From: "trevd72" 
Newsgroups: uk.finance
Subject: Re: ABBEY NATIONAL REMORTGAGE ERROR
Date: 31 Jan 2005 09:02:22 -0800
   posting-account=oSOPvw0AAAB3fsMBM29bwaG_POtmscz5

I got it sorted eventually.  they are repaying me my 2 and a bit grand
and everything has worked out ok in the end, but what a farce.  Your
problem makes mine look small.  I can understand you not trusting
Abbey.


Pedge wrote:
> trevd72@yahoo.com (Trevor) wrote in news:3ae896c3.0501250214.ce11171
> @posting.google.com:
>
> > In October/November I enquired with Abbey about a home improvement
> > loan of =A315,000.  They said nothing could be done because of some
> > change in the financial services act or something, call back in a
> > couple of weeks.  This continued for a further 3 calls until they
said
> > that home improvement loans were still not available but they could
> > offer a remortgage.  I expressed my concern about being tied in to
my
> > current mortgage until late 2006 because of a cash back offer I
took
> > to buy my home and the penalties involved with this.  I was told
that
> > because this was to get past the "home improvement loan" problem
and
> > because I am staying with Abbey all such fees and penalties would
be
> > wavered.  During the remortgage process I received two letters that
> > indicated I would not receive the full =A315000 because of other
> > expenses, I called Abbey and was told to ignore these, it was
standard
> > bumf.  Then when I finally received the cheque it was for only
> > =A312,925.
> >
> > Now Abbey are saying that this is caused by their "not knowing how
to
> > work the new rules" and that I should receive compensation
> > eventually....no time scale.  I will not get it automatically.....I
may
> > not receive the =A32k at all.
> >
> > Does any one know what is happening here?  Are there other people
in
> > the same situation?  If I knew I would be penalized I would not
have
> > taken the remortgage and I only took it on their advice.
> >
> > What can I do?
> >
>
>
> Ahh, i've eventually found somebody who has had a similar problem to
me.
>
> I also applied for a =A312,000 home improvement loan in mid October. I

> received the paperwork around the 19th of October and sent it back
signed
> straight away. This was because of the warning leaflet received
saying
> 'make sure the agreement is signed and received by Abbey before the
27th
> of October'. I done this as the new FSA regulations were coming into
> effect on Nov 1st.
>
> In mid Nov I called Abbey to follow up my application only to find
out it
> had been withdrawn. I was livid! They told me I had to speak to the
guy
> who advised me and nobody else could help. For 3 days I tried to
contact
> him and no call back. Went thru complaints with no success. He
eventually
> called one evening and told me what had happened and the only
solution
> was to set up a remortgage. With the remortgage I would be worse off
by
> =A325 / month compared to my current mortgage + the loan. This was an
> increse of 0.5%. At the beginning he did'nt seem interested in
matching
> the figure I was originally going to pay but as I was persistant in
> explaining that I would be =A3300 worse off a year he got confirmation
from
> a manager that they would sign it off. He promised me a call the next
day
> but did he call back - NO.
>
> I visited my local Abbey and demanded a meeting with a mortgage
advisor.
> I was absolutely furious as i had arranged for builders to start this

> month. Took all my paperwork down there and spoke to somebody face to

> face. A remortgage was the only solution as they had suspended all
home
> improvement loans. So we set one up and got a figure of compensation
> which i'm due from them. No penalties nor arrangement fees had to be
paid
> as they would cover this.
>
> The one important thing that pisses me off is that their solicitors
in
> Manchester are charging all sorts. I live in an ex local authority
> property where they have to send paperwork to them and they are
charging
> =A3150+vat for this. I have managed to get Abbey to cover this
although
> they do say that there may be other charges.
>
> I think this situation is absurd as with the home improvement loan
there
> was no need for solicitors and no set backs. I am still waiting for
my
> loan and have had to suspend my improvement works until April.
>
> One thing Abbey can count on is that in two years time my bank
account,
> mortgage and poss home insurance will be off elsewhere.
>
> As regards to their insurance, don't. Home insurance is probably the
best
> around as it is unlimited. For sickness, life, unemplyment you can
find=20
> it cheaper elsewhere. Try www.thisismoney.com
>=20
> P