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?