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Bank Mis-processes Solicitor's Payment for Sale

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  • Maybe we’re back to criminal activity and ‘tipping off’ : if so, then that might well explain the ongoing absence of information. The shutters would come down and can stay down for quite a long time while the police investigate.
  • Armorica
    Armorica Posts: 869 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    cpx2 said:
    xylophone said:
    A couple of weeks ago, the money had not arrived. I took this up with my solicitor and they confirmed that they had made the payment and they confirmed with their bank (Lloyds) the payment had cleared and the details were correct.

    Lloyds have confirmed that the payment went to their co Direct Participant and so feel that their obligation is discharged?

    Hi, I don't think this is quite right.
    Let's say you gave me £1000. Then I gave someone £10 to carry the £1000 back to you. And they decided they would spend it partying. I guess you would think I've not got a leg to stand on if I say I paid someone else to pay you and it is not my problem anymore. At an extreme, I could just pay the £10 to pay you £1000, rather than giving them the £1000. The contract is between you and me - if you don't get it to me, then you are at fault.
    Or think it terms of Amazon. You buy this stuff, then are Amazon within their rights to say we gave it to this guy to give to you - you need to ask him now, nothing to do with us. 
    No, that's not quite right either. A fuller analogy would involve a professional relay race, with specific rules applying to the relay runners. With each successful handover, the liability of the 'old' runner is effectively extinguished. 
  • born_again
    born_again Posts: 20,475 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Maybe we’re back to criminal activity and ‘tipping off’ : if so, then that might well explain the ongoing absence of information. The shutters would come down and can stay down for quite a long time while the police investigate.
    Police would only become involved after the bank has got rid, or in the process of getting rid of the customer. Certainly not at any point in the start of the investigation.
    Life in the slow lane
  • Hi Everyone   
    Thanks for all your help and advice.  yesterday I emailed the CEO of M&S Bank and as expected got a bog standard holding email back from the Executive Complaints Dept saying they are following their complaints process - no comment at all on the missing money.  I have chased them once again today because I am now in threat of losing the property I wish to purchase.  
    My solicitor has notified Lloyds that the payment has gone missing and they have commenced an investigation from their end.
    I know cpx2 has been emailing people too.
    We really appreciate your support with this - especially as M&S just do not seem to care at all so it is really nice to have others that obviously do.
  • eskbanker
    eskbanker Posts: 37,189 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 2 February 2021 at 12:51PM
    Steves2 said:
    I have chased them once again today because I am now in threat of losing the property I wish to purchase.
    If time is of the essence and there's a genuine prospect of significant further loss then it may be worth contacting the Financial Ombudsman Service - they'll normally only accept complaints that have been through the full lifecycle of the institution's process for up to eight weeks, but in circumstances where it would be demonstrably financially damaging to have to wait that long they may be prepared to intervene sooner.
  • Ballard
    Ballard Posts: 2,983 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    It's good to hear that you've finally got your money after what sounds like abysmal behaviour by your bank. As I've previously mentioned I'm not into chasing compensation just to get a few quid but I hope that you have the energy to pursue your complaint. M&S should pay you handsomely for the stress that they've caused and it should actually help them learn from this mistake so it would almost be a win-win situation.
  • soulsaver
    soulsaver Posts: 6,617 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Steves2 said:
    Hi Everyone
    I just had a call rom M&S to say they found my money in a suspense account and they have transferred it to me.  They are investigating how it happened and will confirm to me when they can along with details of compensation.  Thank you so much everyone - you kept me going in some very difficult times.
    'Found in a suspense account'? It better be more complicated than it sounds, or someone needs castrating.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Fantastic news, @Steves2! You must be so relieved. Whilst it may be a complete coincidence, I like to think there is a direct connection between your contact with the CEO and the appearance of your money. Stay firm - they owe you a massive apology, and a good amount of compensation for the immense distress they caused you.

    Let's hope cpx2 will have his issue resolved shortly, too.
  • xylophone
    xylophone Posts: 45,615 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Thank you so much everyone - you kept me going in some very difficult times.

    Happy to hear you have the money - do pursue your complaint.

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