My wife and I signed up for a variable rate personal loan with our bank. We wanted this type of loan because we are on a single income and have 6 children so if we come into extra money we put it onto the loan but then have the opportunity to redraw.
After having the loan for 20 months we have just come into some money to put into the loan but realised online, our redraw facility was not available. After contacting the bank we were told that we do not have a variable rate loan but a fixed loan although our contract and all paperwork we have states otherwise.
We were told to go to the bank and show our contract to the branch, we did. After 45 minutes they had discovered that we had never been given the redraw facility paperwork to sign so that was their reasoning to the problem. We signed the paperwork and was told to keep an eye on the online banking and within a week, everything should be fixed.
A week later we receive a call from the banks complaint department saying that we cannot change our loan to what our contract states and they will offer a goodwill payment to us but nothing changes. We then made a complaint to Financial Ombudsman Service and the bank responded with an increased offer which we still do not agree with because we are still not being offered the service we signed up for and never will.
We are unsure where we stand legally in this whole situation? To us what we are signed up to with the bank has never been agreed upon so is null and void?
Any help or suggestions would be greatly appreciated. I've never heard of a bank offering money to people before.
After having the loan for 20 months we have just come into some money to put into the loan but realised online, our redraw facility was not available. After contacting the bank we were told that we do not have a variable rate loan but a fixed loan although our contract and all paperwork we have states otherwise.
We were told to go to the bank and show our contract to the branch, we did. After 45 minutes they had discovered that we had never been given the redraw facility paperwork to sign so that was their reasoning to the problem. We signed the paperwork and was told to keep an eye on the online banking and within a week, everything should be fixed.
A week later we receive a call from the banks complaint department saying that we cannot change our loan to what our contract states and they will offer a goodwill payment to us but nothing changes. We then made a complaint to Financial Ombudsman Service and the bank responded with an increased offer which we still do not agree with because we are still not being offered the service we signed up for and never will.
We are unsure where we stand legally in this whole situation? To us what we are signed up to with the bank has never been agreed upon so is null and void?
Any help or suggestions would be greatly appreciated. I've never heard of a bank offering money to people before.
