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

crusaderstyle

Hi All,

It's been a while since I've looked at the forum. I began to find the whole Santander Cap Margin business very frustrating due to the unprofessional way they were handling the process so needed to distance myself from it all for my sanity!

Santander didn't address most of the issues I had raised with them in the original questionnaire despite highlighting this numerous times and of course they then hid behind the 'We've issued our final response, you'll need to take it to the Ombudsman' line. Once it had gone to the FOS then they refused to talk to me on the phone about anything advising it was their policy as I'd gone to the Ombudsman.

I raised my case with the FOS at the beginning of August and haven't really had any feedback from them at all. I received a letter in October (can't find it though!) and it basically gave me the impression that the Cap Margin queries were going to be looked at (at least in part) collectively.

I gave them a call last week just to see if it had moved any further along after 5 months and I got a different story! I was advised that even though my case has still not been passed to an adjudicator, it should be shortly and they would expect me to receive a response after a few weeks - maybe the end of March. When I raised the issue of all queries being looked at as one, she said that wasn't the case at all. All queries raised are and will be investigated individually - each case will be different.

The whole process has been made too difficult for the innocent people involved ie me and you!

Moneysaving_Newbie_3

Interesting to read this on the Santander website, I was wondering whether anyone would agree with this statement!

Mortgages


With a Santander Mortgage you’re in safe hands. We’ve got 160 years’ of mortgage experience, awards for our service and products, and experts on hand to guide you every step of the way.

suzandthecity

Hi guys
Just wondering had anyone got any updates re Santander Cap Margin complaints and the FSO?. I received my last letter from the FSO in December, but have heard nothing since.

Micko48

I filed a complaint with the Financial Ombudsman back in November 2013 and am still waiting to hear back.

edtheduck_2

just thought I'd let you all know I sent off my complaint to FOS last week and emailed all docs. , so I'll see what happens. Said they'd reply within 3 weeks. Has anyone done or heard anything more, any successes or failures to report?
Thanks

fivedollarsheik

Two_steps_forward... wrote: »

Just spoke to FOS after receiving another holding letter on 1st May saying that they now have information from Santander and are looking at how to deal with all of the 20 to 30,000 outstanding complaints.

They say a review took place on the 29th May and a senior manager, (I have the name), was appointed to consider all complaints. Apparently Santander are not the only mortgage provider to have acted in this way. NO SPECIFIC DATE has been set for the resolution of the complaints, the reason given is that FOS are still trying to decide on a course that they can steer which will be fair and consistent for all complainants.

Reading between the lines I feel that this is far from dead in the water and I was advised to keep telephoning on a monthly basis.

I chased this earlier with the ombudsmen, given that my original complaint was lodged a year ago. They basically said the whole thing is on hold due to them "considering their approach". So is the overall impression that it's worth sitting and waiting? Felt like they weren't actually doing much about it.

TheMightySwordfish

Sorry not been on here for a while. Good to see this is still kicking.

jasja

Hello everyone, recieved a letter about Cap Margin, end August 2014, rang, recieved a Form, 3 September 2014. Form has a series of questions. My concerns are that questions in D2/D3, are loaded that if f I give an answer one way they say yes they owe me or the other way, they don't owe me. So, this goes back 5 years and I feel the questions are loaded in their favour. Any help please?

crusaderstyle

I received a newsletter to today from a consumer forum which detailed that the FCA are asking for people's views concerning mortgages.

Most notably they want to know what you think makes a change to a mortgage contract fair or unfair. The deadline is 30th September.

Do you think this may be relevant to the case(s)? It's a complex issue for sure.

http://www.fca.org.uk/news/dp14-2-fairness-of-changes-to-mortgage-contracts

I DO believe it could be relevant - and I'm taking it as a good sign that this angle will be explored thoroughly in our individual cases. I also think this info may be sought after by the FCA because of the issues raised. They're getting ready!

The mortgage companies breached the contracts and that should automatically be unfair. There has to be consequences for Mortgage companies. If we breach our contracts, we would get charged heavily in some form.

Share your views guys - it may help more than you think!

crusaderstyle

With reference to my last most, I have now completed the online form in its entirety. It is EXTREMELY relevant to our case(s).

Many questions regarding changes to terms/ notification of changes to interest rates etc are all being asked. You get the opportunity to state your whole case direct to the FCA.

Fill it in!!!! :beer: