MSE News: Thousands of Santander mortgage holders could get payouts after blunder

TheMightySwordfish

Now that's One Step Beyond - Madness.

crusaderstyle

Hi All,

Nothing much is happening with me and my claim yet - only returned my questionnaire a couple of weeks ago now.

However, on Friday I did get a call from the cap-margin team at Santander. They wanted clarification on a couple of answers I'd given on the questionnaire - one was to find out my other half's self employed salary at the time my fixed rate ended - the info was provided, but they said it hadn't scanned in properly.

I also did not fill in the section concerning any defaults, CCJ's registered etc. To be honest, I don't think this question is for any other reason but to be used against you should you answer in the affirmative! They asked about this, but I told them there was more than enough information in the 'extra info' that I'd attached to the questionnaire.

This is just one more reason I think they would use to argue that 'the balance of probabilities suggest you wouldn't have been in a financial to switch providers' should you have less than a perfect credit score.

That would not be acceptable to me. My argument with them is (and will continue to be!) that as they breached the conditions of the contract by not notifying me of the cap margin change, they have forfeited the right to advise me on how I am affected now/then. They can't have it all their own way.

Looks like I'll be waiting at least a couple more weeks before my rejection letter is sent!

suzandthecity

Hi guys
I received my rejection letter this morning.
it says
"....when you initially chose the mortgage product you were on in 2008, you opted for a 2 year fixed rate of 5.9%. The cap margin would not generally have been promoted as a specific benefit of your mortgage and I believe you would have chosen this rate as it met your overall requirements at the time, which could have included the type of interest rate charged and the amount of time the introductory rate lasted for.
I note from your letter that you have told us you would have moved your mortgage during an ERC free window in December 2008, however the ERC window was not available to customers with a fixed rate in line with the terms as detailed in your standard mortgage conditions.
The cap margin affected your mortgage when your initial fixed rate expired and you reverted to paying interest at the SVR. You were free to remortgage to another lender at this point if you were unhappy with the rate you were being charged. You remained on the SVR for 7 months it is reasonable that, on the balance of probabilities, you were happy with the rate of interest you were paying and would therefore not have been motivated to move to an alternative product as a result of the margin change. As a result you are not entitled to redress"

Discuss!!

TheMightySwordfish

A standard "Broom, sweeping under the carpet" response, if you ask me.

suzandthecity

Do you think my complaint is dead in the water?

ceegee

My understanding is that the customers who were affected were those on an SVR linked (discounted) rate. I was on one of those.

I posted my completed questionnaire last Monday. Today I received a reply, dated 3rd July, so they replied the same day that they received my questionnaire.

Their reply:

Dear ceegee,

Thank you for contacting us to let us know about your concerns. A member of my team will be responsible for carrying out an independent review of your complaint in the hope that we can reach an acceptable outcome.

Once the review is complete we will provide you with the details of our investigation and the proposed outcome. If you remain unhappy and do not feel we have resolved your complaint to your satisfaction you are entitled to refer your complaint to the Financial Ombudsman Service as outlined in the enclosed leaflet.

Until the investigation is complete, I do not know what the outcome will be. I hope, however, that we will be able to find a solution that you are happy with.

Lots of love,

Santander

xxxxxxxxxx


So, at the moment, it looks as if they will investigate the cases where people were affected by the shenanigans re the SVR after coming off the SVR linked (discounted) rate. Whether other "situations" need investigating as well, I do not know, but I think that confusion has arisen by them having sent out letters to 270,000 people, when they themselves have said that only about 30,000 would have been affected.

I think it was the Financial Conduct Authority who told them to write to the 270,000.

I shouldn't think my redress will be huge as I finished paying my mortgage off in July 2010, so it is only a 21 month period that is involved.

All thoughts are my own.......every Santander customer has their own particular set of circumstances, but I hope this post is of some use to somebody. :undecided

TheMightySwordfish

suzandthecity wrote: »

Do you think my complaint is dead in the water?

No, far from it. I just think we have more to fight through than others. Some will have Santander throwing money at them from the start. Others will have to do a bit of work.

charlie3090

ceegee wrote: »

My understanding is that the customers who were affected were those on an SVR linked (discounted) rate. I was on one of those.

I posted my completed questionnaire last Monday. Today I received a reply, dated 3rd July, so they replied the same day that they received my questionnaire.

Their reply:

Dear ceegee,

Thank you for contacting us to let us know about your concerns. A member of my team will be responsible for carrying out an independent review of your complaint in the hope that we can reach an acceptable outcome.

Once the review is complete we will provide you with the details of our investigation and the proposed outcome. If you remain unhappy and do not feel we have resolved your complaint to your satisfaction you are entitled to refer your complaint to the Financial Ombudsman Service as outlined in the enclosed leaflet.

Until the investigation is complete, I do not know what the outcome will be. I hope, however, that we will be able to find a solution that you are happy with.

Lots of love,

Santander

xxxxxxxxxx


So, at the moment, it looks as if they will investigate the cases where people were affected by the shenanigans re the SVR after coming off the SVR linked (discounted) rate. Whether other "situations" need investigating as well, I do not know, but I think that confusion has arisen by them having sent out letters to 270,000 people, when they themselves have said that only about 30,000 would have been affected.

I think it was the Financial Conduct Authority who told them to write to the 270,000.

I shouldn't think my redress will be huge as I finished paying my mortgage off in July 2010, so it is only a 21 month period that is involved.

All thoughts are my own.......every Santander customer has their own particular set of circumstances, but I hope this post is of some use to somebody. :undecided

my letter was identical to this one, I am an M013 if that helps,
Charlie.

charlie3090

I forgot to add that I put very little info on my questionnaire just the bare bones.
my reason for that was because I felt that what was going on in my life was not relevant,they denied me the choice that I should have had to switch ,
am I just being naive?,
Charlie.

almond

Two_steps_forward... wrote: »

Charlie 3090, themightyswordfish and ceegee. All correct in my view. As previosly stated, those with M013 upwards should expect an offer without too much argument because their complaint falls within the bounds of what Santander appear to have agreed to deal with in their deal with the FCA.

I am sure they hope that they can get away with just that but the rest of us must just keep pushing. A long haul probably and maybe ending in some form of joint action eventually. There might be some parties who are prepared to help out? :-)

well I rang and rang and sat on hold then after 40 mins got told why do you want a copy of t&c when you say you have one, got nowhere I am very tempered to go down on Wednesday , what you think and I think we need joint action since we aren't getting anywhere