Lightening
Registered User
- Messages
- 308
The unpalatable truth. How do we as a nation prevent this from happening again? This should be part of a financial literacy course taught in school.However, when I read cases on here and in the papers I also have to say that for some people, (and I fully accept everyone is different so please don't jump down my throat here) got into financial difficulties not because of their loss of a tracker but because they were carrying far to much debt and frankly made a mess of their own finances. It's not always "someone else's fault"
From what I can gather on the numbers. 370,000 people took out tracker mortgages, 20,000 people lost them, 350,000 still have them.
What makes the 20,000 who lost their trackers different from the 350,000 who kept theirs.
What kind of an answer is this?@Sarenco
Quote
It is certainly true that some contracts were ambiguous on this point but the vast majority were actually pretty clear. Unquote
This is correct.
It's with a legal firm so I will not be quoting my contract. As you have stated some were not clear.
Even if your bank was giving out trackers it doesn't mean you were entitled to one. Banks have different products which are not available to everybody.Like Pinkie123 we were offered the tracker when we went to break the fixed rate and the break out was too high at the time. At the second attempt the bank said the tracker was no longer available. We have since discovered they were still giving out trackers during this time but denied us this rate. It was called a "variable rate" mortgage. The bank should have in their contracts differentiated between the variable terms i.e.
Tracker variable
Standard Variable Rate
Home loan rate Etc.
To say the contracts were ambiguous is an understatement!
but "The devil is in the detail"
When people fixed their rates and the documentation was clear that they would not be getting their tracker back, they will not be getting their tracker back. They can go to the FSO, the courts and the European Court if they want to. But they will not be getting their trackers back.
and
Where the CB finds evidence that a bank deliberately tried to encourage customers off trackers, even if the documentation is clear that they would be losing their trackers, these customers should get their trackers back.
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