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FSA regulated irresponsible lending & a ccj
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potatoefeet66 wrote: »Still now answers then thought not.... the fact that you doubt I've double the value of my house does not mean I have not. the last house i sold was tripled admittedly that was more to do with the property bubble, but the one I live in now more due to the fact that its been a superb investment to refurb location, location, location....
Time will tell won't it. liked the pitch about me shouting at pigeons made me laugh to very witty x
I didn't write that post Duns. did.
And I have been as constuctive as possible in explaining the issues, if you refer to my previous post to this ....
I can't tell you what you want to hear, because it would be dragging me into the madness too .... the facts are the facts I am afraid, and although I appreciate that you are unhappy the lender changed their criteria preventing you from securing a new mortgage and porting your existing mge product to a different residence, you are simply banging your head against a brick wall, if you think this is going anywhere at all complaint/compensation or other wise.
Hope this helps in any event.
Holly0 -
Firstly the ccj, a loan for 6k with 3k outstanding lender upon its being purchased bought out,merged with high street bank, the account was closed for some reason i was left with the lender saying they would not accept the repayment, together with the collection company the ccj was supposedly being collected by saying they had no record of it and telling me to go back to lender....ping pong bizarre but all the same true.
ultimately the lenders manager upon at the time of my application admitted to mortgage dept of now merged company that it was there fault and went on to accept the repayment back of the 3k i was left being unable to repay.... the underwriters upon receipt of the explanation issued the 150k advance porting existing product (rate) to new house....thats where i left the situation.....
until 3 years later i was refused by lender to assess any application inline with assessed income.... its really simple really I'm sure you can keep up.xxxx0 -
Thanks we will see, no worries .0
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Oh don't worry, I can keep up with the best of them ...
So, now the CCJ was challenged and removed by the OC or assignee ?
And now, 3 yrs later, you have been refused a new mge on a new residence, not as a result of the (defunct) CCJ (which is a change to the original story, but Dave H. did warn me !), but the simple and straightfoward fact that on assessment you had insufficent income for the mge applied for ....
Well thats just tough really if your income has reduced OR that you over egged the self cert income which helped you secure your initial mge, and now we're full status, you simply can't evidence the same levels ..... indeed how you can assert that the lender has been negligent or irresponsible is quite baffling to anyone other than you apparently.
As I said, criteria changes happen will all lenders as time passes, and some existing borrowers will always be caught out by that change, on their next move - thats just life and what remortgages can be for ....
Hope this helps
Holly0 -
holly_hobby wrote: »Oh don't worry, I can keep up with the best of them ...
So, now the CCJ was challenged and removed by the OC or assignee ?
And now, 3 yrs later, you have been refused a new mge on a new residence, not as a result of the (defunct) CCJ (which is a change to the original story, but Dave H. did warn me !), but the simple and straightfoward fact that on assessment you had insufficent income for the mge applied for ....
Well thats just tough really if your income has reduced OR that you over egged the self cert income which helped you secure your initial mge, and now we're full status, you simply can't evidence the same levels ..... indeed how you can assert that the lender has been negeligent or irresponsible is quite baffling to anyone other than you apparently.
As I said, criteria changes happen will all lenders as time passes, and some existing borrowers will always be caught out by that change, on their next move - thats just life and what remortgages can be for ....
Hope this helps
Holly
Complex..... I was in 2005 advanced 150k for house purchase which went ahead in the october......I still live in that house rate switched the rate in sept 2008 to lifetime tracker at 0.84pc...... in 2009 Feb advisor refused to assess my reQuest to make a lump sum reduction of me existing mortgage upon the simultaneous porting of reduced balance. the figure in line with assessed income was refused by advisor to be even looked at...... infact no legitimate application was ever conducted by lender as the process was rigged by advisor..... the case is now with specialist complaints at the bank the ICO and the FOS and the Independent Assessor after three and half years.....
I have very little choice when i originally lodged a complaint in feb17th 2009 I had no idea i would still be waiting for a final response from lender on the issues...... its a big E . thanks for your help.0 -
Ah, so this is already in the complaint process, with the banks internal complaints team, FOS (who ARE the independent FS arbitrator), AND the ICO - the banks internal complaints team MUST have responded to you with their final decision for you to refer it to FOS (which was obv a rejection), and it has now been with FOS for a couple of yrs with no decision even at adjuicator level ?
Your explanations aren't clear - but the ICO is in respect of DPA breaches, so not sure where they fit in the mix here ? (in fact don't tell me !)
Referring to your comments re the Advisors role - it wouldn't need to go to underwriting if the advisor from assessing your income KNEW from outset it was insufficient with regards to the lenders income mulitples - indeed thats a basic and inital part of the process any adviser performs, when assessing a client for mge i.e Will the clients income mulitply up sufficiently with the chosen lender ?. So the advisor was well within their remit to refuse to submit the app (which would be a straight rejection), if it was plainly apparent that your income was simply insufficient for the new borrowing figure - indeed there would have been something to say by his manager if he had submitted it for UW in full knowledge that it simply didn't stack up to the lenders basic criteria. No one's out to get you - certainly not the advisor, remember they are targeted on securing business not the other way round !
Anyhoo, do let us know what the final FOS decision is (to which I would be prepared for a resounding rejection) - although the further I'm getting sucked into this, the more confused I am from your posts what the actual complaint is !
Hope this helps
Holly0 -
holly_hobby wrote: »Ah, so this is already in the complaint process, with the banks internal complaints team, FOS (who ARE the independent FS arbitrator), AND the ICO - the banks internal complaints team MUST have responded to you with their final decision for you to refer it to FOS (which was obv a rejection), and it has now been with FOS for a couple of yrs with no decision even at adjuicator level ?
Your explanations aren't clear - but the ICO is in respect of DPA breaches, so not sure where they fit in the mix here ? (in fact don't tell me !)
Referring to your comments re the Advisors role - it wouldn't need to go to underwriting if the advisor from assessing your income KNEW from outset it was insufficient with regards to the lenders income mulitples - indeed thats a basic and inital part of the process any adviser performs, when assessing a client for mge i.e Will the clients income mulitply up sufficiently with the chosen lender ?. So the advisor was well within their remit to refuse to submit the app (which would be a straight rejection), if it was plainly apparent that your income was simply insufficient for the new borrowing figure - indeed there would have been something to say by his manager if he had submitted it for UW in full knowledge that it simply didn't stack up to the lenders basic criteria. No one's out to get you - certainly not the advisor, remember they are targeted on securing business not the other way round !
Anyhoo, do let us know what the final FOS decision is (to which I would be prepared for a resounding rejection) - although the further I'm getting sucked into this, the more confused I am from your posts what the actual complaint is !
Hope this helps
Holly
HOLLY.....
You are getting sucked in, take it as a laugh - OP is a professional forum baiter...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
:o:o:o:o:o:o:o
Doh D. I'm too easy ..... !!!!
H x0 -
HOLLY.....
You are getting sucked in, take it as a laugh - OP is a professional forum baiter...
Dave,
Have to disagree with your choice of terminology.following an occupation as a means of livelihood or for gain
More suited to annual Christmas seasonal entertainment I would suggest.0 -
Fos wrote to the bank in July asked them to issue a final response on the issue, the bank refused.HOLLY.....
You are getting sucked in, take it as a laugh - OP is a professional forum baiter...
The ICO is investigation is in regard to failure to provide any disclosure for the application the lender claims they conducted in Feb 2009, lender still not issues any supporting documentation.
Independent assessor is investigating the case failures of FOS as they have already in april this year offered me compensation.....
furthermore Im not a professional baiter.... just a regular guy with three hungary children..... and the determination and patience of ten saints.... thank for your interest and advice.
i just have to wait for the results to come in.... ill keep you all posted
after all it is a free country or it was last time i applied for asylum lol0
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