Scarborough BS and Skipton Mortgage DD rip off

MarkyMarkD

LOL. What a surprise? Perhaps not.

Your rate is still fixed. Stop griping about nothing.

fineanddandy

MarkyMarkD wrote: »

LOL. What a surprise? Perhaps not.

Your rate is still fixed. Stop griping about nothing.

Is paying (through no fault of my own) a tenner extra a month due to this change nothing!

You find that a laughing matter in these days of financial hardship.

What a charmer you are Mark!

RabbitMad

f&d, is there any mileage in taking your greivence (claim for breech of contract) to the small claims court? Sue for a sum equal to £10 pcm until the end of your fixed deal.

Maybe a LBA giving them 21 days to pay up, then MCOL them?

malkie76

do your T&C state that they can change the date of your DD if they want to ? Most DD arrangements have that written into the agreement to cover the company's back should something like this happen. (ie there's no breech of contract)

fineanddandy

Ah, the T and C's give them carte blanche to do virtually anything they want to...I have to put this down to experience, and remember a fixed rate is not always a fixed rate if the lender wants to change the rules!

MarkyMarkD

My LOL is not out of being "a charmer". It is because "I told you so". There was no way that the FSA was going to rule that the FSA made a mistake in approving the merger documents, of which this formed a part. There was no way that the FSCS was going to rule that the FSA made a mistake either.

So all avenues of complaint were doomed to failure.

Wakey2008

fineanddandy wrote: »

Final update...

I have heard back from the FO, and they feel Skipton did what they could and it is fair.

Gutted and peeved, but life goes on...another lesson learnt though, NEVER TRUST ANY COMPANY, what you see isnt always what you get...a fixed rate that can be unfixed, if the BS deems it acceptable.

You took out a fixed rate of interest, not a fixed repayment. You never stood a chance of winning in a complaint because your complaint was unjustified. When a merger or change on a mortgage goes through the payment is recalculated to ensure that the full balance is still repaid at the end of the term, thus not disadvantaging you.

fineanddandy

Wakey2008 wrote: »

You took out a fixed rate of interest, not a fixed repayment. You never stood a chance of winning in a complaint because your complaint was unjustified. When a merger or change on a mortgage goes through the payment is recalculated to ensure that the full balance is still repaid at the end of the term, thus not disadvantaging you.

Technically that may be true, but I was always told by all the 'advisors' fixing it meant I would pay the same amount each month for the term..not one ever mentioned that actually it isnt cast in stone.maybe 'advisors' need to clarify what fixed means, seeing as they are the 'experts'! :rolleyes:

Oh, I just copied and pasted this of the woolwich website...

Fixed rate mortgages
Our fixed rate mortgages give you the security of a set monthly repayment for a specific period, regardless of how interest rates perform. Perfect if you’re planning ahead or working to a budget

That seems very clear cut message that the customer would expect to pay the same each month for the term

fineanddandy

MarkyMarkD wrote: »

My LOL is not out of being "a charmer". It is because "I told you so". There was no way that the FSA was going to rule that the FSA made a mistake in approving the merger documents, of which this formed a part. There was no way that the FSCS was going to rule that the FSA made a mistake either.

So all avenues of complaint were doomed to failure.

Sometimes Mark, you have to stand up and be counted, even if the banks, regulating bodies and adjudicators are against you..I still believe it is wholly unfair what happened. I just hope Skipton dont ring me up offering their other products...though I will be polite:D

MarkyMarkD

fineanddandy wrote: »

Technically that may be true, but I was always told by all the 'advisors' fixing it meant I would pay the same amount each month for the term..not one ever mentioned that actually it isnt cast in stone.maybe 'advisors' need to clarify what fixed means, seeing as they are the 'experts'! :rolleyes:

Oh, I just copied and pasted this of the woolwich website...

Fixed rate mortgages
Our fixed rate mortgages give you the security of a set monthly repayment for a specific period, regardless of how interest rates perform. Perfect if you’re planning ahead or working to a budget

That seems very clear cut message that the customer would expect to pay the same each month for the term

Equally obviously, I would have thought, missing making any payment at all in a particular month would render the following months' expected payments incorrect. And that is what has happened.

If you were in a financial position to have paid on the 28th, then on the 1st (3 days later), your monthly payments would have remained unchanged and the "promise" you were given up front would have been met. It is because you are unable to cope with a payment date from 28th to 1st that you have a problem.

I am not accusing or criticising you for this. Most people can't cope with a payment date that brings forward their payments 27 days.

But as Skipton collects ALL its payments in advance (apparently) there was no way they could have changed their systems - in the time available - to deal with this. And that's doubtless why the FSA approved it in the first place - even though there is customer detriment - and that's why the FSA and the FSCS were not going to overrule the initial decision.

That's how I see it, anyway.