Misleading information

Barb1954

This is a long complex issue but the main points are:-
in April 2024 we received a telephone call from our mortgage company. Informing us that our account is unregulated (as it started in March 2004) and they would have to redress the account and we would not be disappointed with the amount of compensation we would receive but would have to tick the right box. Since that date we have tried everything to tick the right box. This statement of compensation has caused us severe anxiety substantial disruption to family life ect. We are state pensioners and have just recently complained to the mortgage company about the stress and anxiety ect caused. They have now this week sent us a copy of the transcript of the conversation. This transcript of the conversation does not include - the redress of our account - compensation we would not be disappointed with and at the end of the conversation ticking the right box. The letter with the transcript stated they have used Data Protection 2018 Schedule 2 Part 4 para 19 which excludes this information.  

Any advice would be more than welcome. 

CliveOfIndia

I'm afraid I'm struggling to understand the main points here, I think some clarification may be helpful.

Barb1954 said:

in April 2024 we received a telephone call from our mortgage company.

Firstly, are you absolutely sure it was your mortgage company, not a scam call?

Barb1954 said:

we would not be disappointed with the amount of compensation we would receive 

The way that's phrased sounds "scammy" to me.  I may be wrong, but it's not a very professional-sounding phrase.

Barb1954 said:

but would have to tick the right box. Since that date we have tried everything to tick the right box.

I have no idea what this is supposed to mean - please could you elaborate?

MattMattMattUK

Barb1954 said:

This is a long complex issue but the main points are:-
in April 2024 we received a telephone call from our mortgage company. Informing us that our account is unregulated (as it started in March 2004) and they would have to redress the account and we would not be disappointed with the amount of compensation we would receive but would have to tick the right box. Since that date we have tried everything to tick the right box. This statement of compensation has caused us severe anxiety substantial disruption to family life ect. We are state pensioners and have just recently complained to the mortgage company about the stress and anxiety ect caused. They have now this week sent us a copy of the transcript of the conversation. This transcript of the conversation does not include - the redress of our account - compensation we would not be disappointed with and at the end of the conversation ticking the right box. The letter with the transcript stated they have used Data Protection 2018 Schedule 2 Part 4 para 19 which excludes this information.  

Any advice would be more than welcome. 

I have to agree with Clive, I am really struggling to see what your issue is and I cannot understand in any way how the idea that you might get some compensation at some point has caused you severe anxiety, stress etc. 

Barb1954

This is a pre-regulation sub-prime mortgage. It all started a week before we received the telephone call. We noticed on the internet that a complaint could be made if your mortgage went well into your retirement and the broker didn’t inform you. We rang the Financial Services Compensation Scheme as the broker was no longer in existence. The FSCS could not help as both the broker and original lender were not FCA regulated. The FSCS advised us to go back to our current mortgage company. The day before the phone call we rang and told them the FSCS said we were not regulated. We spoke to a young man and he said he had not long been working for them and would get someone to ring us the next day. The next day the lady who was their complaints specialist rang us and said she had checked our account and we are unregulated, going to redress the account and compensation not to be disappointed with. She asked us to send an email as the right box has to be ticked. We have sent emails about how the account was sold, about the unfair terms on the agreement to try and tick the tight box. We had our hopes built up with this compensation and redressing of the account. This has caused us great stress and anxiety as we have got no where. If their complaints specialist had made a mistake the mortgage company should have told us instead of letting us keep sending more emails ect 

MeteredOut

Can you clarify what you mean by "tick the right box"?

What did you say in your email to the mortgage company?

But its still not clear what redress you're after? Was it that you believe you were getting compensation but are now being told you're not?

I don't believe this is an automatic redress for having an unregulated pre-2024 mortgage.

If you're not happy, you could raise a complaint, then take it to the financial ombudsman if that is not resolved.

Ayr_Rage

When you took out the mortgage the term would have been obvious and 2004 is not that long ago.

You would've known it would not be paid off before retirement and you must have planned accordingly.

What are the "unfair terms" and what boxes need to be ticked.

Exactly what did you "notice on the internet" about possible compensation?

MattMattMattUK

Barb1954 said:

This is a pre-regulation sub-prime mortgage. It all started a week before we received the telephone call. We noticed on the internet that a complaint could be made if your mortgage went well into your retirement and the broker didn’t inform you. We rang the Financial Services Compensation Scheme as the broker was no longer in existence. The FSCS could not help as both the broker and original lender were not FCA regulated. The FSCS advised us to go back to our current mortgage company. The day before the phone call we rang and told them the FSCS said we were not regulated. We spoke to a young man and he said he had not long been working for them and would get someone to ring us the next day. The next day the lady who was their complaints specialist rang us and said she had checked our account and we are unregulated, going to redress the account and compensation not to be disappointed with. She asked us to send an email as the right box has to be ticked. We have sent emails about how the account was sold, about the unfair terms on the agreement to try and tick the tight box. We had our hopes built up with this compensation and redressing of the account. This has caused us great stress and anxiety as we have got no where. If their complaints specialist had made a mistake the mortgage company should have told us instead of letting us keep sending more emails ect 

What do you mean by this? Do you mean you tried to spin a story to obtain some kind of compensation? I really cannot see how this is causing you any stress and/or anxiety, is that spin to try and obtain compensation? 

There is no automatic right to compensation just for having a mortgage run beyond retirement age.

Your communication on here is far from clear and you are not answering the questions asked, even if someone is trying to manage a complaint process which would likely take many months, incredibly unclear emails being sent again and again is not going to speed that process up.

You have two choices, wait and see if anything materialises or keep winding yourself up whilst waiting to see if anything materialises.

dunstonh

in April 2024 we received a telephone call from our mortgage company. Informing us that our account is unregulated (as it started in March 2004)

Mortgage regulation started 31st October 2004.  So, yours is pre-regulation.  Everyone who took a mortgage out prior to that is pre-regulation.

It won't be unregulated.  It will be pre-regulation.

and they would have to redress the account and we would not be disappointed with the amount of compensation we would receive but would have to tick the right box. Since that date we have tried everything to tick the right box. This statement of compensation has caused us severe anxiety substantial disruption to family life ect. 

Being pre-regulation does not result in redress.      If this is genuine, then there must be another failure identified.
Being pre-regulation means that the protections that were offered post regulation and access to the FOS or FSCS do not exist if you were sold it pre-regulation and the seller was not a member of an earlier body.

Something does not sound correct.

A lender is not responsible for the advice given by a mortgage broker.  Either pre- or post-regulation.
You don't get redress because you bought a mortgage before October 2004.

She asked us to send an email as the right box has to be ticked. We have sent emails about how the account was sold, about the unfair terms on the agreement to try and tick the tight box.

How it was sold is not an issue the lender has to deal with it.   
Unfair terms are unusual on mortgage complaints but theoretically possible.

Maybe the right box has to be ticked is the phrase often used for audit trails. ie. do this or that so we can get all the ight boxes ticked.    And not meaning you have to tick a physical box.

Can you answer the following:
a) have you made a complaint?
b) have you had a response in writing acknowledging your complaint and whether you have access to the FOS or not?  (this is mandatory letter)
c) Have you received a final response on the complaint in writing, giving you the outcome of your complaint?  (it would also state any monetary amounts of redress paid, if any).
d) Have you received a letter/form asking you to sign to accept that specific monetary amount or not?

I'm just wondering if you have even got to the official complaint stage yet?  or whether you have and are being told it's pre-regulation, they didnt sell it to you (the broker did) etc

Barb1954

Yes we have made a complaint and had a response in 7 weeks. Their final response excludes what their customer services specialist said about redressing the account and compensation. They have excluded this from the transcript of the telephone conversation under the Data Protection Act 2018 Schedule 2 part 4 paragraph 19. If they have given us misleading information why don’t they just admit their member of staff made a mistake. 

dunstonh

So, what was their final response?    Has is resulted in redress?

They have excluded this from the transcript of the telephone conversation

The record notes at the time may have only noted the relevant bits.     I use AI to summarise the transcript, removing the small talk and leaving the important bits.   Its tech that many firms use nowadays.

However, it really doesn't matter what was said on the phone.   If it was said and was a mistake, then you have no legal entitlement to gain from that mistake, as you are not financially worse off from it.

MyRealNameToo

dunstonh said:

So, what was their final response?    Has is resulted in redress?

They have excluded this from the transcript of the telephone conversation

The record notes at the time may have only noted the relevant bits.     I use AI to summarise the transcript, removing the small talk and leaving the important bits.   Its tech that many firms use nowadays.

However, it really doesn't matter what was said on the phone.   If it was said and was a mistake, then you have no legal entitlement to gain from that mistake, as you are not financially worse off from it.

Its a transcript not notes, ie it should be word for word what was said.

Reference to Schedule 2 Part 4 Para 19 is odd as this is in connection with legal privilege