MSE News: Santander 'worst bank for customer service'

innovate

the4thlion wrote: »

My credit rating was 966......knobhead

No need to get abusive. Better to inform yourself how banks do credit scoring - - you'll soon find out that your CRA rating is of little relevance.

BobQ

the4thlion wrote: »

Hi all, i have myself just become a victim to that pathetic excuse of a bank known as `Santander`, you will get the jist of my telephone conversation through the letter i have just sent customer services......

Hello,
Just writing to you to say how poor your service is concerning remortgages. I recently took out a mortgage with you as i thought (at the time) that Santander had a good name, and to take advantage of the low rates.
I wanted to borrow £20,000 on top of the £67,500 to consolidate a loan, and for small house improvements. I earn £32,500 a year, never had bad credit and was looking to pay £589 to complete my mortgage in 16 years (even more if possible), thought there would be no problem whatsoever.................................
However, i have just been turned down over the phone by one of your assistants, due to the pathetic questionaire that you ask, i.e how much on birthdays/Christmas a month !!!! How much a month on decorating??? How much a month on holidays ?? How much a month on car repairs etc etc; All of these questions can have no REAL answer, as i dont spend every month on Christmas and Birthdays and i dont know what i am going to buy until the dates arrive or how much....PATHETIC. I also dont decorate every month,as like everyone else in the world, you decorate when the need arrives, as with car repairs, how can you give an estimation on something that hasnt happened.....What a joke.
And then to top it off, when asked my outgoings, i replied that on my credit card (of which i owe £3500),i pay £250 a month,not because that is what the company requires (my minimum payment is £40) but because, unlike some people, i want to pay it off asap, and because `I` choose to pay that,of which can be reduced or increased as and if needed. Also when asked if i contribute towards a pension i replied that i did but it is automatically deducted from my wages as it is a company pension, so wasnt sure exactly how much, but gave my gross and net pay, to which got the reply that i earn £100 a month less (due to her calculations), than what my payslip that i had in front of me read,bearing in mind that i work for a multi-million pound company, i am pretty sure that for the last 16 years of service, they havnt overpaid me.
So basically, i was turned down because,as she explained, my funds would be insufficient, when i questioned this, i was told that with my credit card (which, as i said previously can be reduced by £200 if i chose), and my annual payment (of which £1200 net has been wiped off by your assistant), i would have more outgoings than income...
As this still didnt make any sense at all to me, i said that, even going by her calculations, the consolidation of payments would still leave me better off,to which i got the reply that maybe i wont really pay off my loan, and instead spend it on other things, leaving me in the circumstances that she was making concerning insufficent funds!!!! And was even declined when i replied that Santander could pay the debt direct to the company, rather than me filtering it all away due to my irresponsibility of paying off my debts !!!!!!!! ....... UNBELIEVABLE.
So there you go, due to this person blatantly calling me a liar,i have now got circumstances where,if ever asked if i have been turned down for a mortgage,i am going to have to say yes.
I hope i get a reply to this, as i am pretty sure i will get many replies from the numerous threads that i will be posting this e-mail on as a warning to steer well clear of Santander.
Thankyou

I found your letter hilarious.

If I have learned one thing in the past 30 years its the truth of the US phrase "You can't fight City Hall". Like you I think that the people who design these forms are a confused bunch. If your objective is to make Santander realise this keep challenging them like this. But if your objective is to get a loan learn to "play the game". Its a form, with a box into which the "assistant" needs to put a number. Give them a number! Make it one you can defend if challenged. How much do you spend on a month on decorating? Why £33 of course. If this is one 12th of what you spent last year, its about right but they do not care what the figure is only that its affordable. "How the heck do I know?" does not help them or you!.

Your real problem though was that you failed to convince them you would pay off the increased loan. Your reaction to their questions was probably interpreted as you saying you do not bother to account for your day to day spending and do not know where your money goes (eg not knowing what you pay for your pension or presents). If your letter gives a true reflection of the tone of the conversation you appear to be flippant and unfocussed in your finances. You probably understand what you are asking to borrow and are clear you can pay it back. But what they were saying was they do not believe you based on what you said.

From the viewpoint of others you are asking to borrow more than you currently owe to make home improvements and they are not convinced its manageable. You have demonstrated that you are silly enough to have £3500 on an expensive rolling credit card loan. To your credit you are paying it back above minimum, but you are still going to take a couple of years to pay this expensive loan off. This does not count in your favour.

Also, just because its cheaper for you to consolidate your existing debts does not mean that any financial institution needs to accommodate you. They are not a social service. They are loaning you other people's hard earned savings yet you give the impression that you think approving your extra loan is a right. The fact that you have now been refused credit is not Santanders fault its yours.

Next time you apply try and play the game.