Standard variable rate rip off - anything we can do?

Trollfever

Bump.........................

:T





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sandwichman888

Hi

Check out my analysis posted the other day on this Forum.

These Lenders MUST be STOPPED from carrying on with what is almost certainly unlawful.

I have taken legal advice on this SVR business about those Lenders who are fiddling about with the differentials between BoE base and their quoted SVR and advised that these Lenders are acting UNFAIRLY by seeking to impose an Unfair Term & Condition - whether or not the Term was Expressly stated or Implied at the time of the original Mortgage agreement.

I have been advised to take the matter up with the OFT in the first instance which I will do. I suggest you all do the same as you have nothing to lose.Am advised also that the Lenders would in all probability lose if/when the matter is taken before the Courts, although if the recent Bank Charges case is anything to go by it could be while before a Final resolution.

I have also already taken the matter up the Fiancial Services Ombudsman on the same grounds. Suggest you all do as well.

However the implications of allowing all of these Lenders to get away with this particular rip off are enormous as you will see from my article.

All you Borrowers will be overcharged 10's of 1000's of £££££ over the next few years so it's going to be worth fighting these obnoxious, usurers.

dunstonh

These Lenders MUST be STOPPED from carrying on with what is almost certainly unlawful.

If you are so confident about that then take them to court.

I have taken legal advice on this SVR business about those Lenders who are fiddling about with the differentials between BoE base and their quoted SVR and advised that these Lenders are acting UNFAIRLY by seeking to impose an Unfair Term & Condition - whether or not the Term was Expressly stated or Implied at the time of the original Mortgage agreement.

More like your were told you dont have a case because it is your assumption that SVR is linked to BoE. Especially when we are talking about Std Life who have always funded their mortgages by external means and not financing that is linked to the BoE base rate.

Am advised also that the Lenders would in all probability lose if/when the matter is taken before the Courts

If its that easy then why aren't you doing it?

I have also already taken the matter up the Fiancial Services Ombudsman on the same grounds.

Who wont be interested. 1) they wont handle your complaint until you have gone to the lender first and been deadlocked. 2) when it does go back to them if you pursue it they will tell you that they do not get involved in commercial decisions.

If you don't like the mortgage deal you are on then change it.

ILW

sandwichman888 wrote: »

Hi

Check out my analysis posted the other day on this Forum.

These Lenders MUST be STOPPED from carrying on with what is almost certainly unlawful.

I have taken legal advice on this SVR business about those Lenders who are fiddling about with the differentials between BoE base and their quoted SVR and advised that these Lenders are acting UNFAIRLY by seeking to impose an Unfair Term & Condition - whether or not the Term was Expressly stated or Implied at the time of the original Mortgage agreement.

I have been advised to take the matter up with the OFT in the first instance which I will do. I suggest you all do the same as you have nothing to lose.Am advised also that the Lenders would in all probability lose if/when the matter is taken before the Courts, although if the recent Bank Charges case is anything to go by it could be while before a Final resolution.

I have also already taken the matter up the Fiancial Services Ombudsman on the same grounds. Suggest you all do as well.

However the implications of allowing all of these Lenders to get away with this particular rip off are enormous as you will see from my article.

All you Borrowers will be overcharged 10's of 1000's of £££££ over the next few years so it's going to be worth fighting these obnoxious, usurers.

If you dont like it take your business elsewhere. If nobody else wants your business then that is your problem.
Please stop whinging it is very annoying.

happybroker

what is a "usurer" and how do you "signally" not do something? I'm confused.

new poster, mentions of "unfair terms and conditions", overcharging and legal action........where have i heard this before?

theartfullodger

"Usurer" (Sigh!...)

Noun Usurer

A person who loans money to others and charges interest, particularly at an illegal, exorbitant, or unfair rate. (e.g. Wonga.com, 2689% APR!)


However - new poster, ranting and the give-away is USING LARGE BOLD CAPITALS. Glad I don't drink in the same Pub as him!

Cheers!

Lodger

happybroker

thanks lodger, I am enlightened.

ILW

Usurous rate of interest = 5.79%
Am I missing something.

luckyfool

lynnzal wrote: »

Or it might not, so thanks for the advice!

As a borrower I was suprised that my mortgage payments with CBS went up after my fixed rate finished. They now have the highest SVR and offer less than 2.5% (on average, before tax) to savers. I have written to them to express my disgust and will report back any response.
As mentioned elsewhere on this thread, they are not obliged to reduce rates in line with BoE. However, borrowers have as much say as what goes on as savers with the CBS, so members should make their voices heard.
I believe they have a large portfolio of bad debt and are trying to avoid taking on any more debt (hence high rates). Note they no longer offer buy to let mortgages directly (you have to use a subsidiary). The big risk for CBS is that existing high risk borrowers cannot get loans elsewhere so will stick with them, whereas existing low risk borrowers can ...and should move their business.

Borrowers have the same voice, unfortunately for you Building Societies have many many more savers than borrowers, typically 10 times as many I would imagine. Each member gets one vote, whether you have a £100 savings account, or a £250,000 mortgage.

Stuart1

We too are on an interest-only mortgage with the Chelsea 'building society' and being on 6.04% interest instead of 1% has blown our budget - now they keep charging us 35 twice a month for arrears. Is there anything at all we can do about this rip-off?
SF