Article:Alarm over lender's methodsgreenspun.com : LUSENET : Repossession : One Thread
Here is an interesting article which you may like to look at on:
-- M Amos (firstname.lastname@example.org), September 07, 2002
This was an interesting programme and the squirming of the Abbey National rep spoke volumes for their business ethics.
Interestingly, they had a woman on for the Abbey (on BBC R4 Moneybox, I think) explaining why they were not automatically compensating existing mortgage holders who were penalised under the Abbey dual variable rate and in fact, au contraire,that for some customers higher interest rates were actually beneficial - she couldn't explain why - and so out of the kindness of their hearts Abbey national had decided not to compensate anyone except those that had spotted the Abbey scam before the ruling.
Of course it should be noted that in stark contrast, when the Ombudsam found against one individual case, the Nationwide reversed their stand for all mortgage holders and paid compensation to all.
It seems, having engaged in disasterous overseas investments, the Abbey is now trying to screw its domestic customers whenever it can; afterall, "life's complicated enough" - or it soon will be if you are dealing with the Abbey National. It slowly becomes clear what the Abbey habit is, and how addicted they are to - as George Bush would put it - the stiffing of customers. The Abbey's pre-eminence on this sites worst mortgage provider survey should be no surprise, it seems.
-- Rick (DucatiRic@yahoo.co.uk), September 10, 2002.
Take note that many many people are going to make renewed complaints to Abbey, and other lenders, and to the FOS when they eventually get their small compensation over the dual SVR issue.
Others are intending to take action in the small claims court, and at least one person is going for a Judicial Review of the Ombudsman decision.
This matter is far from over.
Statistics from Mail on Sunday 8-Aug-02;
Lender HSBC Halifax Nat-wide Abbey C&G Affected 400000 500000 400000 300000 500000 Compensate 350 10000 400000 15000 100
-- Harry (email@example.com), September 10, 2002.