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

crusaderstyle

Two_steps_forward... wrote: »

Yes, sounds very similar to ours.

We replied about 10 days ago, asking for a blow by blow reply to every point we made on our form. We also supplied more evidence and historical data to back it up. We also copied the whole lot, right from the beginning, to FOS and asked them to wait until we had another reply from Santander before investigating our complaint.

Good luck on the phone, I would do the same as I feel 100% confident of being able to answer anything they care to ask about. BUT... I don't think the team you get to speak to on the phone are the same as the one's writing the letters. This is the certainly the case with all of the banks we have dealt with over PPI, they only seem to have an administrative role on the phone.

I think you're right about the letters coming from another department. When they advised me that my response was in the post the guy on the phone told me that if I hadn't received it by the end of next week and he'd get it chased up to resend.

You were smart getting it off the ground with the FOS so early in the game :beer:

I'll get that part rolling too. The more cases they have to review and compare the better for us all.

zelas

I received a letter from Santander numbered M005 and as a consequence have spent days reading and re-reading posts about the Santander issue of not informing borrowers of the change to your mortgage 2008 and still have no idea about how to complete the questioner that urgently needs sending back. There are two parts to my mortgage the large part £231,000 was on a 3.14% fixed rate until 03-12-2009. The second part £33,000 was on a 3.54% fixed until 11-01-2009. As I understand it i could have moved my mortgage to another lender and not incurred changes for 3 months is this correct? At the time it ended I phone and asked for smaller mortgage to be put on a similar reduced fixed rate but was refused. I also asked for the ERC and was quoted thousands I cant remember how much but certainly more than I could afford. Only one person was working at this time so finances were very stretched. Any help or advice in completing the dreaded questionnaire would be gratefully received and aid my knowledge in understanding this financial quagmire. Many thanks

fivedollarsheik

Hi again. I received a rejection letter recently, which implied that I was in theory affected but because they felt I probably would have stayed anyway given the options available, I wasn't entitled to anything. Given the rates available meant that there was at that time no financial incentive to leave elsewhere, my hands were kind of tied. This seems to let them off the hook for the mistake that they've acknowledged making. Is this worth me pursuing with the ombudsmen?

fivedollarsheik

Two_steps_forward... wrote: »

Did they quote the available rates from the time? Or any facts and figures at all?

I don't believe the letter quoted rates (don't have it to hand), but if I recall correctly, I didn't really shop around as I wasn't aware I could opt out once my deal expired and I went to SVR - I appeared to have the choice of SVR or a new fixed rate which meant bigger payments, plus I don't think other available fixed rate at the time would have been that competitive. Also, did they take into consideration the rates I could have got elsewhere during the life of the mortgage had I left? Apols if my newbie brain is misreading how this works!

fivedollarsheik

Two_steps_forward... wrote: »

Personally, I find it hard to believe that anyone would accept the argument you have outlined without being presented with evidence - what are trusting soul you are...

Yeah, to be honest I just know that the fixed rates at the time were worse than SVR, which was why I stayed on SVR for the best part of a year until a favourable Santander deal came up. The one thing they definitely say in the letter that they based on what I probably would have done given what the deals I went for before and after the window in question.

fivedollarsheik

Thanks for all your help. Appreciate you taking the time. I think I'll refer this to the ombudsmen. They admitted they didn't make the exit clear, they factored in assumption in their decision, and appeared to admit I was affected.

John20

Hi there I have received a letter that 'at that time in dec 2008 you may have been able to switch to another lender without paying an ERC on part of your mortgage affected by the Cap Margin' I would have done this but couldn't and was charged £3000 penalty when I paid off the mortgage in 2010. I have raised a complaint however I'm confused re how to answer the questionnaire as I don't want to be disadvantaged, I can't find a list of other companies rates in dec 2008 which I assume Santander have as the question asks what period would I have take. Mortgage and how long and if I would have paid a arrangement fee of upto £1000, I'm they will use this to give me less compensation. Can u help with rates, some advice on what to say thanks.

ceegee

I have a friend who works in the treasury department of a bank (not Santander). I showed him the original letter and he picked on the bit that said they were trying to raise money to lend to new borrowers.......he laughed out loud and said that was not the case at all; what they were trying to do was boost their rapidly emptying coffers.

Cheeky blighters!

Oh, I haven't heard back from them yet, but I have to give them 8 weeks before I can go to the ombudsman.

I do pop in to this thread every day to keep up with the latest and will post when I have anything that may be of use/interest.

ceegee

Two_steps_forward... wrote: »

As expected Swordy, good to hear that they are also using subjective analysis when they do give in!

A far the rest of us are concerned, we have discussed it here and we still feel the same. They owe us all in our view.

Santander are trying to say that the only scenario where customers would have been interested in switching or selling up and paying it off is when they were not liable for the ERC. This is a very narrow view and untrue, as I have said countless times;

THE ERC IS NOT THE ONLY ISSUE!

I have said before, the ERC is a smokescreen.

I've been through this thread so many times and keep finding bits!

I would have thought that anyone who was on the SVR with an increase over the existing Cap Margin would be entitled to redress. Is that what you mean, Two steps?

almond

just an update from my Tuesday visit or waste of time as I call it,
I landed on the offices at 12.30 to ask for a t&c first I was refused,
then I asked for the manager who was in a meeting, to cut a long story short I was told they do not have any t&c I could have but will send an internal email and if one can be found send it in the post , I gave up in the end it was just a waste of my time, not sure what to do next?