Birmingham Midshires Loan

jellie

Misteeq wrote: »

I am thinking of complaining to the Financial Ombudsman. What do you think?

Thanks.

You can't go to the FOS until you've complained to the company first, and given them an opportunity to investigate and reply to you.

So, make a formal complaint to BM. They have up to 8 weeks to provide their final response, which they must do in writing. If you're not happy with their reply, then you can go to the FOS.

jonesMUFCforever

I have never heard of any lender that refuses a customer a request to pay off a loan early (with/without an ERC)!
I too think whoever thought out this product is no longer with the company but that is no excuse for their behaviour.
In the olden days Martin would have taken something like this on as a crusade but not these days me thinks...........

redpete

It is absolutely unacceptable that they won't put in writing the amount outstanding, the interest rate and the period of the loan.

Maybe the manager was refusing to put in writing the reasons for the change which might be allowed but they can't refuse to tell you the basic information about the loan.

Misteeq

Hi,

Thanks for all your replies.

I called Birmingham Midshires again today to query how they had calculated the £478.00 per month. I was told today that there had been a mistake as I was told the wrong information as the actual repayments will be approximately £180.00 per month. This reflects the letter that they recently sent stating an interest rate of 10.59%.

Such a relief! I have spent all weekend worrying about this and almost pulled out of my house because of wrong information being told to me.

They are going to send me a letter confirming the repayment figure, interest rate and the term the loan has left to run.

I complained about the wrong information being given and the stress and worry that it had caused and they are going to compensate me with all phone calls and an additional £30.00.

Thanks for all the help and advice.

Krash420

I would ask for a lot more than £30 especially given the trouble they put you through, you definitely deserve more.

I've got an issue with them in relation to a mortgage my parents have with them as well, so when I look for a property I'll be sure to avoid them like the plague. Glad you got it sorted, but I'd seriously consider trying to pay off as much as you can, as soon as you can (especially given the 10% interest rate).