Portman have stung me...

MarkyMarkD

eatmyfish wrote: »

Portman were "absorbed" by Nationwide not so many moon back, I may "witter" on but at least I do so from fact! You should be ashamed proffering advice when you can't even get the facts regarding a public company...I hope someone sues you, this is a real possibilty by the way!

The Portman/Nationwide merger hasn't actually happened yet. I should know as I am a Portman member. Even when it has happened, you won't be a Portman shareholder. You might become a Nationwide member, but you still won't get any financial benefit from the OP getting wrongly treated.

MarkyMarkD

alant1000 wrote: »

Thanks for your constructive and supportive advice.. unlike some **cough cough** other rather pointless comments which go in one ear and out the other other.

The portman kept us on the same rate as the original agreement BUT charged a £145 mortgage arrangement fee to boot!! The original agreement ends in Dec.... which is when Dad will ditch them for an organisation with morals. :T

So basically £210 is the total fee from Portman - plus solictors fees which are all fair game. Incidentally my solicitor agrees with you and I, she could not see why Portman insist on this expensive process either.

I'm not sure why our "helpful" friend thinks you don't have an independent solicitor, when you suggest that you do in this (earlier) post.

The £145 will be a transfer of equity fee. The amount is quite reasonable IMHO. Letting you keep the rate also makes sense.

There is absolutely NO reason for the money passing through your solicitor's hands.

Make a complaint to Portman's chief executive NOW about this before this unnecessarily complicated transaction takes place, and hopefully they'll relent.

alant1000

MarkyMarkD wrote: »

I'm not sure why our "helpful" friend thinks you don't have an independent solicitor, when you suggest that you do in this (earlier) post.

The £145 will be a transfer of equity fee. The amount is quite reasonable IMHO. Letting you keep the rate also makes sense.

There is absolutely NO reason for the money passing through your solicitor's hands.

Make a complaint to Portman's chief executive NOW about this before this unnecessarily complicated transaction takes place, and hopefully they'll relent.

thanks we are definitely up for complaining, my dad didnt want to rock the boat too much as we need this process to be done and dusted ASAP, my new mortgage offer with Nationwide is only valid upon receipt of confirmation that the Portman have removed me (for obvious reasons), and i can't exchange without it. Another nuisance is that Portman have taken over 3 weeks from our initial request and we still haven't had it in writing that i am off the mortgage for the sake of pushing my sale forwards... i fully apprecaite that there is a process to follow before this can happen, its just frustrating that we are all waiting for Portman to get the transfer process done when there seems to be a lot of red tape and hoops to jump through, all very time consuming and expensive. Hopefully my dad will have the re-written mortgage offer this week, this is what my solicitors says is required to confirm i am off the Portman mortgage.

I'll keep you posted, personally i think me and dad should complain sooner rather than later too.

Thomas_Crown

eatmyfish wrote: »

Portman were "absorbed" by Nationwide not so many moon back, I may "witter" on but at least I do so from fact! You should be ashamed proffering advice when you can't even get the facts regarding a public company...

Portman BS is being taken over by (sorry merging with:rolleyes: ) Nationwide BS so that means that a mutual building society is taking over another mutual. Where does the ''public company'' bit come into this?

Madjock

I smell bull where I ought to smell fish.

eatmyfish

Thomas_Crown wrote: »

Portman BS is being taken over by (sorry merging with:rolleyes: ) Nationwide BS so that means that a mutual building society is taking over another mutual. Where does the ''public company'' bit come into this?

http://uk.finance.yahoo.com/q?s=NARS.LReally, you are offering financial advice when you clearly don't have a clue, you should be ashamed, the OP might take your rubbish "advice" and lose their shirt...Jail's too good for your ilk...

Taadaa

MarkyMarkD wrote: »

The Portman/Nationwide merger hasn't actually happened yet. I should know as I am a Portman member.

I'll second that, as far as I am aware it will take effect from end of August, that's when they said they will pay out to existing customers.

I know because I have a mortgage with them. So there. (:rotfl: childish, but oh so necessary)

Dunno what moon you are on about, reckon it's not in this galaxy though :rotfl:

homer_j_3

eatmyfish wrote: »

http://uk.finance.yahoo.com/q?s=NARS.LReally, you are offering financial advice when you clearly don't have a clue, you should be ashamed, the OP might take your rubbish "advice" and lose their shirt...Jail's too good for your ilk...

http://www.nationwide.co.uk/about_nationwide/membership_matters/default.htm

I think someone neads to check their facts!

BWZN93

eatmyfish wrote: »

Portman were "absorbed" by Nationwide not so many moon back, I may "witter" on but at least I do so from fact! You should be ashamed proffering advice when you can't even get the facts regarding a public company...I hope someone sues you, this is a real possibilty by the way!

Eh?? Are you mad? The FSA havent even approved the merger yet and if it does, the expected date of the merger is at the end of August. Both Portman and Nationwide are mutual building societies, which means it is owned by the members (i.e. account holders) and therefore shares do not exist in either. Portman members will be getting a payout on the basis that they will then have thier accounts transferred to the new enlarged Nationwide Building Society. Muppet.

Jo x

alant1000

here you go, something to read over your toast...

http://www.portman.co.uk/merger_questions.asp

:eek: :eek: :eek: