re-mortgage nightmare seeking compensation

mandm65

on serious note,
i have been victim of this re-mortgage !!!! up myself, just waiting to hear the result of the complaint. The product i thought i was getting i did not get and the end result is that i have substantial amount sitting in my current a/c, something i did not want/plan. Anyway to cut the story short while i am waiting for the outcome of the !!!!-up, i have found another lender who is happy to provide me with the product i was after. My question is can i move the lender while the investigation is going on? or i must wait until i get a decision from the lender?
Cheers guys

silvercar

I would have thought you could move if there is no way that your complaint being upheld will put you in the position you want to be in. Once you move away the lender won't be able to take you back without risking costs for you from the new lender. I would check if there are any early redemption penalties for moving from the product you are on before you move.

mandm65

hi silvercar
there aren't any realy redemption edemption penalties at all so i can move w/o any prob, my concern was that if i moved the mortgage away from my current lender would that have any implications on my complaint?

silvercar

Depends how you want your complaint resolved. If you want compensation then it shouldn't make any difference that you have moved your mortgage away. Though if there was acalculation on compensation it could be calculated only up tot he point where you moved. If you want them to move you to another of their mortgage products then you need to still have a mortgage with them.

mandm65

cheers mate, appreciate your time and efforts.

mandm65

Update:
Got a letter from the lender this morning saying that as 8 weeks are gone by and the complaint has not reached the resolution so i can take the matter with FOS. They still request for some time to resolve this before going to FOS?
What do you guys recommend?
cheers

Voyager2002

sally06 wrote: »

Today, I spoke to someone at the bank (in the claims department) and she said I had to give them a figure regarding the claim. Apparently, she is not allowed to suggest a sum. I have no idea how much I should ask for. On the one hand I don't want to appear too gready, but on the other hand I don't want to be short changed. Any suggestions would be very appreciated:D

Calculate how much time you spent (wasted) chasing this up, sitting on hold on the telephone, and so forth. Document this time, and charge for it at the hourly rate for which you get paid to do your job.

A possible exception would be any letters you sent on this: rather than charging for the time spent writing them, google for the standard figure that is the estimated cost of a business letter, or find out how much your solicitor charges for a letter.

I suspect that if you ask for more than a couple of hundred at the absolute maximum, they will laugh at you. And I hope that a good chunk of anything you get will go to charity.

Dan_Collins_2

I would like to know why it went wrong and who the lender is. Was it really stress, you are not out of pocket I dont see why you need more compensation but if the lender is offering it then thats not your problem. I would sit and think about it though as it they will look at howmuch it will cost them to fight it and if they will win.

I do agree about the stress thing but you have to make the best of what you can in life, banks and building societies own us so if you can get a little out of them then go for it!

mandm65

Update 2:
Just got a call from the Lender, apologising for the delay and promising to give me a resolution by the end of the week. I was also asked what would be a fair resolution, told them what i thought would be fair but she did not say anything further.

Dan_Collins_2

OK, mandm65 why are you on here if you ignore the other posts?