Would it be wise to pay your ssia money into your mortgage?

Carpenter - that's interesting to hear. What did the ombudsman do for you? did he just help you fix the situation with your mortgage provider or can he impose sanctions on them directly? And yes, you are dead right, I will document the entire debacle; I'm just working up the mental energy to rehash the entire experience.
 
WaterSprite said:
Carpenter - that's interesting to hear. What did the ombudsman do for you? did he just help you fix the situation with your mortgage provider or can he impose sanctions on them directly? And yes, you are dead right, I will document the entire debacle; I'm just working up the mental energy to rehash the entire experience.
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It took me months to actually steel myself to "rehash" the entire experience and get it onto paper. I sent a detailed letter, chronicling the entire sequence of events, memos from my diary, (memos of branch visits, telephone calls, lodgements made etc- very detailed) plus a completed complaints form to the (then) Ombudsman for the Credit Institutions (it's changed now, check out IFSRA website- I think). The ombudsmand decided I had a case and completed an investigation. In time he issued his decision and I received a financial settlement (not enough to justify the grief- but anyway) which was to "be lodged to my mortgage account as a payment against principal". Guess what even the bank screwed that up and "capitalised" it , until I intervened. I now get statements on a quarterly basis, would you blame me?
 
clubman/extopia,

thanks for the earlier advice on paying off extra amounts on a variable rate mortgage.

spoke with my bank (perm TSB) - they told me that the only option is to up my monthly payments (which could subsequently be put back to the 'normal' amount) - otherwise any payments i make will only sit on deposit in the mortgage account and will not be used to reduce the loan amount.

i considered perm TSB a fairly competitive bank and i find this surprising - given that other banks seem to allow such behaviour. I've set up a meeting with one of the honchos and I'll press them on this (although I dont think i'm in much of a position to bargain as I'm only into my mortgage!).
 
Keep pressing. You are obviously a good customer. The mortgage of which I spoke earlier was with PTSB also, for the record.

I don't believe there's really any good reason why the bank can't use your extra payment to reduce the principal, although they will probably say their computer systems can't handle variable payments yada yada yada. I know in my case we were able to get the bank to do this but then again we had a sympathetic bank manager who was hungry for business and interested in looking after customers. Perhaps each payment had to be manually processed, who knows.... but it IS possible.

Keep pressing.
 
go raibh maith agat extopia,

actually, the bank manager is a family friend! - however, the meeting i have arranged is with the ast. manager, perhaps a mistake as all my previous dealings have been direct with the manager. i intend to press this further anyway - i've a meeting tomorrow afternoon and i'll let you know how i get on.

by the way - can i just say - i came across this site a few weeks ago by accident (doing a search on a property) - i browsed initially for a few weeks and then started posting somewhat apprehensively, now i'm addicted - a plethora of advice on wide ranging topics! great site, keep up the good work! (i gather the 'moderators' and 'frequent posters' do the leg work?, keep it up anyway - this site might just keep me off eddy hobbs radar screen!)
 
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