Advice needed on getting out of a new fixed-rate deal

mic200202

Hopper1975 wrote: »

The fee was to be added to the loan. I hoped this would be the case and I could walk away, but Natwest were pretty adamant that I could not get away from paying the fee. It seemed a little unusual that a verbal acceptance would be enough for such a complex product.

I would agree.In this case the offer of a replacement product should be made with full rights of cancellation should you change your mind.A verbal agreement should be enough to get you an offer of a new product,but not a binding situation.The offer of a new product will come with a prospective start date in mind and since that date has not been passed,you should be entitled to decline this offer. There is no way they can justify charging you a fee for a product you will not take up.A verbal acceptance would not stand up to very much in terms of a binding agreement should it come to that. I would definitely stand my ground on this one,Hopper, starting with a formal complaint, and you will win the day I'm certain.Speak to a manager first of all,let them know your intent, and if they still refuse to sort this for you, then in with the letter.Make sure you mention 'This isn't treating me fairly...' in your discussions and as always, note who you speak to,and the time and dates.I'd be surprised if they don't settle this there and then. Good luck.

Hopper1975

mic200202 wrote: »

I would agree.In this case the offer of a replacement product should be made with full rights of cancellation should you change your mind.A verbal agreement should be enough to get you an offer of a new product,but not a binding situation.The offer of a new product will come with a prospective start date in mind and since that date has not been passed,you should be entitled to decline this offer. There is no way they can justify charging you a fee for a product you will not take up.A verbal acceptance would not stand up to very much in terms of a binding agreement should it come to that. I would definitely stand my ground on this one,Hopper, starting with a formal complaint, and you will win the day I'm certain.Speak to a manager first of all,let them know your intent, and if they still refuse to sort this for you, then in with the letter.Make sure you mention 'This isn't treating me fairly...' in your discussions and as always, note who you speak to,and the time and dates.I'd be surprised if they don't settle this there and then. Good luck.

Thanks Mic, that sounds much more encouraging. I did actually ask to speak to a manager but was told "they'll tell you exactly the same thing". Looks like I'll have to be more forceful.

adandem

Baz wrote: »

But thats assuming the transfer has completed and you don;t want it anymore. It's not saying you have to pay ERC if you change your mind before you have actually transfered products. It certainly doesn't say that from what you have quoted there.

I have spoken to them and they say I have agreed to the product they have offered.

Baz_2

adandem wrote: »

I have spoken to them and they say I have agreed to the product they have offered.

Must be the difference between a remortgage from another provider and a product change at the end of a current deal then.

That sucks.

As far as I'm concerned though, if it doesn't say that in the T&C's (and what you quoted above does not mean that btw) it doesn't matter what they tell you on the phone. I assume they have pointed you in the direction of a T&C that states that? Maybe you could post the relevant term in full?