should i complain to my

[charlie1302]

Hello i am new to this forum and i am looking for advice

here is were i am

3 years ago a friend told me to speak to his friend who was an accounts manager for a bank about setting up an account which we did

he then after changing our account over got us to change our mortgage to them

we had a previous mortgage of 275k on intrest only.He tried to get us a mortgage for 275 but said he couldnt get it because the value of the property so he told to us to get the better deal take out a loan with the bank and pay off 30k of your old mortgage which we did

now 3 years on our mortgage changes from intrest only to repayment and jumps up 800 per month so along with the loans we took out with them means we no longer have any money to live on even if we cut back on all but the essentials

i have contacted the bank and asked for help and they have declined but during the conversation they were amazed that we took out a loan to pay off our old mortgage-and a very bemuzzed account manager said they would look into and call me back-no call yet

i feel like we have been given some very bad advice and miss-sold into the mortgage

now i know i am old enough to understand what i am signing for and i think we got carried away with the so called good advice-but i think there was something untoward done to get our mortgage


any advice would be great

[The Debt Star]

Re: should i complain to my

How long did you have left to run on your old (previous) mortgage?

[SpringerSpaniel]

Re: should i complain to my

You might want to take this up with the FOS for mis-selling, as it is almost always cheaper to have a larger mortgage than an unsecured loan and a smaller mortgage.

You need to make a formal complaint to your bank first, and if the response is not satisfactory or there is no response within 8 weeks, you can then refer the matter to the FOS

[charlie1302]

Re: should i complain to my

How long did you have left to run on your old (previous) mortgage?

3 years into a 25 year mortgage

[The Debt Star]

Re: should i complain to my

The first point of call is the bank, or the hived off financial services company the bank is trading under. The Financial Services Authority site will give details.

Is the loan secured or unsecured? Unsecured loans are not regulated by the FSA but do come under the OFT licencing rules.

So complain to the financial services division of the Bank first, escalate through the OFT complaints procedures when they start messing around.

Then off to the FOS as Springer suggests.

[charlie1302]

Re: should i complain to my bank

who at the bank should i send the complaint to

the manager
the customer services manager
mortgage compliance officer

or everbody

[SpringerSpaniel]

Re: should i complain to my

There should be a complaints manager or department, check if details are on the bank's website.