potential mis selling of northern rock together mortgage

magpiecottage

We have received some money back from NRAM by way of redress for the loan paperwork not being sent out with the correct details

That suggests that there was an error on the part of the lender, not the adviser.

However, the fact that you and your partner have now got together and started a family is clearly not the fault of either the adviser or the lender.

After all, you would hardly have wanted them there saying "I wouldn't do that if I were you - it'll cost you a fortune in nappies!"

Okay, my comment is a little facetious but it illustrates that there comes a point where it becomes silly to blame a financial adviser or institution for your misfortune.

TurnUpForTheBooks_2

magpiecottage wrote: »

That suggests that there was an error on the part of the lender, not the adviser.

Yes of course.

However, the fact that you and your partner have now got together and started a family is clearly not the fault of either the adviser or the lender...

...Okay, my comment is a little facetious but it illustrates that there comes a point where it becomes silly to blame a financial adviser or institution for your misfortune.

No it illustrates excellently that the usual illustrations that banks and financial services like to conjure in our minds and suggest that they are expert managers of the financial side of how life pans out i.e. "trust us with your life (You get born, grow up, enter a relationship or two, have kids, see them grow up, university, get jobs while you grow old toward retirement, become grandparents etc...) become extremely short-termist when it comes to grabbing market share of a particular product. In fact the "trust us" bit then becomes an empty promise. What on earth gave the customer the idea that they could afford to have babies? We know the anwer.

So then, that too is the fault of the lender in this case, and I don't care how many other lenders followed suit with overstretched products. The only irresponsible gambles were those by lenders, and if I see any more suggestions that there are a body of customers out there who were clamouring for self certification and caning it in the expectation of coining it alongside their dodgy mortage advisers then I think I shall throw up.

opinions4u

TurnUpForTheBooks wrote: »

Yes of course.

No it illustrates excellently that the usual illustrations that banks and financial services like to conjure in our minds and suggest that they are expert managers of the financial side of how life pans out i.e. "trust us with your life (You get born, grow up, enter a relationship or two, have kids, see them grow up, university, get jobs while you grow old toward retirement, become grandparents etc...) become extremely short-termist when it comes to grabbing market share of a particular product. In fact the "trust us" bit then becomes an empty promise. What on earth gave the customer the idea that they could afford to have babies? We know the anwer.

So then, that too is the fault of the lender in this case, and I don't care how many other lenders followed suit with overstretched products. The only irresponsible gambles were those by lenders, and if I see any more suggestions that there are a body of customers out there who were clamouring for self certification and caning it in the expectation of coining it alongside their dodgy mortage advisers then I think I shall throw up.

So who's fault is the ridiculous pension decision that's been taken in this thread?

TurnUpForTheBooks_2

opinions4u wrote: »

So who's fault is the ridiculous pension decision that's been taken in this thread?

So you'd rather deflect the criticism away from the financial services industry and back onto the OP and partner? It seems to me that no pension decision has been taken in this thread. However, we have indeed learned of one that appears to have been taken in order to try to deal with the dire financial straits caused by the sale of a p|ss poor mortgage product by that wholly discredited Northern Rock failed bank which has not yet been forced to properly compensate its wronged customers.

It seems no-one was around to advise the customer this time, and even those that are around say sarcastic things like how lucky it was that a drop of windfall compensation fell the customers way on a technicality.

Usual story - all "financial advisors" start as wham bang thank you m'am merchants at the core and few rise above it. They love to demonstrate their wonderful hindsight on where the customer went wrong before they met, decode snippets of information like "the new scheme starts in 2015" to show they know what's going on in the public sector which in fact should encompass all pension funds, and then as soon as a new deal is done or it becomes plain that no new deal can be done, they are gone as fast as they arrived. Of course, you may see them again if they think there's a sniff of new money to be had, but never count on it.

So we see only scant criticism of anyone here save for horror at the plan going forward devised by the OP and partner that in all unadvised ignorance may have undermined their future financial well-being further.

Where was the FA that came forward and said "We are going to press urgently for compensation for those injured Northern Rock customers" before they get into further trouble? Where was the FA that was appointed to advise the OP's partner when they asked to cease the existing pension contributions?

FAs have a drummed-in aversion to criticism of their own kind beit individual or corporate - they never know when the boot may be on the other foot or when they may need to court the corporate for a future living!

Daniel54

TurnUpForTheBooks wrote: »

So you'd rather deflect the criticism away from the financial services industry and back onto the OP and partner? It seems to me that no pension decision has been taken in this thread. However, we have indeed learned of one that appears to have been taken in order to try to deal with the dire financial straits caused by the sale of a p|ss poor mortgage product by that wholly discredited Northern Rock failed bank which has not yet been forced to properly compensate its wronged customers.

It seems no-one was around to advise the customer this time, and even those that are around say sarcastic things like how lucky it was that a drop of windfall compensation fell the customers way on a technicality.

Usual story - all "financial advisors" start as wham bang thank you m'am merchants at the core and few rise above it. They love to demonstrate their wonderful hindsight on where the customer went wrong before they met, decode snippets of information like "the new scheme starts in 2015" to show they know what's going on in the public sector which in fact should encompass all pension funds, and then as soon as a new deal is done or it becomes plain that no new deal can be done, they are gone as fast as they arrived. Of course, you may see them again if they think there's a sniff of new money to be had, but never count on it.

So we see only scant criticism of anyone here save for horror at the plan going forward devised by the OP and partner that in all unadvised ignorance may have undermined their future financial well-being further.

Where was the FA that came forward and said "We are going to press urgently for compensation for those injured Northern Rock customers" before they get into further trouble? Where was the FA that was appointed to advise the OP's partner when they asked to cease the existing pension contributions?

FAs have a drummed-in aversion to criticism of their own kind beit individual or corporate - they never know when the boot may be on the other foot or when they may need to court the corporate for a future living!

The OP has not said they are in dire financial straits.They would like a bigger house which is a want ,not a need.She has not said they cannot afford the current repayments.

The sensible course of action is to pay down the capital on the loan to put themselves in a position to move in the future.We do not know if they have been doing this -but if not,why not ?

To do so they need to save,but have told us they have picked the apparent low hanging fruit of her partner's pension scheme,which is their most valuable asset.Had they chosen to take any advice,even on this forum,not to do so would have been a no-brainer.

Poor lending criteria were matched by poor borrowing decisions.There is sympathy for those caught by such borrowing ,but shouting at the moon ( or grasping for unlikely compensation) is no alternative to now making the best decisons available - a question which none of your posts have even attempted to answer

The rest of this and your other rants is impenetrable balderdash

TurnUpForTheBooks_2

Daniel54 wrote: »

The OP has not said they are in dire financial straits.They would like a bigger house which is a want ,not a need.

Ah there speaks a sales trainee ... ... you'll be telling us the difference between a benefit and a feature next I suppose?

She has not said they cannot afford the current repayments.

I think it was clear that this partnership decided that they could not afford to continue paying into the pension, the loans and the mortgage. Are you splitting hairs ?

The sensible course of action is to pay down the capital on the loan to put themselves in a position to move in the future.We do not know if they have been doing this -but if not,why not

Did anyone even offer to advise them?

To do so they need to save,but have told us they have picked the apparent low hanging fruit of her partner's pension scheme,which is their most valuable asset.Had they chosen to take any advice,even on this forum,not to do so would have been a no-brainer.

Ah yes that wonderful gift of foresight you guys have ...

Poor lending criteria ...

What on earth do you mean by that? Who set the criteria ?

Were matched by poor borrowing decisions.

And what do you expect readers to understand by that? Who offered to lend ?

There is sympathy for those caught by such borrowing ...

Really ? From the financial services industry? Don't make me laugh.

... ,but shouting at the moon ( or grasping for unlikely compensation) is no alternative to now making the best decisons available - a question which none of your posts have even attempted to answer

I am not shouting at the moon, I am shouting at you and all those who earn their living in the industry.

You cannot break down complaints like this and treat them individually with sticking plaster and move on like some battlefield medic. You aren't being shot at hourly or even daily now so you should be hammering on doors and putting wrongs right from below, not waiting for your bosses to tell you what is right. There are decades of consecutive scandals from your industry. Why do you think sticking plasters are an acceptable remedy?

I fear few of you have the gumption or the b*lls to make a difference.

The rest of this and your other rants is impenetrable balderdash

Seems to have penetrated your thick skin and quite a few others ... uncomfortably so.

Thrugelmir

TurnUpForTheBooks wrote: »

I fear few of you have the gumption or the b*lls to make a difference.Seems to have penetrated your thick skin and quite a few others ... uncomfortably so.

Sounds as if you've a rather large chip on your shoulder. Perhaps starting your thread would be of benefit.

saveupthesmiles

OP, if you feel it was missold then complain. You have nothing to lose and everything to gain if you're successful. Don't listen to the usual nonsense of it being the borrowers fault - some people are so short sighted they think that all IFA's tell the truth!! Lovely to see the usual 'helpful' comments along with their insight into your partners pension - clearly love a bit of power on the internet where it's safe behind their screens. The likelihood is he's not on a final salary as per most of the 'regular joes' civil service so at the end of the day if it's a matter of paying the pension or your bills then do what's right for you. I wish you luck.

TurnUpForTheBooks_2

Define 'a chip on the shoulder' Thrugelmir, because I don't think you've even come close. The whole bloody industry is full of what used to be called yes-men who say things like that to anyone like me who tells it how I see it. It is truly sickening to look imploringly at an industry for any sign of good being done but to realise that for a good few years yet it will still be full of the people who let the scandals happen, rode them out, stay quiet as new scandals emerge, and are still as cold blooded towards injured customers as the chameleons they've always reminded me of.

dunstonh

some people are so short sighted they think that all IFA's tell the truth!

Statistically, the odds show that is usually the case. IFAs account for 1% of complaints at the FOS. The FOS reject the majority of these. This time last year the FOS commended IFAs on being able to show they know their clients (mainly a dig at the banks who rarely can). Nothing is perfect but perception and reality are different things. Also most IFAs dont do mortgages.

Lovely to see the usual 'helpful' comments along with their insight into your partners pension

I know. Good isnt it that people are willing to give up their time to point out what a silly move that would be.

The likelihood is he's not on a final salary as per most of the 'regular joes' civil service so at the end of the day if it's a matter of paying the pension or your bills then do what's right for you.

Police have a final salary scheme.