DavidKoresh
Registered User
- Messages
- 7
When MARP was just getting started I requested my bank in writing to include me in the MARP process. They met me and informed me that although the mortgage was on my family home they had given me a commercial mortgage...(to finance another house purchase) and as such I would not be eligable for the MARP process ever. They then pressurised me to sign up to new mortgage contract terms....capitalising arrears and applying a higher interest rate...(called to my door at 7:30am to get me to sign the contract).
At the time I tried to resist signing this new contract as it just seemed to postpone the inevitable and in fact was going to make the situation worse in the long term (with the higher interest rate). After a few months I was back in arrears again, but now this time they indicated that I would be part of the MARP process.
I met with the bank and asked them to explain why I was not included in the MARP process at the outset and asked why I was given misleading information on the matter and given no option but to sign a new contract which contravened MARP principles in a number of areas. At a meeting I asked the bank to come back to me with an explanation. I also took advice and was informed that I would have a valid complaint if I pursued this - presumably with the Financial Ombudsman.
Since this time, almost a year ago I have been making payments as best I can but it still isn't enough to cover even the interest. The bank however in fairness to them have not put me under the intense pressure I experienced over a year ago.
My question is. Do you think my "mistaken" exclusion from the MARP process was significant enough an error that the bank have no decided to now give me extra leeway? Its a difficult time not knowing when the axe will fall.....
At the time I tried to resist signing this new contract as it just seemed to postpone the inevitable and in fact was going to make the situation worse in the long term (with the higher interest rate). After a few months I was back in arrears again, but now this time they indicated that I would be part of the MARP process.
I met with the bank and asked them to explain why I was not included in the MARP process at the outset and asked why I was given misleading information on the matter and given no option but to sign a new contract which contravened MARP principles in a number of areas. At a meeting I asked the bank to come back to me with an explanation. I also took advice and was informed that I would have a valid complaint if I pursued this - presumably with the Financial Ombudsman.
Since this time, almost a year ago I have been making payments as best I can but it still isn't enough to cover even the interest. The bank however in fairness to them have not put me under the intense pressure I experienced over a year ago.
My question is. Do you think my "mistaken" exclusion from the MARP process was significant enough an error that the bank have no decided to now give me extra leeway? Its a difficult time not knowing when the axe will fall.....