Bank has admitted mis-selling, now what?

silvercar

I thought compensation is designed to put you back in the position you would be in if you had not been miss-sold (plus a little bit for aggravation). It wouldn't be unreasonable to ask them for their calculation in arriving at £200.

JPB123

DpchMd wrote: »

You shouldn't pay much attention to the advice you get on this forum. All you get is a bunch of armchair-experts and failed advisers.

It sounds like you may have a valid claim, and if you feel wronged you should pursue it or at least seek proper advice.

I know I shouldn't feed the troll, but.....


At what point does offering a bit of professional assistance FOC make one a failed advisor?


I've been in business 15 years, so hardly a failure.

I am an Independent Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice

westrola

sorry guys, didn't mean to open a can of worms, or start an argument.

Thank you all for your feedback

DpchMd

JPB123 wrote: »

I know I shouldn't feed the troll, but.....


At what point does offering a bit of professional assistance FOC make one a failed advisor?


I've been in business 15 years, so hardly a failure.

I am an Independent Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice

My comment was very general and certainly leaves room for exceptions. We can come to our own conclusions about how some of the frequent advisers on this forum are unlikely to excel at their profession - again there may be exceptions.

My point was that the OP should be careful about relying on advice from me and others on this open discussion forum. They seemed to rather hastily conclude that they should not pursue this case further.

dunstonh

£200 and option to move to new mortgage doesnt sound like a proper upheld complaint but more of a goodwill gesture. If it was a proper upheld complaint, then there would be a calculation to correct.

If it mentions goodwill in the response then that is a giveaway. If it says upheld then you would expect a bit more than £200 (unless there is a calc included that says its all you are entitled to)

sorry guys, didn't mean to open a can of worms, or start an argument.

You havent. Dont worry.

Thrugelmir

westrola wrote: »

Over the 3 years we have gained no interest on our savings (20k) and could have been paying substantially less per month. Along with spending our savings which I know I will never see again.

If you are referring to the abnormally low BOE base rate. Then no one could have foreseen this. Hindsight unfortunately cannot be used for the basis of a complaint retrospectively.

Jhoney_2

westrola wrote: »

Hello,
My bank has admitted to mis-selling me my mortgage. They have offered me a new mortgage and £200 compensation. We want to accept the new mortgage however feel we have lost thousands in overpayments and loss of interest in offset savings. If we accept the mortgage and £200 compensation ( the acceptance form combines the mortgage and compensation on the same form), will we be able to attempt to claim further compensation in the future?
Sorry if I have posted this in the wrong section.

Can anyone give me any advice?

Thanks in advance

You have nothing to lose by going to the FO and a fair chance of succeeding imo, however if you get compensation but the business relationship breaks down, are your finances strong enough to place your mortgage request easily elsewhere?

Just worth considering all factors.

westrola

Jhoney wrote: »

You have nothing to lose by going to the FO and a fair chance of succeeding imo, however if you get compensation but the business relationship breaks down, are your finances strong enough to place your mortgage request easily elsewhere?

Just worth considering all factors.

Honestly, No, and thats why I will be accepting their offer.

Thanks

amnblog

Jhoney wrote: »

You have nothing to lose by going to the FO and a fair chance of succeeding imo, however if you get compensation but the business relationship breaks down, are your finances strong enough to place your mortgage request easily elsewhere?

Just worth considering all factors.

The Lender cannot disadvantage a borrower because they have made a complaint. The regulator would fry them for such a practice.

Jhoney_2

amnblog wrote: »

The Lender cannot disadvantage a borrower because they have made a complaint. The regulator would fry them for such a practice.

Yes, I know.

However it does happen and it can be hard to prove so it makes sense to factor it in as OP has decided to do. The onus would be on OP to prove the disadvantage and that's an uphill struggle to nowhere even when in the right.
If you can get a mortgage elsewhere it's fine, but even when they are admitting it, if your finances make it hard to obtain an alternative lender....