the £2k at all.

Does any one know what is happening here? Are there other people in the same situation? If I knew I would be penalized I would not have taken the remortgage and I only took it on their advice.

What can I do?

Reply to
Trevor
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Thats because they are useless liars. When I moved my bank account over to them they told me they would refund the cost of getting duplicate copies of previous bank statement from my old bank. After opening the account they told me it wasn't their policy to do this. I wrote a complaint and they didnt even bother to reply.

Reply to
alfi286

I will be pursueing this relentlessly. I have chosen to switch my critical illness, life cover, etc over to them. However if this take longer than a week i will reconsider this.

I believe you only get a measure of how good a company is, by how well and quickly they deal with problems.

What do other pe> Thats because they are useless liars. When I moved my bank account

Reply to
trevd72

In message , trevd72 writes

VERY expensive. Go to an IFA.

An IFA.

>
Reply to
john boyle

snipped-for-privacy@yahoo.com (Trevor) wrote in news:3ae896c3.0501250214.ce11171 @posting.google.com:

Ahh, i've eventually found somebody who has had a similar problem to me.

I also applied for a 12,000 home improvement loan in mid October. I received the paperwork around the 19th of October and sent it back signed straight away. This was because of the warning leaflet received saying 'make sure the agreement is signed and received by Abbey before the 27th of October'. I done this as the new FSA regulations were coming into effect on Nov 1st.

In mid Nov I called Abbey to follow up my application only to find out it had been withdrawn. I was livid! They told me I had to speak to the guy who advised me and nobody else could help. For 3 days I tried to contact him and no call back. Went thru complaints with no success. He eventually called one evening and told me what had happened and the only solution was to set up a remortgage. With the remortgage I would be worse off by

25 / month compared to my current mortgage + the loan. This was an increse of 0.5%. At the beginning he did'nt seem interested in matching the figure I was originally going to pay but as I was persistant in explaining that I would be 300 worse off a year he got confirmation from a manager that they would sign it off. He promised me a call the next day but did he call back - NO.

I visited my local Abbey and demanded a meeting with a mortgage advisor. I was absolutely furious as i had arranged for builders to start this month. Took all my paperwork down there and spoke to somebody face to face. A remortgage was the only solution as they had suspended all home improvement loans. So we set one up and got a figure of compensation which i'm due from them. No penalties nor arrangement fees had to be paid as they would cover this.

The one important thing that pisses me off is that their solicitors in Manchester are charging all sorts. I live in an ex local authority property where they have to send paperwork to them and they are charging

150+vat for this. I have managed to get Abbey to cover this although they do say that there may be other charges.

I think this situation is absurd as with the home improvement loan there was no need for solicitors and no set backs. I am still waiting for my loan and have had to suspend my improvement works until April.

One thing Abbey can count on is that in two years time my bank account, mortgage and poss home insurance will be off elsewhere.

As regards to their insurance, don't. Home insurance is probably the best around as it is unlimited. For sickness, life, unemplyment you can find it cheaper elsewhere. Try

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Reply to
Pedge

I got it sorted eventually. they are repaying me my 2 and a bit grand and everything has worked out ok in the end, but what a farce. Your problem makes mine look small. I can understand you not trusting Abbey.

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Reply to
trevd72

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