Bank are pulling a Dick Turpin on me

To whom it may concern,

I wish to seek advice on the following issue.

I recieved a Loan approval/ Mortgage approval letter at the end June 2008 on an LTV Traker Mortgage of ECB+1% which at the time was about 5.5% apr. as I have a condition and I could not get Life coverage for Mortgage protection and therefore the Bank required me to transfer exisiting policy to cover the mortgage.Also they made complaints about how my engineer had filled out the Costing for the mortgage and also that my valuer did not correctly value the site. Everything appears as if they were stalling all the time. Then they asked me for documents I had already furnished them with ie Marriage cert as my wifes ID's were in her maiden name. In the meantime I have had to pay the builder out of my own pocket and loans from my family which I can no longer do and the banks stalling tactics have cost me at least 3 months in relation to draw down of the money. Finally yesterday I contacted them and the Lady in Bank told me that the cheque had been issued and all was ok. Then I recieved a message at 5.45pm saying that they hadn't issued the cheque and that due to the fact that it had been greater than 3 months since they had issued the original Loan Approval letter they would have to issue a new one with different terms and conditions and that no money would be released until my wife and I had signed it. This is an absolute disgrace and apallingly unprofessional, I have been patient and understanding up until now but this has taken the proverbial biscuit. I would be grateful to know what options I have available to me with regard to this matter. I look forward to any advice/ response

"I would be grateful to know what options I have available to me with regard to this matter."

You bite the bullet. You do what ever it takes to get your money. You shop around.
You try and understand that everything ( everything!) has changed in financial markets and that there is no point getting indignant - it will not help you one little bit. You remember that, actually, they do not have to give you the money at all, if they don't want to. Its not your money.

And then you go and do whatever it takes to get your money.

mf

I agree that it is very unprofessional, but it may be in your interest to be patient for a little longer, as if you make a complaint at this critical stage and the offer is withdrawn, you will have to start from scratch with another lender etc.
p.s i like the post title, good luck

Indignant I have been patient for 5 months. According to a friend Under the Consumer Credit Act they actually have to give me the money so basically they are stalling. I would be greatful for advice as I don't really want to go down the Legal route( and that does not mean robbing them at gunpoint). By the way MF thanks for the Pep Talk.

"that due to the fact that it had been greater than 3 months since they had issued the original Loan Approval letter they would have to issue a new one with different terms and conditions and that no money would be released until my wife and I had signed it. "

I think you'll find that the above covers any legal avenue you might have had.

mf

In the small print at the back of the Loan offer it says 6 months which is the time the offer stands for. I am no legal whizz but I think false information isn't exactly legal according to the Financial Ombudsmans office.

Taydo said:

In the small print at the back of the Loan offer it says 6 months which is the time the offer stands for. I am no legal whizz but I think false information isn't exactly legal according to the Financial Ombudsmans office.

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Well, I wish you luck so. I'm sure your case is different to all other borrowers in the current climate. You might still like to take the advice offered.

mf

I hope to God everybody elses case is a lot more straightforward in mine. That said and done, the ordinary joe like myself didn't get the banks in their current predicament yet we are expected to pay for their mistakes and the Huge bonuses that their CEO's got which is borderline criminal(if the were in the U.S they would probably be indicted by the FBI )put the poor souls in this country will roll over and let the Banks do what they want with them. All I'm asking for is that I get what I was originally told I was getting, I'm not looking for something that is not due to me. Anyway I'll get down on my knees and say a few novenas to ST.Jude.

It's not the banks fault that you have a condition which meant their life assurance would not cover you(if my understanding of the orignal posting is correct). Nor is it the bank's fault if your engineer filled out the costing incorrectly or if your valuer incorrectly valued the site.
Likewise, if you filled in the paperwork using your wifes married name and she provided ID in her maiden name, (again, that is my understanding of the original post), that is your fault, not the banks. It is your responsibility to ensure that all of these tasks are done correctly and if they are not, any delay lies with yourself and not the bank. If delays have occured as a result and you are out of pocket that is not the banks problem. Based on what you have said in your post, if you had completed the paperwork correctly, none of this would have happened.

Having said that, if the small print says the offer is valid for 6 months and there is no other clause in the agreement allowing them to change the offer, you may have a case for them rescinding the offer, but not for the delays that occured

It's not the banks fault that you have a condition which meant their life assurance would not cover you(if my understanding of the orignal posting is correct). This is True that they had nothing to do with me being refused Life Assurance but by law they have to honour it (due to the fact that they used deny people suffering from AIDS mortgages until the consumer credit act was brought in. This was also wrong if a person contracted AIDS from a blood transfusion(i.e no fault of their own ) my condition also occured through no fault of my own.

Nor is it the bank's fault if your engineer filled out the costing incorrectly(this was my own fault hands up but only found out about it after the bank had it for 2 months, very efficient I must say) or if your valuer incorrectly valued the site(it was found later that the valuer actually did value the site etc correctly).
Likewise, if you filled in the paperwork using your wifes married name and she provided ID in her maiden name, (again, that is my understanding of the original post), that is your fault, not the banks (Marriage Cert was sent in with ID documents and they asked me for it again 2 months later and when I indicated this to them it suddenly re appeared). It is your responsibility to ensure that all of these tasks are done correctly and if they are not, any delay lies with yourself and not the bank. If delays have occured as a result and you are out of pocket that is not the banks problem. Based on what you have said in your post, if you had completed the paperwork correctly, none of this would have happened.

Having said that, if the small print says the offer is valid for 6 months and there is no other clause in the agreement allowing them to change the offer, you may have a case for them rescinding the offer, but not for the delays that occured

The Bank has yielded Praise the Lord. An oversight on their behalf seemingly. Gracious as ever me "Sure it could happen a Bishop".