Portman have stung me...

homer_j_3

Not sure what you are asking us to look at?

I would put a formal complaint in to the Portman if they have made you feel like this. Let them know your feelings and let them have the opportunity to put it right. This way you will save your stress and raised blood pressure.

http://www.portman.co.uk/contact/complaints.asp

You can read this over your toast if you want.

alant1000

homer_j wrote: »

Not sure what you are asking us to look at?

I would put a formal complaint in to the Portman if they have made you feel like this. Let them know your feelings and let them have the opportunity to put it right. This way you will save your stress and raised blood pressure.

http://www.portman.co.uk/contact/complaints.asp

You can read this over your toast if you want.

there was a lot of disagreement over the merger dates and shares, the above link clearly states that the PIBS are technically Portman shares so eatmyfish is not fibbing like others think, however the merger is not yet complete either so the link just sets the scene a bit.

We will put a complaint in, not sure if we should do this before or after its complete next weeks as this process is already holding up my conveyancing for my new house, and we dont want to rock the boat yet.

The toast was lovely thanks!

homer_j_3

they have 8 weeks to sort your complaint out - you will have to bite the bullet and get things going but make it clear in your complaint that you paid these under duress as the financial implications of not completing were outweighed by those of completing.

When you look at business, if someone is a shareholder, the company in which they own shares are a Public Limited Company, where a Building Society is a Mutual organisation.

A PLC will share its profits direct to the shareholder and if you are a customer with no shareholding then you will not have any benefit from the profits being made. When it comes to voting time for big decisions, only shareholders who have invested in that company can have an input on its direction.

A Mutual will not have shareholders as they are run for the benefit of their customers, (their members). Every customer is a member of the organisation and all should benefit from the profits in terms of lower rates on mortgages etc and higher rates on savings. With a Mutual every customer has an input in the direction of the company.

So where eatmyfish gloats that your perceived misfortune is going to benefit him as a shareholder, it is not how he has made it out to be. All members will benefit from any increase to their profit margin.

Just to add:

http://www.hmrc.gov.uk/manuals/ctmanual/ctm49480.htm

You will clearly see that the rules of PIBS state that their return of investment can have no bearing of the profits. This is clearly different to someone owning shares in say HSBC

alant1000

homer_j wrote: »

they have 8 weeks to sort your complaint out - you will have to bite the bullet and get things going but make it clear in your complaint that you paid these under duress as the financial implications of not completing were outweighed by those of completing.

When you look at business, if someone is a shareholder, the company in which they own shares are a Public Limited Company, where a Building Society is a Mutual organisation.

A PLC will share its profits direct to the shareholder and if you are a customer with no shareholding then you will not have any benefit from the profits being made. When it comes to voting time for big decisions, only shareholders who have invested in that company can have an input on its direction.

A Mutual will not have shareholders as they are run for the benefit of their customers, (their members). Every customer is a member of the organisation and all should benefit from the profits in terms of lower rates on mortgages etc and higher rates on savings. With a Mutual every customer has an input in the direction of the company.

So where eatmyfish gloats that your perceived misfortune is going to benefit him as a shareholder, it is not how he has made it out to be. All members will benefit from any increase to their profit margin.

Just to add:

http://www.hmrc.gov.uk/manuals/ctmanual/ctm49480.htm

You will clearly see that the rules of PIBS state that their return of investment can have no bearing of the profits. This is clearly different to someone owning shares in say HSBC

i guess that settles it then... its interesting to read that they are run for the benefits of its members, i.e my dad, and that their objective is that we all benefit from profits in the long term, a bit catch 22 really when the members are those who create the profits (i.e my situation right now), so its all pretty ironic... although we went to the Portman for a reason... which is i suppose was a low interest rate!

AJK_3

alant1000 wrote: »

yes... and we'll be ditching them as soon as the term is over so suddenly the £35 they ripped off me looks like a drop in the ocean compared to the interest they would have made from me if i didnt feel they were ripping me off.... plus i wouldn't recommend them to friends, so they have lost a customer!! Still think they are doing a good job for the share holder??

Smoke that :rotfl:

Portman are a building society so don't have shareholders... they are also in the process of being taken over/merging with Nationwide so the Portman name is going to disappear. Will this make you stay clear of Nationwide as well?

MarkyMarkD

eatmyfish wrote: »

http://uk.finance.yahoo.com/q?s=NARS.L, 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...

This relates to some irrelevant company called "Nationwide Accident". Nothing to do with Portman or Nationwide building societies.

MarkyMarkD

alant1000 wrote: »

there was a lot of disagreement over the merger dates and shares, the above link clearly states that the PIBS are technically Portman shares so eatmyfish is not fibbing like others think, however the merger is not yet complete either so the link just sets the scene a bit.

We will put a complaint in, not sure if we should do this before or after its complete next weeks as this process is already holding up my conveyancing for my new house, and we dont want to rock the boat yet.

The toast was lovely thanks!

PIBS are fixed interest securities, so don't participate in the profits of the business. Eatmyfish is just making it up!

alant1000

AJK wrote: »

Portman are a building society so don't have shareholders... they are also in the process of being taken over/merging with Nationwide so the Portman name is going to disappear. Will this make you stay clear of Nationwide as well?

No because ever the optimist i'm certian that Nationwide will be able to share some best practice when it comes to customer satisfaction, so far the Nationwide have been a delight in my mortgage applicaiton, very fast, very thorough, very nice... but then again i am a brand new customer i suppose - this may change once i am on their books. :rolleyes:

Thomas_Crown

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...

The Nationwide BS link provided by homer_j spells out the real situation very clearly.:)

I followed the link that you have provided but ''NARS.LReally'' is ''not a valid ticker symbol''. So I entered ''Nationwide'' & around 6 different companies were listed but surprise, surprise not Nationwide BS! The companies listed just happened to have business names beginning with ''Nationwide''.

MarkyMarkD

The NARS.LReally is because eatmyfish doesn't know how to use a space bar after a URL. The correct link is the one to National Accident which I posted when I quoted eatmyfish's post (because I corrected the duff link).