Bank refuse to release charge on Life Policy: near 8 times amount outstanding loan.l

TrundleAlong said:
I would suggest that you make an appointment then rather than just dropping in off the street.
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The person concerned was fully aware that I would be calling in at some time that day. When the cheques were sent the Bank confirmed receipt and I was able to track same from my own statement.
 
mercman said:
The person concerned was fully aware that I would be calling in at some time that day. When the cheques were sent the Bank confirmed receipt and I was able to track same from my own statement.
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In fairness mercman "calling in at some point during the day" is not the same as making an appointment.

So you have receipts and a record from your own current account. So you know who much you sent them and you know how much the original loan was. So you can then calculate how much of the loan is outstanding?

You say that you paid 70% off the loan or thereabouts. Why did you not continue to send an annual cheque as you had done in the past? You could have kept all the receipts and current account statements and when you calculated that the loan was cleared you could have presented your documentation and asked for your policy to be released.
 
The following questions are still not clear.

Was this a Sterling Loan issued by a bank in the Republic?
How did you get the loan passed to you? In Sterling? In Euro? To a current account?
Were you required to pay back the loan in Sterling or in Euro?

If the loan was in Sterling and you posted them a Euro cheque I assume that they did the currency conversion in the branch? Was this where the confusion is? Did you get a receipt showing currency conversion?
 
mercman said:
.

As the loan was reducing, the Interest was frozen.
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What sort of bank does this? This looks like it was a bad debt with no hope of recovery. So the loan was underlined....frozen.

I am sure that back in 1998 when the loan was issued there was plenty of documentation, including a repayment schedule set up. I am sure that statements were also issued. If it was a Sterling loan, maybe they were issued to A UK address.

The only time we ever phoned people back in my banking days was when they weren't making their re-payments and it was turning in to or had become a bad debt.

The fact that you haven't made a specific appointment to speak to someone in all these years tells me that you are afraid to do so.

Make an appointment today and sort it out.
 
SlurrySlump said:
In fairness mercman "calling in at some point during the day" is not the same as making an appointment.
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The particular branch was around 100 miles away from my home. When advised 'call in anytime in the morning' which I did and the circumstances are as they happened.

I have copies of all the cheques sent as well. The problem started when they sent me a figure quoting an incorrect balance, which I queried and they have now gone to ground.

This was / is a sterling loan issued from a Bank in the Republic. Repayment has always been made in sterling.
 
Grizzly said:
The only time we ever phoned people back in my banking days was when they weren't making their re-payments and it was turning in to or had become a bad debt.
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And its because of Banks that we are all in the mess we're in. Fact is I want my Life Policy back free of charge. And to counter comment, I have never ever missed a loan repayment and always conduct my affairs in a business like and professional manner.
 
mercman said:
The Life Policy is charged to the Bank.
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When a life policy is charged to a bank, documentation is completed. This usually states that the policy is held as security for this loan as well as past and future loans.

On another thread you gave this advice to a person
"Surely these conditions were in the contract and terms which your Solicitor should have pointed out. Otherwise Caveat Emptor."

I think that when you gave your Life Policy as security you would have been made aware of the Terms and Conditions in doing so. There is not much you can do about this other than make a specific appointment for a specific time with a specific person and get the matter sorted. Caveat Emptor
 
Grizzly said:
The only time we ever phoned people back in my banking days was when they weren't making their re-payments and it was turning in to or had become a bad debt.
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This just shows the superiority complex the Bankers of old used to adhere to. You forgot about the times when Bank Managers longed for a game of Golf or at Xmas time reminded their customers of their love of Brandy.

Your comments are not helpful and in fact downright rude and crude. Old Bankers and New old bankers are a thundering disgrace. Can't you see this or are you just to superior ?
 
Closed temporary basis for consideration by mods.

Off topic posts will be deleted.

Please keep to the facts and refrain from generalised sweeping discussion.

aj
moderator.
 
Well the last couple of weeks much has happened. Obviously somebody that knows the situation reads AAM. I received a rollover statement charging interest from their HO. I contacted the person now in charge of the matter and explained the situation. Frankly he did not believe me, so I suggested that I copy him with the hundreds of faxes and correspondence I had already sent.

On following up, he was unable to offer comment but asked me to make contact with my RM. This I have tried -- 61 times -- and have left a number of messages on his voice mail, but a return call has not been returned.

So to those who think I am chancing my arm -- I am not. I simply want a accurate statement for the account with the correct balance, not the incorrect one. I do not think it is to much to ask.
 
Sounds like Ulster Bank to me. My local manager has twice promised to close off my "holding accounts" that I apparently need every time I open a fixed term deposit account and transfer the few pence in interest earned in to my Ulster Bank current account. He also promised to send me closeing statements. To date nothing has happened.
 

1. What is a rollover statement, and it it incorrect?

2. If this new person is in charge of the matter why did he tell you to contact RM? Also why didn't he deal with the matter for you.

3. What is RM?

4. How did you try to contact him othere than phone calls. No one would ring someone 61 times, after 3 failed attempts you go higher up in writing.

In relation to one of the Irish banks, they lose registered letters and ignore customers. This I can confirm as I have a case with the ombudsman on it.
 
Bronte,

To answer your questions:

1. It is a statement the Bank have raised in this case for no apparant reason and yes it is incorrect..

2. He said he wasn't able to deal with the matter before I sent him a copy of the file and after.

3. A RM is a relationship manager.

4. I haven't tried any other way to contact him other than phone calls and voice mails. What is the point. If the Bank refused to act on the hundreds pieces of correspondence what was/is the point in writing further. I see no reason for going higher at this point in time, which could have effect on my normal banking arrangements with the Bank in question.

In this case the Bank have never denied receiving my correspondence but have acted as if I am some kind of a toon. In reality it simply does not pay to be honest and truthful when it comes to dealing with Banks.
 
mercman said:
2. He said he wasn't able to deal with the matter before I sent him a copy of the file and after.


4. I haven't tried any other way to contact him other than phone calls and voice mails. What is the point. .
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In relation to 2 I don't understand what you are saying. Did you give him a copy of the file? Why is he not able to deal with it?

4. The point of all this I thought was for you to get the situation sorted. If you don't correspond in writing you are wasting your time. Make 61 phone calls is the wrong way to go about it.
 
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