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FearTheHands

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ILW

You have not said why you think the mortgage was £600pm too much.

kingstreet

Is commercial finance FSA-regulated? Is there the usual consumer protection? There isn't with buy to let business, so I have my doubts.

If it is, not much to add to what you've been told. Write a complaint setting out what went wrong and what you want them to do to put it right.

They have 8 weeks to respond to you. Following that, you may have the right to escalate to the FOS, subject to my opening comments.

ILW

FearTheHands wrote: »

We don't "think" the mortgage was £600 too much per month, we were imformed of this by our new manager. Since then our mortgage payments have been adjusted & we are now paying aprox £600 per month less.

The mortgage payments were not readjusted when the base rate changed as they should have been.

Was it a tracker?

opinions4u

It's like knitting fog sometimes on here.

holly_hobby

No Kings. your spot on, commercial finance is not regulated, so does not afford the same consumer protection - which is why the bank will always direct the individual to seek independent legal advice.

The angle being taken here that if the correct mge amount had been charged, they would not have needed an overdraft and debt to the extend they held it, will really be taken in any investigation as conjecture on the OPs part, and although I'm sure they believe this would have been the case, it can not be really proven or substantiated beyond reasonable doubt - as other business constraints could have forced a situation where an OD and requirement of finance was necessitated or indeed chosen to be utilised to assist in operational costs, regardless of the mge issue at the centre of the storm !

I also don't believe FOS will be in a position to look at this (maybe Magiecottage will confirm for certain) as it is commerical finance and not regulated business (although an Overdraft element with respect to a personal bank account IS regulated under S10 (part v exemption) of the CCA.

OP, have you had the overpayments refunded/your os commercial loan re-adjusted ?

If not have you taken legal advice, which may involve a fee, but I don't believe trying to save this fee by going via FOS and the board will bring you any joy (even if FOS can review - which as I say is doubtful due to the commerical natue of the relationship).

Hope this helps ... hope you don't think I'm being awkward or negative, but on balance I really don't think this has any legs ... sorry !

Wish you well

Holly x

holly_hobby

opinions4u wrote: »

It's like knitting fog sometimes on here.

... that did make me titter O. !!!

H