Bank Loan - No communication or account/statements

M

mercman

Guest
Took out a Sterling Loan in 2000. Made my annual repayments as was called for in Years 1 and 2. No further call in Year 3 and files placed in storage. No statements ever received. Received telephone call at end of Year 4 demanding full repayment, which I was caught on the hop as I had genuinely forgot. I referred to my past correspondence as I never had a statement or an account number for the Loan. Called to a meeting with the Bank and they agreed the Bank made an error. They then agreed to freeze the interest as long as I made the payments. I did this and each time I made a payment, sent a cheque and a letter requesting the correct account number and statements as per the Banking Code of Practice. Started receiving statements for 6 months showing a Credit balance. Wrote again requesting up to date statement - received nothing. A further two years has gone and I am now awaiting for a further verbal showdown with the Bank as frankly I do not know the balance at the moment. Problem is that they took a first charge on anLife Insurance Policy at the start of Loan. They agreed to lift this charge at the meeting (and put in writing with new facility letter) and I have written to the Head Office (registered Post) a number of times, but the charge still in place. Unless I receive all the Statements I refuse to make further payments. However now want to have charge on Life Policy lifted. Any suggestions from anybody.
 
mercman said:
No statements ever received.
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What do the terms & conditions of the loan agreement say about statements?

What lender is this? In particular is it a UK or Irish institution? Who are they regulated by?
 
Standard Terms & Conditions apply in this case.

The institution is regulated in Ireland, based in Ireland and whilst I do not wish to mention their name is a subsidary of an enormous set up (in the top 10 worldwide)

Standard Terms & Conditions of The Banking Code of Practice incudes:

issues statements on all accounts held at least on
an annual basis, unless otherwise agreed with
the consumer
complies with all regulatory requirements applicable
to the conduct of its business
corrects errors and handles complaints speedily
and efficiently
 
Have you considered making a formal complaint (ideally in writing) to them and if you get no joy having exhausted their complaints process taking it to the [broken link removed]?
 
I agree with ClubMan. There is no need to waste time with unresponsive financial institutions any more. Tell them what you want. If you get no response or if you are not happy with the response, go to the FSO.

It is a bit unusual to take out a sterling loan in Ireland, so I hope that the FSO doesn't say that it is not covered.

Brendan
 
I made the complaint in writing previously. This is how they came to an arrangement. It ir obvious that the institution have a problem. However why should I make it my problem.
 
Brendan said:
I agree with ClubMan. There is no need to waste time with unresponsive financial institutions any more. Tell them what you want. If you get no response or if you are not happy with the response, go to the FSO.
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Just to be precise (even if it upsets some people on other threads) the FSO will only deal with the issue once you have a "final response" letter from the institution in question which states that you have exhausted their complaints process.
 
I can not see the point of going to the FSO. Last December (2006) I wrote and they promised me a current statement. On receipt of these, per a telephone call I was to resume payments. Absolutely nothing in the past 12.5 months. Surely the statute of limitations will eventually have a part to play as I have a file of correspondence in relation to this and my requests. All I want at this time is to have the charge taken off my Life Assurance Policy.
 
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