Assignment of Mortgage Britannia Building Society

Angelina_Soprano

Hi

I have tried to get justice for various issues Martyn and I would love for you and your team to approach these financial people on the vulnerable customers behalf.

1) I have been missold two endowments by the Britannia B.S. Now conveniently taken over by Co op - they gave me some money AS A GOODWILL GESTURE which barely covers 25% of the extra money that I have had to overpay to just get even.
They insist this was an admittance of misselling but the wording read goodwill gesture. They said the money - which I was bound to use to put off outstanding mortgage, was the difference I would have lost if I had a repayment mortgage - they forgot to mention I was promised a lump sum of £12,000 this year (end of 25 year mortgage) nothing to do with differences of mortgage performance but lies.

2) I found out about daily interest in 2010 for the first time after visiting this site of yours Martyn - and marched into the BBS and insisted they give me daily interest - as I had wanted to overpay several times within the last decade and had rung and gone into BBS branch begging for help also putting my redundancy and tax payback and so called goodwill gesture (see above) payment off the main mortgage on their insistence but never got to see any positive reduction at all. The BBS are telling me they sent 3 letters regarding daily interest choice and I never took it up - THIS IS BECAUSE I NEVER RECEIVED A SINGLE LETTER AND DID NOT KNOW ABOUT IT , NOR WAS TOLD ABOUT IT OR GIVEN THE OPTION WHEN IN WENT INTO THE BBS many times between 2003 and 2010. They refuse to put my mortgages into the state as if they were on daily interest from beginning.

3) I have overpaid and overpaid since 2010 (when having mortgages finally put onto daily interest) and cleared one mortgage off completely and my main mortgage is even stevens with the insurance policy - but get this - the Prudential want to release the money BUT the BBS/CO OP REFUSE to accept the money as assignees - they say the policy has not reached maturity yet - they refuse to allow me to have the deeds etc. Even though there is no redemption or early discharge fees with this policy and I was always told I could cash the policy in at any time - they point blank refuse. I have approached the FSA but really do not hold out much hope as I do not think they act on behalf of us but on behalf of the financial institutions - they were not interested in the daily interest fiasco when I tried to get justice before - as the BBS seem to pull wool over their eyes and say I never took the choice up after receiving their so called 3 letters. Funny how they don't want to discuss the fact that their manageress at the time did not also disclose the choice of daily interest rates - especially when I was handing over a payment of £3000 lump sum to try to bring the mortgage down and it was compulsory that money came off the mortgage in the document sent by the BBS in the 'good will gesture' payment.

4) I was actually sold a part repayment mortgage in order to 'bring the mortgage down' of £500 off the endowment - rather than them tell me to take out daily interest and just overpay ... what about that - yes and I had fees to pay for the small repayment package - that is how crooked they are.

I beg you Martyn - please can you go undercover and look into this?

If you walk into the co op you will see a poster that proclaims - NEW MORTGAGEs ... you will be kept uptodate every step of the way - kind of jargon - pity they didn't keep loyal existing mortgage payers uptodate and valued isn't it?

dunstonh

1) I have been missold two endowments by the Britannia B.S. Now conveniently taken over by Co op - they gave me some money AS A GOODWILL GESTURE which barely covers 25% of the extra money that I have had to overpay to just get even.

The redress method is defined. It is to put you in the position you would have been if you had a repayment mortgage. i.e surrender the policy, take the proceeds and the pay out from the complaint and use them to reduce the morgtage balance and switch to repayment basis.

This does frequently result in a higher monthly payment but that is what you were asking for. Endowment mortgages were typically cheaper than repayment mortgages. It was a common reason why people bought them. You complained saying you wanted a repayment mortgage and they have issued redress to match that.

They insist this was an admittance of misselling but the wording read goodwill gesture.

That is not an admittance of mis-selling. Most endowment complaints that resulted in redress were not upheld complaints. They were goodwill gestures because there was insufficient evidence to support that they were not sold correctly but not enough to say they were mis-sold. It is largely irrelevant though as whether they were upheld or a goodwill gesture, the redress calculation used was the same for both.

They said the money - which I was bound to use to put off outstanding mortgage, was the difference I would have lost if I had a repayment mortgage - they forgot to mention I was promised a lump sum of £12,000 this year (end of 25 year mortgage) nothing to do with differences of mortgage performance but lies.

They are correct.

2) I found out about daily interest in 2010 for the first time after visiting this site of yours Martyn - and marched into the BBS and insisted they give me daily interest - as I had wanted to overpay several times within the last decade and had rung and gone into BBS branch begging for help also putting my redundancy and tax payback and so called goodwill gesture (see above) payment off the main mortgage on their insistence but never got to see any positive reduction at all. The BBS are telling me they sent 3 letters regarding daily interest choice and I never took it up - THIS IS BECAUSE I NEVER RECEIVED A SINGLE LETTER AND DID NOT KNOW ABOUT IT , NOR WAS TOLD ABOUT IT OR GIVEN THE OPTION WHEN IN WENT INTO THE BBS many times between 2003 and 2010. They refuse to put my mortgages into the state as if they were on daily interest from beginning.

Letters can go missing. Indeed, just last month I had a day that I got no post. I normally get 10-30 items a day. I am now finding things that people say were sent at that time that I have not received.

However, it is unlikely that multiple letters over a period would go missing. If they have on their files that letters were sent (and these would likely be mailshot type letter with no human intervention) then you are largely stuffed on that point. If you can provide evidence that you requested it and it was an option available to you then you would have a case.

You also have three years to complain from the date of being aware of an issue. You indicate that you sorted it in 2010. So, you may well be timebarred now depending on when in 2010.

the Prudential want to release the money BUT the BBS/CO OP REFUSE to accept the money as assignees - they say the policy has not reached maturity yet - they refuse to allow me to have the deeds etc.

When a policy is assigned to a lender, it means they largely have control over whether it can be surrendered or not and if the proceeds are to go them. Most policies are no longer required and most lenders dont give two hoots about assignment unless there have been arrears or late payments.

I have approached the FSA but really do not hold out much hope as I do not think they act on behalf of us but on behalf of the financial institutions

The FSA do not act on behalf of the financial institutions. They were a regulator. They had no remit to deal with consumer complaints.

they were not interested in the daily interest fiasco when I tried to get justice before -

Again not their remit.

4) I was actually sold a part repayment mortgage in order to 'bring the mortgage down' of £500 off the endowment - rather than them tell me to take out daily interest and just overpay ... what about that - yes and I had fees to pay for the small repayment package - that is how crooked they are.

Lenders have been discouraged from issuing interest only mortgages now for some years. Indeed, many pulled out altogether. That option may not have been available to you.

I beg you Martyn - please can you go undercover and look into this?

What do you think he could do undercover?

have you actually tried following the proper complaints process? (i.e. make a formal complaint, get a response, if you dont think the response is right and you feel you can evidence and support your complaint then you refer it to the FOS). There is no point trying to complain to the FSA as that wont help you. Martin won't get engaged in something like this unless it is a particularly major issue and the FOS have ruled on it.

There is no indication from your post that you have actually made a complain or referred 2,3 4 to the FOS (point 1 is not a complaint reason. Just a lack of understanding). So, have you complained formally and if so, when did you get your responses and did you refer to the FOS within 6 months of those responses?

Angelina_Soprano

Hello

Please could you remove my full thread upon reading this,
thanks.

Angelina_Soprano

It seems there is still no real help for people missold endowments - then at the last hurdle and after paying and overpaying - being denied the deeds to the property two months earlier. I repeat I am even in fact overpaid with mortgage not underpaid and after 25 years of being screwed I deserve some kind of recognition that I won't not repay - for God's sake the Prudential want to pay THEM DIRECT .... and they are REFUSING the money...


Never mind, this cash cow finishes for them this year. I hope European and Global Law opens up better choice and full transparency altogether.

dunstonh

It seems there is still no real help for people missold endowments

Yes there is. Your complaint won and you got paid out.

then at the last hurdle and after paying and overpaying - being denied the deeds to the property two months earlier. I repeat I am even in fact overpaid with mortgage not underpaid and after 25 years of being screwed I deserve some kind of recognition that I won't not repay - for God's sake the Prudential want to pay THEM DIRECT .... and they are REFUSING the money...

Have you asked them why they are refusing? If we dont know why, how do you expect help?

Have you made complaint and what was the outcome of that complaint?

I hope European and Global Law opens up better choice and full transparency altogether.

Uk is ahead of most countries. So, don't bank on it.

Please could you remove my full thread upon reading this,

You ask for help. People spend time trying to find out more to give you help or help you understand but you then ask for the thread to be deleted. That is a bit rude of you. Could it be perhaps that the way you conduct yourself in your affairs with the building society is affecting things? your post did appear to suggest that you have an adversarial relationship with the building society. That rarely helps matters.