I have already posted regarding the repossession hearing for my property, which I am defending but having read somewhere else on this forum something about mis-selling, I am now wondering if I have another avenue to go down?
I was involved in an investment which my bank told me they`d checked out and it was sound, but which turned out to be a scam! They actively encouraged me to run up a large overdraft by persuading me to pay other investors, (friends and Family), returns they thought they had due, before the returns on the investment actually arrived...I now know they did this just to ensure I deposited the considerable funds solely with their bank. Despite telling me they had checked this investment out, as part of the banks Disclosure, I can now see there were a great deal of concerns about the validity and genuineness of the investment by people at the bank who were making alsorts of enquiries but drawing blanks, however, they never passed any of these concerns onto me!
At the time, my sole income was a Dependants Pension from my Late Partner of £800.00 per month, yet they allowed me to run up an overdraft of over £30,000.00! When it was found the investment was a scam, the banks attitude changed and I was getting crippled with the charges on the overdraft every month and it was taking almost all of my pension to make the payments. The then Bank Manager told me that if I allowed the bank to secure the overdraft on my property, I then wouldn`t have to make any payments until such time as I sold my property, I was reticent to allow the bank to do this, but the Bank Manager told me it would be a way of getting out of the hole I was in, as I wouldn`t have to make any payments out so I reluctantly agreed. The bank then put an `all monies` mortgage on my property, I had no idea what this meant, but took the bank manager at his word, in that he said it would benefit me financially...the bank then continued to take interest payments every month which exceeded the amount I`d paid for the overdraft each month!
The bank never explained the charge to me and nor did the Solicitor who completed the paperwork, I basically just went into the solicitors to sign the paperwork and that was it! The bank then closed my current account without telling me, and so the payments of course weren`t being made every month, and then they started repossession proceedings against me ...had the y not closed the account, the payments could have carried on being taken out of my account each month as they had been for the previous two years!
Is it right firstly that an overdraft of in excess of £30,000 was allowed when my only income was £800 per month, and then that I was lied to in order to allow the bank to put a charge onto my property to secure the overdraft in the form of an `all monies` mortgage, and is it right that the charge and the nature of it wasn`t explained to me ?
At the time, I was very stressed and upset, distraught in fact as I`d lost a gtreat deal of money and wasn`t in my right mind and I believed the bank manager when he told me he was trying to help me!
I have a complaint in with the FOS regarding other matters pertaining to this case, but am now pretty sure that what the bank did, was not right or legal,
I am due in court at the end of this week so any help would be much appreciated.
Thank you xx
I was involved in an investment which my bank told me they`d checked out and it was sound, but which turned out to be a scam! They actively encouraged me to run up a large overdraft by persuading me to pay other investors, (friends and Family), returns they thought they had due, before the returns on the investment actually arrived...I now know they did this just to ensure I deposited the considerable funds solely with their bank. Despite telling me they had checked this investment out, as part of the banks Disclosure, I can now see there were a great deal of concerns about the validity and genuineness of the investment by people at the bank who were making alsorts of enquiries but drawing blanks, however, they never passed any of these concerns onto me!
At the time, my sole income was a Dependants Pension from my Late Partner of £800.00 per month, yet they allowed me to run up an overdraft of over £30,000.00! When it was found the investment was a scam, the banks attitude changed and I was getting crippled with the charges on the overdraft every month and it was taking almost all of my pension to make the payments. The then Bank Manager told me that if I allowed the bank to secure the overdraft on my property, I then wouldn`t have to make any payments until such time as I sold my property, I was reticent to allow the bank to do this, but the Bank Manager told me it would be a way of getting out of the hole I was in, as I wouldn`t have to make any payments out so I reluctantly agreed. The bank then put an `all monies` mortgage on my property, I had no idea what this meant, but took the bank manager at his word, in that he said it would benefit me financially...the bank then continued to take interest payments every month which exceeded the amount I`d paid for the overdraft each month!
The bank never explained the charge to me and nor did the Solicitor who completed the paperwork, I basically just went into the solicitors to sign the paperwork and that was it! The bank then closed my current account without telling me, and so the payments of course weren`t being made every month, and then they started repossession proceedings against me ...had the y not closed the account, the payments could have carried on being taken out of my account each month as they had been for the previous two years!
Is it right firstly that an overdraft of in excess of £30,000 was allowed when my only income was £800 per month, and then that I was lied to in order to allow the bank to put a charge onto my property to secure the overdraft in the form of an `all monies` mortgage, and is it right that the charge and the nature of it wasn`t explained to me ?
At the time, I was very stressed and upset, distraught in fact as I`d lost a gtreat deal of money and wasn`t in my right mind and I believed the bank manager when he told me he was trying to help me!
I have a complaint in with the FOS regarding other matters pertaining to this case, but am now pretty sure that what the bank did, was not right or legal,
I am due in court at the end of this week so any help would be much appreciated.
Thank you xx
Is this mis-selling of a mortgage?
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