M
mercman
Guest
Refinanced a residential property in July '08 for a specific purpose regarding a commercial property transaction. Do quite a bit of business with the same Bank and never any big problems. Have never missed a payment with any Bank including this one. The original letter of offer included a tracker rate but they state that as the forms were two days late, they could not offer the tracker rate. (I have disputed the two days delay but has fallen on deaf ears).
Regardless the money was drawn down via solicitors and within six months, it was noticed that I was paying Interest only and no Capital repayments were been included in the deductions. I contacted the Bank and they have on file four pieces of correspondence plus a number of e-mails, requesting Capital repayments to be included in my monthly repayments. This was ignored and in end 2010 I was asked to sign a new form to change to Capital repayments. This was declined as frankly it didn't suit me at the time.
Received correspondence from the Bank in July'11 stating that as the Interest only period was coming to an end, they would automatically be placing me on Capital and Interest. I wrote back to the Bank stating that they simply cannot penalise me for their actions and asked on what basis they were acting on, as I never requested Interest Only. They returned forms to me, supposed to have been signed by me, but I never saw these forms previously. There are signatures on same but they are not witnessed or countersigned or dated. There is none of my writing (apart from the signatures which are not in accordance with the manner I sign papers) on the forms whatsoever. I have asked if the signatures on the forms were digitised and copied. Of course they said NOT at all, but I have asked for sight of the originals (not the copies) and this has been declined.
Most interesting, the copies of the forms state that the Interest Only section is for five years from 2008 (they state that is when same were signed), which would leave the matters satisfactory for me and the change would be in July 2013. The same part of the form only states that the Interest Period was to be fixed for 3 years, but my repayments have changed over the past three years. I spoke with the Bank last Friday and they state that this does not form part of the contract.
I have asked repeatedly for copies of correspondence where I requested Interest Only. This was not forthcoming. I have never asked for this type of lending ever and can prove this as I can show I never had Interest Only on loans by any Bank.
Rather than heaps of correspondence going backwards and forwards, would anybody have any suggestions as to what is the best way forward. What I did request was for another six months from September '11 to remain on Interest Only, but they have declined this unless I complete more forms showing my asset base, bank balances etc., which will then go under their credit committee. They state that the forms must be completed by instruction of the Central Bank.
Anyone with ideas or suggestions ??
Regardless the money was drawn down via solicitors and within six months, it was noticed that I was paying Interest only and no Capital repayments were been included in the deductions. I contacted the Bank and they have on file four pieces of correspondence plus a number of e-mails, requesting Capital repayments to be included in my monthly repayments. This was ignored and in end 2010 I was asked to sign a new form to change to Capital repayments. This was declined as frankly it didn't suit me at the time.
Received correspondence from the Bank in July'11 stating that as the Interest only period was coming to an end, they would automatically be placing me on Capital and Interest. I wrote back to the Bank stating that they simply cannot penalise me for their actions and asked on what basis they were acting on, as I never requested Interest Only. They returned forms to me, supposed to have been signed by me, but I never saw these forms previously. There are signatures on same but they are not witnessed or countersigned or dated. There is none of my writing (apart from the signatures which are not in accordance with the manner I sign papers) on the forms whatsoever. I have asked if the signatures on the forms were digitised and copied. Of course they said NOT at all, but I have asked for sight of the originals (not the copies) and this has been declined.
Most interesting, the copies of the forms state that the Interest Only section is for five years from 2008 (they state that is when same were signed), which would leave the matters satisfactory for me and the change would be in July 2013. The same part of the form only states that the Interest Period was to be fixed for 3 years, but my repayments have changed over the past three years. I spoke with the Bank last Friday and they state that this does not form part of the contract.
I have asked repeatedly for copies of correspondence where I requested Interest Only. This was not forthcoming. I have never asked for this type of lending ever and can prove this as I can show I never had Interest Only on loans by any Bank.
Rather than heaps of correspondence going backwards and forwards, would anybody have any suggestions as to what is the best way forward. What I did request was for another six months from September '11 to remain on Interest Only, but they have declined this unless I complete more forms showing my asset base, bank balances etc., which will then go under their credit committee. They state that the forms must be completed by instruction of the Central Bank.
Anyone with ideas or suggestions ??