Bank manager came to my home and threatened me !

mooshy1

Ok this was years ago but I still seethe and wonder should I ever follow it up. With all the press about PPI ect it keeps coming back not my thoughts.
About 15 years ago we had out first mortgage with RBS with an endowment. we had a hundred per cent mortgage at 12 per cent ! We fell into arrears and went to see the bank. The chap we saw demanded a lot each month and we sometimes actually had no food. seems far fetched now but it's the truth. Anyway we could make the payment again one month and were prob about 1000 in arrears. About 8 pm one night the man from RBS is banging on my front door. It was so loud I answered it which I usually didn't at the time as I was afraid of debt collectors. I remember it was dark and my husband was out and I was due to go n a night shift. Anyway he pushed his way in and had a lady with him . he told me my house would be taken away and that I HAD to sell my endowment to go towards the arrears. I did this without question and got next to nothing for it. e then told me weeks or months later if I handed him the keys the debt would be wiped . I did this too and we just moved out ! AS IF. I was only 20 but cannot believe how stupid I was. Should I follow this up now just out of interest to find out if what he did was legal. it really genuinly frightened me and looking back I should never have sold my endowment ! Was what he did legal ?

dunstonh

Bank manager came to my home and threatened me !

Back in my banking days one of the jobs we had to do was visit the homes of people with bad debts. Nowadays they use collection agencies but back then the staff did it.

Should I follow this up now just out of interest to find out if what he did was legal. it really genuinly frightened me and looking back I should never have sold my endowment ! Was what he did legal ?

How long ago was this?

it sounds like a very long time ago and if it isnt timebarred already then chances are you have no witnesses and if you were that distressed, then why did you not complain at the time?

mooshy1

I would never have dared complain at the time I just did as I was told !

maninthestreet

This is a wind-up, surely?

Peelerfart

maninthestreet wrote: »

This is a wind-up, surely?

Not to sure, just come back from the chip shop and I swear Elvis served me!

dunstonh

There are large sections of the banking public who would have succumbed to such treatment, dunstonh. The same sections are only in recent years learning how disgraceful the treatment may have been.

Same applies to many things in the past in all walks of life.

I am no expert on timebars, but surely one aspect is that the clock on a timebar doesn't start ticking until the victim knows they have been wronged?

No. its 15 years from the time of event. The onus would also be on the complainant to provide proof. These sorts of visits from bank staff stopped around the early 90s.

Also, what is the definition of threatening you. Some people feel intimidated when you have a normal conversation. We have one side of the story which will not be the truth. They will be the other parties story, which will not be the truth. You will have what really happened. And then you will have the interpretation of what happened based on information available.

silvercar

Until the early 90s, endowment were assigned to the lender if you had an endowment (IO) mortgage. When exactly did this occur?

Putting aside your intimidation and looking purely at the financials, it should be possible for a calculation to be done on whether changing from an endowment to repayment was the right decision. Bear in mind that in a lot of cases people are claiming they would have been better off with a repayment mortgage.

As for the voluntary repossession (handing in the keys) it could be that the sale price as a repossession covered the mortgage in a time of rising house prices.

Given that you were repossessed soon after stopping the endowment, that is likely to be a decision you would have taken anyway ie without the house there would have been little point continuing the endowment.

What happened subsequently? Did you have to pay towards a shortfall? Did you receive any surplus after the sale?

Ronaldo_Mconaldo

Some guy just turned up and told you to give him your house and so that's what you did? I wouldn't even bother trying to get legal advice for this because who know what possessions you might get talked out of this time.

mooshy1

we never ever heard anything from RBS. Vaguely remember ringing to speak to the same man shortly afterwards and was told he had been let go ? No this isn't a wind up btw I have better things to do FGS. I have no idea.what the house sold for but my husband said he still has a letter in the loft after we gave him the keys . I have little idea what it says except that they agreed to take the house in full and final settlement .The word repossession was never mentioned . I think looking back if I had sold my endowment myself I could have got an awful lot more for it, St the time I just accepted what this bank chap said. Whenever had the mortgage changed to a repayment either we just then had no endowment !

mooshy1

Ronald ms Donald I didn't come on he to be ridiculed . At 20 unlike many 20 year olds now I was still very much a child who believed everything a professional adult told me . I was brought up to speak was I was spoken to and not to question anything. Bloody awful looking back and thankfully I have now learnt that actually all grown ups are not honest trustworthy and reliable . I was so scared at the time I thought I would get a criminal record which would then prevent me from attaining the position I now hold. Being told that if I handed in our keys when this was hanging over me, pregnant 20 and and doing a Phd I was actually grateful at the time . all for the sake of about 900 quid ! anyway, do they keep records this long ?

mooshy1

Thanks Silvercar. ever heard a thing. how could I find out if we should have had either a bill or surplus?