Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

First Active reneging on Current Account Mortgages

Options
  • 20-05-2006 3:34pm
    #1
    A Abbott
    Closed Accounts Posts: 2 ✭


    I have a First Active Current Account Mortgage (Standard Option) for the last three years. Up to now this has worked out quite well, as I have progressively increased the balance in my facility account and therefore the montly mortgage repayments are quite low. Recently out of the blue I received a letter from First Active to say that the 'Standard Option' will no longer be available and that I should complete a consent form to switch to the 'Planned Option'. I was horrified as my repayments would effectively go up by 1400 EURO PER MONTH. I got a follow up phone call from First Active's Branch Development Manager shortly after, applying quite intense pressure on me to complete the consent form urgently. Amazingly on visiting a number of First Active branches I picked up Current account mortgage brochures still offering customers the 'Standard Option' on current account mortgages. This must be one of the most extreme examples of sharp practice I have ever encountered!!!!! Is there anyone else out there who received the same letter or am I the only customer they want to get rid of?


Comments

  • Options
    #2
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    banks are vultures, they are all the same. my advice is sign nothing, they persumably have legally contracted to provide that mortgage on those loose terms. as long as u fullfill the terms of the original deal tell them to screw it. (read terms+conditions) if u sign something u will probably forfeit ur original contract.


  • Options
    #3
    Sponge Bob
    Banned (with Prison Access) Posts: 25,234 ✭✭✭✭Sponge Bob


    they tried to lean on my sister who went to the IFSRA and stated she was mis-sold the product and mislead about it and wanted compensation and the costs of shifting to a current account mortgage with NIB . I believe she costed her losses at 40k over the lifetime of the product if they change her around.

    She demanded the 40k up front now so she could pay for the remortgage.

    FA stopped hassling her on the spot. They can do nothing until you sign the form you see.

    There is an IFSRA investigation in progress about FA at present and the press are investigating with big feature articles in the pipeline about this latest mis-selling scandal.


  • Options
    #4
    TempestSabre
    Registered Users Posts: 4,142 ✭✭✭TempestSabre


    What causes it to rise by 1400k?


  • Options
    #5
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    SIGN NOTHING

    They can't force you to change over mortgage's just because they want to.
    Contact IFSRA first thing and tell them what is going down.
    Fcuking cheeky ****ers.

    The thing is that there are hundreds, if not thousands of people going to sign this without even giving it thought.


  • Options
    #6
    Jonnie_Onion
    Registered Users Posts: 245 ✭✭Jonnie_Onion


    Article in the Tribune about this over the weekend.


    A spokesperson said that very few people had chose the standard option, so nearly all of their customers will be happy with the move. :rolleyes:


  • Advertisement
Advertisement