MajorGreenhorn
Registered User
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- 7
Hi,
I just wanted to ask if anyone had any experience with the Mediation process with the Ombudsman and their Financial Advisor? We are due to meet with our Financial provider to discuss the resolution of our complaint against them regarding the tracker mortgage issue.
What should we expect? What should we bring? Are these meetings generally held to resolve the issue with complaints?
Any information would really be helpful and also possible outcomes. Also, as a side question, I'm desperately trying to figure out how to calculate the over charging (2008) to present.
Thank you in advance.
Could you clarify please are you meeting the ombusman and is your lender going to attend.
My experience has been the ombusman has taken an interest in our dispute and has put questions to the bank on our behalf. When the bank had the opportunity to clarify their position they somehow ended up making it worse. We now have a solicitor managing our dispute as it has gotten out of hand (there are more question than ever) and it appears its going to court. The ombusman has always been involved. Is this mediation you speak of being held in order to possibly avoid heading towards going to court or are you just at the beginning stage of your dispute?
Hi Major
Which lender?
What is the issue?
In most tracker cases that I have seen, the bank were just "mediating for clarification" which was a complete waste of time as everything was well clarified.
Have you been through the Independent Appeals Process?
I have seen people getting very anxious about the mediation meeting and treating it like a court hearing where they have to perform very well.
It sounds like an informal meeting with the Ombudsman for him to understand your complaint.
Just bring your file.
Don't worry about the overcharging. It's too complicated to calculate. When you win your case, you can worry about that. If you lose, it will be irrelevant.
Brendan
That is my interpretation but don't forget I am not an expert and am only going on my past experience with them. In both cases I refused mediation but so did the bank so can't help you with what to expect.Bingo,
We are at the end game at this stage
That is my interpretation but don't forget I am not an expert and am only going on my past experience with them. In both cases I refused mediation but so did the bank so can't help you with what to expect.
Thanks for the reply major.
It appears your further along than myself. I cant add anything useful I'm afraid. But I hope your meeting goes well. Good luck.
Thank you very much, Ill have a look at this now.Nobody knows how they work out the overcharge. I did a basic 'back of envelope' calculations by using the rates here over the years and seeing what the difference was in payments for each passage of time when the rates stayed the same. I actually got more than I estimated by about 20%. If you sit down and see what you should have paid and what you did pay you can get a close estimate.
I took it that it has been through an investigation and the bank now want to try and resolve this. The question is why and how unusual is this course of action at this stageThe process is in its final stage prior to adjudication by the Ombudsman.
This looks like how the process has gone, I'm sure the op can clarify. Op also stated there were 2 years of back and forth which suggests it went past mediation. Timeline for mediation phase is only 6 weeks and the fspo is quite keen not to go on any longer during this phaseBut I would be very surprised if the process went
Mediation
Investigation
More Mediation.
So I think that this case is still at the mediation stage.
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