Shafted by Abbey (and Vodafone)

outrageous

We are FTB and went to Abbey. They stated that we failed the credit check. I was bemused. I paid for Experian checks for both myself and my partner and it transpired that Vodafone had placed a default notice on my partner's record. This was a mistake and after several furious phone calls and e-mails they removed the default marker accepting full culpability for their mistake.

I immediatley informed Abbey, who stated that they needed to show the apology letter from Vodafone and the updated credit records to their underwriters. They still refused us.

We only have a 10% deposit and Abbey offered the best deal by far. Thanks to Vodafone's error, I'm going to end up paying much, much more.

Should I look to take action against Vodafone and/or Abbey? Clearly Vodafone's negligence has cost us the mortgage deal with Abbey, but by the same token Abbey surely shouldn't be penalising us for another company's error?

What should I do? I'm not really in a position to start suing anybody, but think that I've been hard done by.

For info we are both in full time employment, earning a combined income of £60k plus, and have credit scores of 999. We are only trying to borrow £124k.

mclaren32

It does sound like things have really gone against you but because Abbey have seen the letter from Vodafone and the default has been removed they will only ever say they have other reasons for declining the application. They have no obligation to lend to you and it sounds like you have done everything you can with them.

herbiesjp

If they do not want your business then tale it elsewhere.

A mistake on your credit file has been corrected, you have a letter confirming the mistake, and they still want to ignore it.

Get an up to date copy of your credit file and discuss this, along with the letter, with a good whole of market adviser.

They will be able to discuss the scenario with a lender beforehand, and get a deal agreed for you.

duarab

Hi, in same situation as you, had a mistake on credit file got it removed, broker argued with abbey to get application redone as mistakes were removed from file, score now 958 but failed again, turns out abbey are using a 2 week old credit report, after lots of arguing the abbey are going to look at my copy of the credit report and the letter saying i had mistakes and they were removed, broker not holding out much hope as abbey as useless but i will need to wait till monday to see. why cant they just get a new copy of my credit report?

dunstonh

Should I look to take action against Vodafone and/or Abbey? Clearly Vodafone's negligence has cost us the mortgage deal with Abbey, but by the same token Abbey surely shouldn't be penalising us for another company's error?

You cant force a company to take your on if they dont want to.

I'm not really in a position to start suing anybody

and you would lose anyway. So, no point.

Go to a whole of market mortgage broker, make them aware of the details you have told us and get them to sort a mortgage for you.

duarab

dunstonh wrote: »

You cant force a company to take your on if they dont want to.



and you would lose anyway. So, no point.

Go to a whole of market mortgage broker, make them aware of the details you have told us and get them to sort a mortgage for you.

In my situation i am porting so for me to move company would cost £3000 i have been told if abbey fail to look at the correct info or keep working from an old credit report i would have grounds to go to the fsa and persue for compensation, in the posters situation he would need to find out on what grounds did he fail.

redpete

outrageous wrote: »

Clearly Vodafone's negligence has cost us the mortgage deal with Abbey,

Not so clear, they didn't say it was the default that meant they wouldn't do the deal, maybe there are other concerns.

opinions4u

outrageous wrote: »

We only have a 10% deposit and Abbey offered the best deal by far. Thanks to Vodafone's error, I'm going to end up paying much, much more.

Has it crossed your mind that the 10% deposit is the biggest factor here? Ask them if they would lend on a 15% deposit. It may trigger a whole different underwriting view.

Should I look to take action against Vodafone and/or Abbey?

Vodafone have corrected their error. You could potentially ask for a small amount of compensation (£25?) for the effort involved. But they have not made a decision to lend / not lend. Abbey have.

On what grounds are you considering taking action agsainst Abbey? You don't meet their criteria. They don't want to lend to you. They don't have to lend to you and there's no law that will make them lend to you.

Clearly Vodafone's negligence has cost us the mortgage deal with Abbey

I still think the lack of a deposit beyond 10% is your biggest problem.

What should I do? I'm not really in a position to start suing anybody, but think that I've been hard done by.

Try a bigger deposit with Abbey or borrowing from another lender.

For info we are both in full time employment, earning a combined income of £60k plus, and have credit scores of 999. We are only trying to borrow £124k.

The 999 is a figure allocated to you by somebody who isn't lending you the money. Don't get hung up on it.

dunstonh

i have been told if abbey fail to look at the correct info or keep working from an old credit report i would have grounds to go to the fsa and persue for compensation

Whoever told you that doesnt know what they are talking about. The FSA do not handle consumer issues and do not give "awards" to consumers.

Like others on this thread, its more likely refusal due to another reason. Remember that if applying via the bank directly, the person at the branch or on the phone may not be the one making the decision and may not be fully aware of the reasons behind it.

duarab

dunstonh wrote: »

Whoever told you that doesnt know what they are talking about. The FSA do not handle consumer issues and do not give "awards" to consumers.

Like others on this thread, its more likely refusal due to another reason. Remember that if applying via the bank directly, the person at the branch or on the phone may not be the one making the decision and may not be fully aware of the reasons behind it.

As i explained i am refused due to default, this has been removed but abbey are working from old credit report so please get you facts correct.

dunstonh

duarab wrote: »

As i explained i am refused due to default, this has been removed but abbey are working from old credit report so please get you facts correct.

Please stop hijacking someone else's thread