MSE News: Mortgage blow as building society hikes SVR

sarahbennett

Thrugelmir wrote: »

Do you have inside knowledge of the financial circumstances of the Skipton?

I'm curious as to whether you do?

sarahbennett

Thrugelmir wrote: »

And how could the Skipton foreseen the set of financial conditions which exist today. The measure they have imposed is most likely temporary.

As a customer you have the option of remortgaging elsewhere.

Why should I switch? I'm perfectly happy with the deal I have with Skipton I just want them to stick to their side. I believe though, that they will be held accountable, we have a strong case.

jdw2000

sarahbennett wrote: »

Why should I switch? I'm perfectly happy with the deal I have with Skipton I just want them to stick to their side. I believe though, that they will be held accountable, we have a strong case.

So what is the best that we can expect here? How likely is it that Skipton will reduce their rate and refund the excess taken?

And how long will it be before the decision is known?


Thanks,
jason

sarahbennett

VIGILANT22 wrote: »

Skipton are not naive/arrogant/stupid enough

Again, said very authoritatively... Fancy a bet on who will win this one? Want to put your money where your mouth is?

VIGILANT22

sarahbennett wrote: »

Again, said very authoritatively... Fancy a bet on who will win this one? Want to put your money where your mouth is?

If you feel the need to quote me, pls do no edit..

This was/is my quote which I stand by, bookmark if you wish:

"The FSA would have been aware of the decision long before it was announced....Skipton would have been in consultation with them... In this current climate Skipton are not naive/arrogant/stupid enough to take this decision before having it "signed off" by the FSA."

dmg24

sarahbennett wrote: »

Again, said very authoritatively... Fancy a bet on who will win this one? Want to put your money where your mouth is?

Perhaps you could take your head out of your backside and stop being so rude? Everyones opinions are valid, whether you agree with them or not.

sarahbennett

jdw2000 wrote: »

So what is the best that we can expect here? How likely is it that Skipton will reduce their rate and refund the excess taken?

And how long will it be before the decision is known?

For what it's worth, I think it is likely Skipton will be forced to reduce their rate back to the guaranteed amount and refund the excess taken. There are a number of procedures in progress: OFT, FSA, FOS, Court, each of which will bring in decisions. I expect the first of the decisions to arrive within a matter of a couple of months. There will be subsequent decisions but they are likely to refer to the first one. Our chances of winning are going to be easier to determine based on what these decisions bring back, but legal counsel has been very clear that we have a strong case. The extent of confidence has been the preparation of a significant amount of pro bono legal work.

sarahbennett

PM me if you'd like to go to the AGM... maybe we can get a group together to go, being as we know from this thread that some idiots will be there

sarahbennett

VIGILANT22 wrote: »

"The FSA would have been aware of the decision long before it was announced....Skipton would have been in consultation with them... In this current climate Skipton are not naive/arrogant/stupid enough to take this decision before having it "signed off" by the FSA."

For what it is worth I think they are arrogant but not stupid. I also think they are fully aware of the illegality of their behavior. Sometimes, quite cleverly, organisations do things that are illegal - one example may be supermarkets being hit by fines lower than their profits of continued illegal trading. Illegality is only going to deter those who are convinced the balance of the penalty will be to their detriment, or it may deter those with moral backbone. I think Skipton are convinced that the balance of the penalty would not be to their detriment, and here they are probably right. Even if the law finds against them they would be no worse off than where they had started so why not try it on?

I didn't mean to offend you Vigilant22, but you do sometimes say things with a great deal of authority. That is not appropriate, given you are often shown to be wrong, and appear unwilling to back things up that you say. If you are to continue to be authoritative and/or dogmatic I'd appreciate your backing up your statements a bit better. For example, perhaps you might include the odd reference, or URL link, or some other post, or even some background as to how you are an expert (e.g., relevant experience), that would be helpful to others reading this thread. Otherwise there is the risk some people will interpret you are an authority, just because you are authoritative.

Thrugelmir

sarahbennett wrote: »

I'm curious as to whether you do?

In the same way you read legal matters very well, I understand finance. Its not rocket science if you can interpret published company accounts.