Nationwide tracker and I am sure there is no collar

sammyjammy

has214 wrote: »

yes i'm new to this site but I'm not oblivious to mortgages. You say business is business, but I don't think that app. to banks . they are more like businesses above all others. Would I recieve a cash handout if my business was facing meltdown...I don't think so...they have a moral duty to help those who helped them

I didn't say anything about you being new to the site or that you were oblivious to mortgages.......:huh:

You're right you wouldn't receive a cash handout but you cannot compare a major multi national corporation like a bank with a small business, like it or not if the banks hadn't been given the handout thousands of people would have lost their jobs and the economy would be in a major meltdown 20 times the one its in now.

_Andy_

has214 wrote: »

tracker collars are morally not right and should not be invoked, and by the way Sammy are you sitting on heap of cash by any chance?

You have a bit of an attitude problem.

has214

your obviously on some kind of a mission and can't be reasoned with. I'll leave you as you were to find better company and Andy you don't know me, so how can you comment on my attitude from just a few paragraphs I've posted?

has214

and one final thought for you Sammy. You sound like your only relating to what is fed to you by the media and I think you know very little on how economies work and by just saying people would loose their jobs if the banks wern't bailed out is just a basic interpretation of what is really happening. Bank bailouts might act as a temporary prop for the moment but will most definately brew up something much bigger for later.Puting it simply Bailouts are not the answer. Goodnight to you both:rotfl:

has214

and I also take back the thanks which I said to you even though you didn't understand that I never meant to. Try reading carefully what is said to you before firing....

_Andy_

has214 wrote: »

Andy you don't know me, so how can you comment on my attitude from just a few paragraphs I've posted?

Quite easily and your two most recent posts on here support my views further.

_Andy_

has214 wrote: »

Try reading carefully what is said to you before firing....

That would be made somewhat easier if you managed to improve your literacy skills.

has214

i just can't understand why? , that just after a few words I've said, such hostility is being directed towards me. I've never boasted about my literacy skills, most people don't mind.

needafilip

http://fsahandbook.info/FSA/html/handbook/MCOB/5/6

This is the link to the handbook that contains the regulations to which IFAs and Lenders have to abide by. The specific regulations that apply are MCOB 5.6.25 and MCOB 5.6.27.
These quite clearly state that any collars need to be clearly identified in the KFI and this also applies to the offer documentation. The whole point of a KFI is to avoid key facts applicable to a finance product being hidden in the small print. Moreover, the very use of a KFI encourages the consumer to not read through the all the terms and conditions else what is a KFI for?
Given the above anybody who took out a mortgage without the interest rate floor being explicitly described in the KFI has good grounds for complaint in the event that a mortgage collar is introduced.
has214 from what I have read I think you would have a good case to make a complaint, without seeing your docs I could not say for certain, but these financial institutions are obligated to provide you with all the pertinent information in a clear and concise way. Get in touch with the Financial Ombudsman to see how to pursue a complaint.
If the regulation being introduced (i.e. the requirement to produce KFIs) is leading to less transparency and the ability to really hide key contractual terms then the regulation itself is flawed.
has124 you weren't gullible you were mislead and mis-sold a product and you have every right to feel agrieved and every right to pursue recompense.
If enough negative publicity is generated then the banks will listen, keep making a noise, this is not the way good business is done, and Halifax are clearly a testiment to poor business practice.

needafilip

http://fsahandbook.info/FSA/html/handbook/MCOB/5/6

This is the link to the handbook that contains the regulations to which IFAs and Lenders have to abide by. The specific regulations that apply are MCOB 5.6.25 and MCOB 5.6.27.
These quite clearly state that any collars need to be clearly identified in the KFI and this also applies to the offer documentation. The whole point of a KFI is to avoid key facts applicable to a finance product being hidden in the small print. Moreover, the very use of a KFI encourages the consumer to not read through the all the terms and conditions else what is a KFI for?
Given the above anybody who took out a mortgage without the interest rate floor being explicitly described in the KFI has good grounds for complaint in the event that a mortgage collar is introduced.
has214 from what I have read I think you would have a good case to make a complaint, without seeing your docs I could not say for certain, but these financial institutions are obligated to provide you with all the pertinent information in a clear and concise way. Get in touch with the Financial Ombudsman to see how to pursue a complaint.
If the regulation being introduced (i.e. the requirement to produce KFIs) is leading to less transparency and the ability to really hide key contractual terms then the regulation itself is flawed.
has124 you weren't gullible you were mislead and mis-sold a product and you have every right to feel agrieved and every right to pursue recompense.
If enough negative publicity is generated then the banks will listen, keep making a noise, this is not the way good business is done, and Halifax are clearly a testiment to poor business practice.