When is a 4 year fix not a 4 year fix?

ecco66

happybroker wrote: »

it's the paperwork that has come through that contradicts what has been said over the telephone by the look of things. I can see why the OP is annoyed but it's a bit of a lost cause unfortunately.

I doubt any advice was given, Abbey seem to be really struggling with the quality of work they do at the moment and the conversation I had with a a regional manager yesterday indicated that the more experienced staff that work there have now had any discretion they had taken away from from them....they don't pay too well and as the old adage goes "you pay peanuts you get monkeys".

That's precisely it. I am not trying to make any claims for anything, I am just ticked off that they can't make clear from the outset what they are offering. It is only two months after all so it's not the end of the world but that is not the point.

_Andy_

Ah OK that clarifies things - however you have no grounds for a complaint - I hear what you're saying about the phone call, however as you then had everything in writing you then had plenty of time to read things over and query it/reject the product if you wished.
Unfortuantely you'll just have to grin and bear it.

ecco66

_Andy_ wrote: »

Ah OK that clarifies things - however you have no grounds for a complaint - I hear what you're saying about the phone call, however as you then had everything in writing you then had plenty of time to read things over and query it/reject the product if you wished.
Unfortuantely you'll just have to grin and bear it.

I do have grounds for complaining - and I have complained.

Please don't talk about this in the past tense, as I have said before I have not signed anything and am still considering it.

That doesn't detract from Abbey saying one thing and doing another.

_Andy_

Fine - obviously because you don't like the answers, everyone else is wrong.
Good luck with wasting their time.

ecco66

_Andy_ wrote: »

Fine - obviously because you don't like the answers, everyone else is wrong.
Good luck with wasting their time.

There's really no need to be rude. I wasn't asking for answers, I was posting a statement. I did not ask for any advice on what to do.

dunstonh

Fixed rates have always had a fixed expiry date. They may be on offer for 3 months at a time and those early in the process may get 5 years and 1 month whilst those applying later only get 4 years and 11 months. If you take a while to complete then it may end up being 4 years 6 months.

The FSA are quite happy for these deals to be advertised on the basis of rounding to the nearest year providing the expiry date is disclosed (which it always is) and the rounding is within reason.

I just arranged a 5 year structured investment that doesnt mature until 5 years 3 months time. Its still called 5 years though.

I receive the paperwork to convert the mortgage and the expiration date is 3 August 2013 - two months earlier than it should be.

Your deal ends in October. Anyone buying now gets 4 years 1 month. Those being advanced next month get 4 years and those advancing in September get 3 years 11 months. The deal will be almost certainly be pulled before 3rd August 09 so it would have retailed correctly as a 4 year deal.

Its way too early for you to be looking at new deals. There is no issue here and no complaint to answer.

ecco66

dunstonh wrote: »

Fixed rates have always had a fixed expiry date. They may be on offer for 3 months at a time and those early in the process may get 5 years and 1 month whilst those applying later only get 4 years and 11 months. If you take a while to complete then it may end up being 4 years 6 months.

The FSA are quite happy for these deals to be advertised on the basis of rounding to the nearest year providing the expiry date is disclosed (which it always is) and the rounding is within reason.

I just arranged a 5 year structured investment that doesnt mature until 5 years 3 months time. Its still called 5 years though.

Your deal ends in October. Anyone buying now gets 4 years 1 month. Those being advanced next month get 4 years and those advancing in September get 3 years 11 months. The deal will be almost certainly be pulled before 3rd August 09 so it would have retailed correctly as a 4 year deal.

Its way too early for you to be looking at new deals. There is no issue here and no complaint to answer.

Why is it way too early for me to be looking at new deals when I want to be sure I get a good fix and I don't know whether rates will stay this low? What is the advantage in me waiting until October when rates seem to be creeping up?

I understand how the fixed rates work now - it's just a pity Abbey didn't tell me over the telephone.

I don't get why I keep being told I have no complaint? That's my decision to make, not yours and it's not like I am threatening to go to litigation, ombudsmen or even a written complaint to Abbey.

Geez, this is an intolerant forum.

happybroker

I think the tone of some of the responses you have had is a bit harsh to be fair ecco and certainly it's your right to complain. Personally I have a bit of an issue with the quality of the people you get to deal with at many of the banks and if your making a complaint means some one else gets the correct information at the first time of asking then that's got to be good news.

dunstonh

Why is it way too early for me to be looking at new deals when I want to be sure I get a good fix and I don't know whether rates will stay this low? What is the advantage in me waiting until October when rates seem to be creeping up?

You dont have to wait until October but many lenders wont touch you until you are within 10 weeks of your deal ending.

I don't get why I keep being told I have no complaint? That's my decision to make, not yours and it's not like I am threatening to go to litigation, ombudsmen or even a written complaint to Abbey.

What we are saying is that you can complain but they dont have a case to answer. They can quite happily reject it and you would expect the FOS to side with them if you took it that far. Abbey are rubbish in many areas and need a good kick up the backsides at times but this isnt one of them.

opinions4u

ecco66 wrote: »

I understand how the fixed rates work now - it's just a pity Abbey didn't tell me over the telephone.

While I do sympathise, what is in writing will always take precedent over what was or wasn't said in a telephone conversation.

I don't get why I keep being told I have no complaint? That's my decision to make, not yours and it's not like I am threatening to go to litigation, ombudsmen or even a written complaint to Abbey.

It is your call as to whether or not you choose to pursue a complaint. What I believe posters are telling you is that you've got no chance of succeeding in any way, shape or form. I'll add to it - your complaint will not succeed. Let it go, it's not worth the effort or the stress.

Geez, this is an intolerant forum.

I disagree. You will get direct answers. They might not always say what you want to hear, but that's not intolerance, that's delivery of what the poster sees as a factual response. I'd much rather get facts than a cyber-arm round my shoulder commiserating with me about how awful the big bad world of personal finance is.

Have you shopped around for a better deal with another lender?

Sites like www.moneyfacts.co.uk or www.moneysupermarket.com/mortgages may highlight something elsewhere that will benefit you.