ebs question re tracker 2005

[Monbretia]

I don't know! I think you're attributing far too much brains and forward planning to banks , a lack of both was more the problem.
Customer could just switch at the end of the 5 yrs if they upped it to 150%.

 

[todo]

I don't know! I think you're attributing far too much brains and forward planning to banks , a lack of both was more the problem.
Customer could just switch at the end of the 5 yrs if they upped it to 150%.

I think that might be part of the problem, we accepted that banks were acting in the customers best interest, but the clever clause they had in the terms and conditions was in the banks best interest. They knew exactly what they were doing by including that term.

In my view they are in breach of the code of conduct by not seeking to inform the customer when they signed up for the fixed rate, that at the end of the fixed rate they would not return to the tracker rate, but too a rate that they could set to what they like.

If the customer was in negative equity or had a tarnished credit rating they may not be able to switch and would be forced into paying the 150%.

 

[Annamo]

Thanks so much for your opinions. Other banks seemed to have been very clear on what options you had at end of the fixed term. EBS just said applicable variable rate then prevailing. How can I ensure our case is included in the review?

 

[todo]

Thanks so much for your opinions. Other banks seemed to have been very clear on what options you had at end of the fixed term. EBS just said applicable variable rate then prevailing. How can I ensure our case is included in the review?

I'd start by calling them and asking if your account is part of the review and then go from there.

 

[Annamo]

1. Just an update - Contacted ebs , all loans are in the review process , ours wasn't in the first batch but it will be reviewed and we should hear by Christmas what the outcome is