In 2009 I lodged an unsuccessful complaint to the FSO relating to a tracker loan I was offered but, prior to drawdown, was subsequently withdrawn by the bank, claiming
I based my case on “loan offer had Lapsed” ( planning permission for extension took 9 months)
Hereunder are the relevant findings of the Ombudsman.
The net issue is; can a general term relating to expiration of the loan offer be defeated by clause 13?
Clause 13 of the terms and conditions provides that “in the event of any conflict or inconsistency, the Specific Loan Offer Conditions shall apply.”
In my opinion, there is no specific loan condition extending the length of the Loan Offer.
The specific condition concerning planning permission does not conflict with nor is it inconsistent with the general term/condition regarding expiration of the loan offer.
Consequently, the complaint before me cannot be upheld.
The banks Specific Loan Offer Condition states;
Notification of Grant of full planning permission for proposed extension to the proposed security to be obtained by the borrow and placed with the title documents by the Borrowers Solicitor on or before the date of release of the loan funds.
Can anybody explain to me how the FSO came to that conclusion as on the banks Specific Conditions it states that no funds will be released until planning is in place?
- They were no longer doing tracker loans.
- The loan offer had lapsed
I based my case on “loan offer had Lapsed” ( planning permission for extension took 9 months)
Hereunder are the relevant findings of the Ombudsman.
The net issue is; can a general term relating to expiration of the loan offer be defeated by clause 13?
Clause 13 of the terms and conditions provides that “in the event of any conflict or inconsistency, the Specific Loan Offer Conditions shall apply.”
In my opinion, there is no specific loan condition extending the length of the Loan Offer.
The specific condition concerning planning permission does not conflict with nor is it inconsistent with the general term/condition regarding expiration of the loan offer.
Consequently, the complaint before me cannot be upheld.
The banks Specific Loan Offer Condition states;
Notification of Grant of full planning permission for proposed extension to the proposed security to be obtained by the borrow and placed with the title documents by the Borrowers Solicitor on or before the date of release of the loan funds.
Can anybody explain to me how the FSO came to that conclusion as on the banks Specific Conditions it states that no funds will be released until planning is in place?