My bank causing me huge distress due to thier mistake

rolion

Hello,

Looking for a personal and/or professional opinion ,I know, on a public forum !

My personal car broke down, advised to trade-in and to look for options.
Applied to a bank for a car finance , called them, gave my account number, personal details on a Monday.
I have a business account with them for almost 3 years as self-employed.
Tuesday got a call back saying that application approved for around 10k,all ok.

Went to few garages ,found a car, agreed on price and trade-in plus deposit. Total value of commercial vehicle came at €8500 ex VAT based on selling my car as trade-in at €3k plus 1k difference.
Called the bank from the garage, gave them my account number and details, they arranged with the sales man for all paper work, invoices, payment figures, all went fine no issues what so ever !!!
The garage took my personal car and 1k off my card then began servicing the commercial for to be sold.

Went to a near bank branch to sign the credit agreement and the branch manager discovered a spelling error in my name !
He called the main office and corrected the name.
He received a new form via email while sitting in his office then ,we went to sign the document and checking the figures.
At the same time he received a phone call saying that they want to speak with me.
They told me that due the mistake in the name it needs a new application to be run and decision to be taken in 5 minutes.
After few minutes they called me on my mobile saying that they found me on Irish Credit Bureau with some loans and therefore they can’t approve the finance, despite doing it in first time.
I know my credit records on ICB isn’t great ,due to mortgage default I guess,that’s why I was surprised to see my application accepted, but never thought that they will I approve a loan to a complete non-existent never recorded individual !!!
I never used my name as a reference contact or name, always gave them my bank account number, therefore not my fault they processed my name wrong in the first instance.

I can’t explain the feelings having that day, I felt like been in the third world and just practically fcuekd up by some …dunoo …can’t say it ! My wife was worried that I will fail on the mental health !

Going to my GP tomorrow to give me some medication as I feel a big burning pressure in the stomach and my head is worst that at a ACDC live drums concert…
Can't get to work either as I cannot show my grumpy silly face in front of my customers !
I need to get back to the garage and explain the situation, getting my car 'bought' back and difference paid refunded on my card !

My question is can I sue them for negligence, wasting my time, huge huge distress and embarrassment in front of the garage staff, my personal feelings and mental health affected by this situation !?
Can a solicitor take a legal case against them asking for compensation !?
What do you think from your professional / experience /past history point of view !?

Thanks in advance.
Regards

Pablo Sanchez

No you cant sue.

It looks like you met the requirements for the loan based on your account operation, they wouldn't have bothered with an ICB check if you didn't.

The ICB check would be a separate part of the process and fair enough they made a mistake with the spelling of your name, but did they not ask you about any other loans/finance you have in place? Are you currently in default on your mortgage?

If you are in financial trouble they may have done you a favour, further debt probably wouldn't have been a help.

rolion

Pablo Sanchez wrote: »

No you cant sue.

It looks like you met the requirements for the loan based on your account operation, they wouldn't have bothered with an ICB check if you didn't.

The ICB check would be a separate part of the process and fair enough they made a mistake with the spelling of your name, but did they not ask you about any other loans/finance you have in place? Are you currently in default on your mortgage?

If you are in financial trouble they may have done you a favour, further debt probably wouldn't have been a help.

Pablo, thanks for reply.
What drives me crazy is that they approved my application based on my account details, they even issued the credit agreement to the garage and to my bank for me to sign !!!
Correct, they never asked for previous loans, all calls are recorded I guess can prove that !



The mistake have been discovered when to sign the credit application, not before !!!

I've lost a amount of hours, possible my car deposit and my personal car to a garage that closed a sales deal with me based on exchanged phone calls AND documents between garage and bank !!!

WHY they issues me the loan approved even with the ICB check !??
Why they let me wander around ,sale my car, put deposit, all under sales man and my own eyes !!!

Pablo Sanchez

I feel your pain, i would be livid myself! I assume that at some point though they would say you have been approved subject to xyz.

Unfortunately its like the old saying goes, until everything is agreed, nothing is agreed!

The fact that an ICB check was carried out and you were rejected for finance will appear on any subsequent ICB check (for a period of years, the exact number i cant recall at present), that wont help if you approach another institution for a loan, would the credit union be an option for you?

rolion

Pablo Sanchez wrote: »

I feel your pain, i would be livid myself! I assume that at some point though they would say you have been approved subject to xyz.

Unfortunately its like the old saying goes, until everything is agreed, nothing is agreed!

The fact that an ICB check was carried out and you were rejected for finance will appear on any subsequent ICB check (for a period of years, the exact number i cant recall at present), that wont help if you approach another institution for a loan, would the credit union be an option for you?

Dunno... so basically, someone can give my bank account details AND a fake name such as Micky Mouse and ... get approved for a car loan !???

Definitively somebody needs to answer for my pain today...not so easy on their side !!!
I want to get compensation .not letting this so easy going...minimum apologises or financial ...dunno...

chris85

There was human error involved and can understand your frustration. Definitely some bother for you on this. I would be the same.

However you dodged a bullet really. You are in debt with default on mortgage and you are buying a car for €10k? This is just crazy stuff. Other options of repairing the current car or a cheaper car (great cars are going for cheap these days, €5k would get a super car these days). I really just dont understand this.

They wouldnt usually ask about other loans when applying, this is what the ICB check is for.

Pablo Sanchez

By all means make an official complaint, it will be investigated and you will make get a written response.

If you are not satisfied at that point you always have the right to take it to the financial services ombudsman (after you have exhausted the banks own complaints procedure). I wouldn't be holding out a lot of hope of financial recompense though....perhaps if you did end up losing your deposit, but aside from that i would doubt it.

chris85

rolion wrote: »

Dunno... so basically, someone can give my bank account details AND a fake name such as Micky Mouse and ... get approved for a car loan !???

Definitively somebody needs to answer for my pain today...not so easy on their side !!!
I want to get compensation .not letting this so easy going...minimum apologises or financial ...dunno...

It was a spelling error and not a fake name. You rang your bank, with acccount number, presumably went through security questions, they done a credit check (with error in spelling) and came back good so approved. This can be withdrawn at any point until final credit agreement is signed.

Make a complaint for sure but dont expect compensation. Will not happen.

carpejugulum

You defaulted on your mortgage and think you can get a loan? :rolleyes:

rolion

chris85 wrote: »

There was human error involved and can understand your frustration. Definitely some bother for you on this. I would be the same.

However you dodged a bullet really. You are in debt with default on mortgage and you are buying a car for €10k? This is just crazy stuff. Other options of repairing the current car or a cheaper car (great cars are going for cheap these days, €5k would get a super car these days). I really just dont understand this.

They wouldnt usually ask about other loans when applying, this is what the ICB check is for.

The car that I have is a family car. It broke down as I use for my daily business. Not really able to fix it, as the mechanic said, better fix it and sale sit. Still in the garage since Monday !

The car that I wanted to buy is a commercial vehicle, costs me 8500 ex VAT.
Applied for 10k,they gave me €6500 over 2 years. I have the deposit and the trade-in and the VAT to claim back, which comes at around 2k.I'm in business for 3 years, i reckon I can afford a deposit ! Wanted a commercial to increase my business presence. I have the money for car I just wanted to use it for marketing (car signage and web site),things that some how brings value & money and not wasted on a car.

My mortgage is ok, i have an agreement in place with the provider, nothing to worry...I need to make money to pay the mortgage don't you !??

PS
guys, thanks for talking to me. I feel so pissed off and crossed and betrayed ... Otherwise I will not justify my personal finances over the forums... Thanks...

rolion

carpejugulum wrote: »

You defaulted on your mortgage and think you can get a loan? :rolleyes:

there is nowhere in this world that says to don't try applying for a loan in my personal circumstances !
what's the connection !??

That's why I got surprised when they approved my loan, i thought they did as commercial on my business name/account/references (trade over 100k last years) !
thanks for helping me, nice 1 !

AltAccount

rolion wrote: »

I've lost a amount of hours, possible my car deposit and my personal car to a garage that closed a sales deal with me based on exchanged phone calls AND documents between garage and bank !!!

I don't see why the garage wouldn't give you your car, and a lot of your deposit, back!

You're not the first customer to have finance fall though, and you won't be the last.

I'm surprised you had to hand your car over before new Van was ready and the finance was sorted.

rolion

AltAccount wrote: »

I don't see why the garage wouldn't give you your car, and a lot of your deposit, back!

You're not the first customer to have finance fall though, and you won't be the last.

I'm surprised you had to hand your car over before new Van was ready and the finance was sorted.

Not really sounded like that...
The sales man talked to the staff in the bank over the phone and all been confirmed at 4pm!
Sales man sent the garage invoice with my details by fax to the bank.
Bank issued credit agreement by email to a local branch as asked by the sales man, to speed up the sales process, aka to sign the agreement !!!
Before going to the branch, i let my car as trade-in and paid deposit via card.
At 4:30pm,mistake discovered when I went to sign the agreement !

I need to get back to the garage, but I need to look for legal advise before !?
I won't and I can't let the bank to go so easy...even if I need to go public, with full disclosure !

Cynortas

you will surely get your car back op the deposit hmm in fairness you should get that back too seeing as it was the bank pulling out of the deal not you its unfortunate that you didn't get your finance but the bank does have a right to check your icb and even if you have 'an agreement' with your mortgage unless they have recapatilized your arrears you will show as constantly on arrears thus ruining your credit profile.

rolion

Cynortas wrote: »

you will surely get your car back op the deposit hmm in fairness you should get that back too seeing as it was the bank pulling out of the deal not you its unfortunate that you didn't get your finance but the bank does have a right to check your icb and even if you have 'an agreement' with your mortgage unless they have recapatilized your arrears you will show as constantly on arrears thus ruining your credit profile.

Thanks.
I agree with you, i know.

I made the application on my business account not on my personal private account.
I thought they will look differently at my application if I'm on business. Dunno why I had this silly assume_tion !
If they were to say sorry Mr X,your application declined because ICB said your mortgage is fcuked as with another 80.000 accounts on this side of the world ...ok, thanks for you time and i will just move on and look at options !
I have my God witness ... i got shocked when they called me and said application approved so stop "screaming" about my mortgage and ICB, as I;m well aware every fcuking minute please thanks !!

BUT, when I apply and they say all ok, go ahead and start looking for a car then they approve in principle an application on my business bank account details with a wrong name...then...you are selling your car and pay deposit, then you sit in your wished / dreamed /wanted / needed car for few minutes then you plan in driving it away in seconds and bring it to your car signage guy to design your company logo and so on ...then, somebody else realises is a fcuking gross unprofessional human / my own bank fcuks up my dreams...no way man, no way !
Got my car away, what tomorrow morning, i have to share my wife's car because somebody in my own bank is preparing his PERSONAL bank account for a big bonus paid by my hard working sweat and my fcuking charges !!!! No way, no way, no fcuking way !!!!

AltAccount

rolion wrote: »

Got my car away, what tomorrow morning, i have to share my wife's car because somebody in my own bank is preparing his PERSONAL bank account for a big bonus paid by my hard working sweat and my fcuking charges !!!! No way, no way, no fcuking way !!!!

I'm not sure what you're talking about any more.

AltAccount

Do you think they'll look on your applying under a business account and withholding the negative information about your personal circumstances in a bad light?

You knew you were a bad credit proposition, do you think you might have been economical with the truth when applying for the loan?

BuffyBot

Indeed, I'm not sure all the blame can be quite apportioned to the bank on this one..

Credit is always subject to certain criteria being met. It came to light that you didn't meet the criteria, and as such it was refused. Coupled with the shenanigans going on, this all seems fishy.

Got my car away, what tomorrow morning, i have to share my wife's car because somebody in my own bank is preparing his PERSONAL bank account for a big bonus paid by my hard working sweat and my fcuking charges !!!! No way, no way, no fcuking way !!!!

Facts, not rants: if you want the thread to remain open for much longer. If you want to rant, go ring LiveLine.

Marcusm

BuffyBot wrote: »

Indeed, I'm not sure all the blame can be quite apportioned to the bank on this one..

Credit is always subject to certain criteria being met. It came to light that you didn't meet the criteria, and as such it was refused. Coupled with the shenanigans going on, this all seems fishy.



Facts, not rants: if you want the thread to remain open for much longer. If you want to rant, go ring LiveLine.

I would have to disagree with you here, BuffyBot. It sounds as if the OP may have a case if a person in authority (or with ostensible authority) informed him that the loan had been approved and sufficient information and time had been provided to enable the bank to undertake the particular review. The bank can be bound by the oral utterances of its employees; if they had made an administrative error which was not apparent to the customer, it is possible that a court would rule in favour of the OP and enforce the lending. Cases about larger amounts of money have been ruled against banks with less due diligence (see British & Commonwealth v Samuel Montagu, "they're good for it"). The position would be different if the statement was made inadvisably by a bank official who had neither the time nor the information to make a wise decision. The fact that the OP acted on the commitment and third parties were involved would also be given weight, IMO.

All that being said, OP are you sure you're able to maange the debt.

AltAccount

OP, how did you get on talking to the garage today? Are they giving you your car or deposit back?

Cynortas

Marcusm wrote: »

I would have to disagree with you here, BuffyBot. It sounds as if the OP may have a case if a person in authority (or with ostensible authority) informed him that the loan had been approved and sufficient information and time had been provided to enable the bank to undertake the particular review. The bank can be bound by the oral utterances of its employees; if they had made an administrative error which was not apparent to the customer, it is possible that a court would rule in favour of the OP and enforce the lending. Cases about larger amounts of money have been ruled against banks with less due diligence (see British & Commonwealth v Samuel Montagu, "they're good for it"). The position would be different if the statement was made inadvisably by a bank official who had neither the time nor the information to make a wise decision. The fact that the OP acted on the commitment and third parties were involved would also be given weight, IMO.

All that being said, OP are you sure you're able to maange the debt.

its the ops own tough luck it seems more and more as the posts go on he was trying to pull the wool over the banks eyes from the start!!!!

CruelCoin

rolion wrote: »

What do you think from your professional / experience /past history point of view !?

Thanks in advance.
Regards

Your own tough **** really.

You went and bought before you had any credit written in stone agreed.

You took that risk on yourself, and you were sadly one of the ones to get bitten by the odd error.

Next time op, cash secured > buying car.

alig123aileen

You are most likely to win this case if you bring your case to the Financial Services Ombudsman.

Your bank had your account details and name details and they messed up doing a credit check. You lost out on 1k and time and inconvenience as a result of their error.

Dont think you will get your new car but you should ring the Financial Services Ombudsman in lincoln House Lincoln Place Dublin 2 and get the name of the senior person nominated in your bank to sign off formally on complaints. Then put your complaint in writing to that person and request a sign off letter for the insurance ombudsman. State what you want as a result of their error for stress and inconvenience and for your contact in the garage to be aware that you were a sub standard risk for credit. You will also have to complete a complaint form that you can download from financial ombudsman website and state what you want the outcome to be. I would say you want 1k for the inconvenience and stress (and wasted time it caused you. If you didnt get the 1k back from the motor crowd you should say this. You should also get an ICB check and find out why you failed the ICB check, often some financial co you dealt with may have posted incorrect info abt you, see icb.ie it costs €6 approx to see your record. Make sure the ombudsman checks with your bank that they do not note your credit file in the ICB further as a result of their error.

I had a similar case where I made a deposit of €500 on an item that the bank told me I could have funds to buy. Then they said no I could not have the funds. The Omdudsman takes a very poor view of this. I had lost my original deposit so I got €900 in the ruling from the Ombudsman which is what I asked for for stress and inconvenience and i got a written apology from my bank and my credit rating restored. They messed up and i am confident the ombudsman will rule in your favour though he maynot give you 1000k. However where he thinks customers have been messed around he insists they pay large amts of compensation to customers. goodluck and let me know when you win!!!

murphaph

Op, the bank made a mistake. You also apparently made a mistake in taking out a mortgage in the first place. Moral of the story, we can all make mistakes.

If I had been in your shoes I would have clarified that the bank knew about my arrears problems before proceeding. You knew you probably shouldn't have been approved. You've said as much yourself after all.

rolion

Hi,

Thanks to all for the posts.
Some of them working for the bank,more or less ...

In a short sentence,after writing a 5 pages complaint letter on Friday,I've been told that my email is with the Bank's Legal Team in Dublin HQ for analysis as the case details and implications are well over the responsibility of the Credit Center Dept.
They will get back to me by Tuesday with an official reply.

I'll keep you posted.
Thanks.

Later Edit:
Sorry for the earlier posts that may gave caused confusion,i was under EQ influence,hugely distressed.
Later,after reviewing the situation,I've decided to drop the emotions and get back on the IQ,play by the book.

There are no "playing errors" on my side,i feel that bank did a mistake and my solicitors are keen on taking the case against the bank,upon receiving their official reply on next week.

Regarding personal credit check and mortgage,as per above posts...no comments !It shall have been performed before approving AND both parties signing a credit agreement for a car loan issued by a bank.

Regards

AltAccount

And your car and deposit?

glic71rods46t0

AltAccount wrote: »

And your car and deposit?

Surely the car and deposit is small beer now. The bank may have made a mistake and the lawyers are all over it - surely nothing short of €2M for pain and emotional suffering, a five star triple A credit rating and, most importantly, the written apology - coz it was the principle of it Joe, never the money!

rolion

Hi All,

Late update...
Financial Ombudsman wrote to "bank", "bank" came back with apology and €500 to compensate their mistake and my stress.

I would like to express my sincere thanks to Financial Ombudsman, they did a great job out there.

I didn't really expected to get my claimed money, i mostly wanted to get the bank to recognise that they did the same mistake twice over the 2 years period !!!

Now, i'm looking for a solicitor, I understood it has to be a Commercial Law Solicitor.
Called around few companies, not all of them have this type of service profile... some of them said that they represent the bank already so it will be a conflict of interest !

IF anyone knows a good solicitor that is willing to take on my case ,please let me know !

Thanks in advance
Regards

chris85

rolion wrote: »

Hi All,

Late update...
Financial Ombudsman wrote to "bank", "bank" came back with apology and €500 to compensate their mistake and my stress.

I would like to express my sincere thanks to Financial Ombudsman, they did a great job out there.

I didn't really expected to get my claimed money, i mostly wanted to get the bank to recognise that they did the same mistake twice over the 2 years period !!!

Now, i'm looking for a solicitor, I understood it has to be a Commercial Law Solicitor.
Called around few companies, not all of them have this type of service profile... some of them said that they represent the bank already so it will be a conflict of interest !

IF anyone knows a good solicitor that is willing to take on my case ,please let me know !

Thanks in advance
Regards

if the FSO has closed the matter you may have no recourse for anything through the court. ONly option would possibly be the High Court but this would need to be done within 21 days and would be expensive

https://financialombudsman.ie/complaints-process/decision.asp?m=4

Jim2007

rolion wrote: »

Hi All,

Late update...
Financial Ombudsman wrote to "bank", "bank" came back with apology and €500 to compensate their mistake and my stress.

I would like to express my sincere thanks to Financial Ombudsman, they did a great job out there.

I didn't really expected to get my claimed money, i mostly wanted to get the bank to recognise that they did the same mistake twice over the 2 years period !!!

Now, i'm looking for a solicitor, I understood it has to be a Commercial Law Solicitor.
Called around few companies, not all of them have this type of service profile... some of them said that they represent the bank already so it will be a conflict of interest !

IF anyone knows a good solicitor that is willing to take on my case ,please let me know !

Thanks in advance
Regards

Your post suggests that you are happy with the outcome - the ruling was in your favor... Why do you need to find a solicitor? What are you going to appeal against?