EBS What does an EBS "Variable Base Rate" mortgage mean?

paulo1000 said:

Is the tracker application form part not irrelevant, as it is not a legally binding document?? In one case here a tracker application was not even processed by the EBS. So I don't buy that argument by EBS that you never applied for a tracker. I didn't apply for an SVR either. I only ever applied for a fixed rate when there were no SVR's available (2007).
The most important argument is that, 'Variable base rate' is written in the mortgage contract. This should mean the same thing to all customers. And why would EBS remove the word 'base' from their terminology?
Now, EBS have three terms, VBR, variable and SVR to describe the same product. And they don't like to use the term VBR anymore. It doesn't appear anywhere after my mortgage contract documents. I cannot find a definition of VBR anywhere in my own mortgage documents.

I have just received a final response letter from EBS claiming that the VBR and SVR are the same thing. I've also received a letter from the FSPO that they will be in touch with me in the next 8 weeks to run a voluntary mediation process by phone and if it is not resolved it will got to the courts.

Do people recommend that I get a financial advisor to help with my case? I cannot see the mediation process going anywhere? How can I convince the bank of anything otherwise? I have no background in law, finance or banking, so how can I argue a case against the EBS?

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Going through the threads I was wondering if Paulo1000 could share the outcome (if any) on the above. This would help greatly. Many thanks

They haven't posted in over 2 years so I suspect that the likelihood of an update may be slim...

FSPO is clearly not fit for purpose. They have had some of these type complaints for over 4 years.

Has anyone heard anything recently from the FSPO on this matter?

Hi EBS weary, i cannot believe nobody has heard back from the FSPO yet. As mentioned, its 4 years now and still nothing, not fit for purpose sounds like a good description of them as theyve let EBS off the hook here big time, a response will probably come anytime now as its at a point where its least expected. I have been keeping an eye on the decisions as theyre published but very hard to remain patient, theyre must be some way a complaint can be lodged about the delays with this as not a single decision has come out yet and no excuse for it.

Agreed

Hello all, has anyone received an update from FSPO?

Hi everyone, I have recieved a answer a FSPO answer and i have 15 days to submit new evidence i dont have or its going to be ruled in the banks favour.Thanks very much for all your helpful information.Im not sure where to start but basically i was on a tracker from 2005 to 2008.

EBS are saying i never had a tracker(standard variable rate again).They say i got offered a loan in Jan 2005 but that they issued new terms in Febauary 2005(which FSPO say there is no evidence of me accepting those new terms) but FSPO accept this new loan letter as evidence and ive not supplied any evidence to say its not true,FSPO says.

It gets better,when i applied for my loan the bank is saying it had no chance to update the application form(FSPO say this should have happened) to show trackers as an option but if i wanted a tracker at that time they has a seperate form i needed to fill called tracker application.So again FSPO agree with EBS as ive not provided my tracker application form.This is a lie,there was no seperate form ,as far as i was aware.

FSPO acknowledge my variable base rate was the same as the tracker from 2005 to 2008 but ive provided no evidence in documentation(ive given loads of eveidence but non says tracker on it).Any ideas?

All my requests for my information from EBS took a very long time,they mixed up and left out many documents on purpose.

I also have another issue they remove my insurance on my mortgage for a time and sent letter from the local branch to say they were doing so.I dont have these letters.EBS created a document showing insurance was on they loan all the time with a snipet image from a computer screen.Its untrue completly.

They have also fabricated another version of events on my insurance products,they changed my life and serious illness policy without asking me,they told me of this change in 2013 when i was in a branch(to make a claim on my policy) and gave me the date change(i hand wrote all this at the desk on the day and have given this to FSPO but it internal system information i will never be given under FOI by EBS).They have said im mixed up and this never happened but the will also not give me any information on the products .They have provided a insurance application document from 4 years later(i was going to move house but i never drew down this loan),its the same with the evidence from me signing for my mortgage loan,they provided my signed document form 2009 not 2005(which i never accepted or drew down).You can clearly see 2009 not 2005 on the document

.FSPO say the bank have explained this money was never drawn down and accept this answer with no further information requested from FSPO to EBS.Ive a serious illness and should have received a payout from my insurance but they changed the product and have hidden their tracks and created a very basic system document which is also accepted.

I feel out of my dept,ive explained everything to FSPO and they are happy not to listen,its now up to me to produce only completly new evidence in the form of documents to dispute this.Is it over or has anyone any ideas how i can get letters to prove what im saying it true or correct FSPO accepting evidence that has major flaws,without working internally EBS I cannot see a way out.

Many thanks

Unfortunately if you can't provide evidence to back up your claim then it will be closed.

While it may feel grossly unfair, the Ombudsman can only go on facts. When it comes to hearsay - your word against the bank, the Ombudsman will rely on the documents it has been provided with. I realise this may not be the answer you wish for but in your shoes I would certainly prefer a dose of realism rather than false hope.