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

frazell

Toofy, a similar situation to us. The redress is not correct however as having known about the cap margin in 2008 you could have taken action THEN.

fleetingmind

Sent off my questionnaire. A lot of the questions were geared I felt to catch you out. I answered 'don't know' on most of them as in 2009 who knows what I would have done with the information. Probably asked my FA.

I detailed the dates I was affected, the other rates around at the time and that I didn't receive the initial letter.

Thank you for all the help. I'll update when I hear back.

Dollydolittle

Thanks to everyone for all the information on here.
The whole thing is a complete shambles and been handled very badly by the FOS.
I would certainly be very interested in a class action if one is on the cards.
If a legal firm is prepared to take the case on will the details be posted here ?

frazell

I have contacted a team of barristers today. I'll keep you posted on their initial views.

fleetingmind

For people who have gone to the Financial Ombudsman Service, barristers/solicitors is this due to a poor offer from Santander or being declined by Santander?

frazell

Santander and/or the FoS are not being open about the breach of contract that we all faced in 2008.

The Standard Mortgage Conditions (SMC's) that were issued by Abbey state that they should have given 30days notice of a cap margin increase and that you could leave the mortgage ERC free at the time over a 3 month window after the increase. My opinion is that it doesn't matter what deal you were on, fixed, tracker, discount.... that this option would have been available to you.

There is no transparency on clearing this issue up as clearly this would open up a lot more cases IMO.

Santander continue to offer compensation from the point where individuals products revert to the SVR and not from the point where the increase meant that they could have moved mortgage.

The FoS appear somewhat sympathetic to Santander.

me03

Hi all

Well the ombudsman replied to my complaint saying that it was outside of the 6 month period and that they could only look into it if Santander agreed (they didn't! so no surprises there!). The said that under exceptional circumstances they could still help and for me to get back in touch with my reasons.

I have now done this and will await their response. I think I know that it is the end of the road with my complaint which really infuriates me as I truly believe that had they of told us back then we wouldn't have had the hardship we endured for 2 years after that!

Good luck all!

fleetingmind

me03 wrote: »

Hi all

Well the ombudsman replied to my complaint saying that it was outside of the 6 month period and that they could only look into it if Santander agreed (they didn't! so no surprises there!). The said that under exceptional circumstances they could still help and for me to get back in touch with my reasons.

I have now done this and will await their response. I think I know that it is the end of the road with my complaint which really infuriates me as I truly believe that had they of told us back then we wouldn't have had the hardship we endured for 2 years after that!

Good luck all!

Was that 6 months since Santander's final decision/refusal?

me03

fleetingmind wrote: »

Was that 6 months since Santander's final decision/refusal?

Hi

It is over 6 months from Santanders final refusal.

I have had an email this morning to say the person dealing with it is handing it over to the jurisdiction team and has said that she has to be honest with me but my chances are very slim. Grrr! I am furious that I have let Santander off with it - I would urge anyone not to leave it past the 6 months and fight it straight away.

fleetingmind

me03 wrote: »

Hi

It is over 6 months from Santanders final refusal.

I have had an email this morning to say the person dealing with it is handing it over to the jurisdiction team and has said that she has to be honest with me but my chances are very slim. Grrr! I am furious that I have let Santander off with it - I would urge anyone not to leave it past the 6 months and fight it straight away.

I'm really sorry to hear this. Did you receive one of the original letters and what was their basis of refusing the claim?