I have uncovered a deliberate and concerted effort by all lenders to strategically alter the terms and conditions that were agreed at the outset of mortgage loans. This was a deliberate and orchestrated effort and I am not saying that 2 wrongs are right but balance please. ,
Hi all
I feel I must make comment here and it is not to disagree with Brendan's point but to provide some balance. I have uncovered a deliberate and concerted effort by all lenders to strategically alter the terms and conditions that were agreed at the outset of mortgage loans. This was a deliberate and orchestrated effort and I am not saying that 2 wrongs are right but balance please. I can also confirm if we are talking statistics and percentages that of the many that have contacted me I have not met one strategic defaulter, (who may not need me anyway) which if Brendan's and 44 Brendan comments are to go by I should have come across at least some, but none!!!!!. But of the attempts at the strategic alteration of contracts by lenders, 100% of lenders is the figure I would use here. Just my views Padraic
Ulster Bank March 2006 changed loan funding from prime to euribor.
Danske bank February 2009, changed home loans to investor loans.
This I can not only agree with but prove that it was one of my arguments with Ulster Bank and the ombudsman in relation to my complaint, which I did not win. I could not prove it, I have no access to the bank managers notes where staff were told to lie( I am referring now to banks in general, not necessarily my bank) nor have I access to the meeting notes where decisions were taken to 'confuse' or 'co serce' or 'cajole' customers.
Surely they only did this on rollover or on drawdown of new facilities ? Customers would be free to go elsewhere,Bank of Ireland March 2011 re commercial loans - Euribor to bank cost of funds
Surely they only did this on rollover or on drawdown of new facilities ? Customers would be free to go elsewhere,
They had no legal right to alter existing facilities and in my experience wouldn't do so .
Thanks Twofor 1 but I was just replying to the changes on the commercial loan terms as mentioned by Piggybank. A friend of mine appealed a case ,similar to the one you quoted, to the FSO and lost . The FSO ruled that the Bank had written to him informing him of the change and he could have gone elsewhere . The contract must have allowed for this and he complicated things by drawing further funds without noticing the relevant changes.Is this the case Piggybank is referring to? If it is, Mr White has never come back to clarify exactly what his mortgage agreement says.
My GUESS is although probably not crystal clear, his agreement allows for this change.
http://www.askaboutmoney.com/thread...euribor-to-cost-of-funds.193779/#post-1430205
Twofor1,
I know the F.S.O has served you well in relation to Danske Bank, but failed the Millars dreadfully. Do not forget there is a corollary to the 36%
Twofor1,
It means that 64% of complaints to the F.S.O. were not upheld or not settled to the consumers satisfaction prior to adjudication....
The conclusion was that a punter had a 10% chance of success.
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