Frustrated by company giving me a loan

Carlos77

I am currently in the process of taking out a further advance from BM, to fund some home improvements, and raise some capital for a BTL property. All the paperwork has gone through fine, and i have been offered the money at a rate I am happy with, with no early repayment clauses.

The problem i am having, is they don't seem to want to part with the cash! I received a letter on the 23rd August saying that i had been approved, and the money would be in my account by (a blank space here). I phoned several times to see if they would let me know when the funds would be cleared, and all i got was ' we are processing it' answer.

After hearing nothing, by last week, I called them and asked what was going on, and they told me that they had tried depositing the money, but the funds had been rejected by my bank. I confirmed they had the right bank details, then called the bank, and asked if there was a problem on their side, and they confirmed that no funds had been allocated to that account, and there was no problem with this account. Since then, i have Phoned BM every other day pestering about the money, but still getting no joy on when i am to receive the funds. Yesterday i got a confirmation of the fund transfer letter, stating that the funds were transferred on the 4th september, and the payments would be due to start on the 4th October. I called up again about this yesterday and was assured the funds would be transferred over urgently.

Check my bank again today and still no funds!! How do i prise the money out of them, i know if I were to pay my mortgage 15 or 16 days late, they would have something to say about it!!

Steven_Elliott

sounds well bad i would not even pay them till 30 days after i receive the money how can they charge you for something you don't even have in your account!!

opinions4u

Steven_Elliott wrote: »

sounds well bad i would not even pay them till 30 days after i receive the money

While in no way defending BM, are you seriously suggesting screwing up a credit file when a clearly defined complaints process exists?

Steven_Elliott

opinions4u wrote: »

While in no way defending BM, are you seriously suggesting screwing up a credit file when a clearly defined complaints process exists?

I meant speak to them and say you have to start the 30days from when i receive the money , not just refuse to pay wont get you no where will it and screw you right over.

Apples2

Steven_Elliott wrote: »

I meant speak to them and say you have to start the 30days from when i receive the money , not just refuse to pay wont get you no where will it and screw you right over.

You think the best way forward is to cancel the agreement and start again with another one?

JuicyJesus

Apples2 wrote: »

You think the best way forward is to cancel the agreement and start again with another one?

In fairness, he has a point. They've not stuck to their side of the agreement either, so a common sense solution would be to restructure the loan as if the error had not been made and the funds were drawn down when they actually were.

But OP won't get to that stage without a formal complaint.

Carlos77

Still No money!! Called ever night, today they said they paid the funds yesterday......... to an account number that wasn't mine (despite me confirming the right ones over 5 times in previous calls, and having the correct detail confirmed in a letter they sent me) Very tempted to tell them to stick it and remortgage with a different lender, but this would just delay me further! The only saving grace is the BTL is still in the process, so they hav'nt asked for the deposit yet! How can a lender be so inept???

AMILLIONDOLLARS

Are you sure that this is not a SCAM. Maybe Google the company (which should have been done before going down this route) as you may not be the only one having this problem.

AMD

Carlos77

Money is finally here!! Took its time, but finally pried the money out of them! Wasn't worried about it being a scam, as borrowing from my mortgage lender, just worried about them employing inept staff!! Also convinced them not to start taking payments, until 20th of October, and interest only starts from today. They said i will get a letter stating that in the post, but i wont hold my breath on that one!