Nightmare late settlement

From: J Parker

Has anyone been able to successfully seek compensation from a non-bank lender for stuffing up settlement?

I won't go into the whole sorry saga here but, suffice to say, I am one stressed chick! My solicitor is seeking to obtain the penalty interest that we are being forced to pay. However, she seems to think that, unless a contract was made between the lender and ourselves, we cannot claim for any other costs (tradesmen costs, loss of wages, interstate phonecalls, courier costs etc ). Isn't the contract of sale enough? The settlement period was 11 weeks, with a 90% loan and LMI.

Seeking answers, Jacque :)
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Reply: 1
From: Shelly R

Hi Jacque,
In my recent situation the two solicitors who
stuffed up were my own and the non bank lender's.
I contacted both of them requesting they refund me 50% each of the penalty charged.
No probs with my solicitor
and the lender's solicitors has agreed but I'm waiting to hear how much.I wont wait too
much longer though.
I was really hopping mad and didn't try to disguise my irritation.
You should be able to retrieve the penalty
but I rather doubt the other costs.
best of luck,Shelly
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Reply: 2
From: Rolf Latham


If you have suffered financial loss that is documented almost all lenders, bank or otherwise will cough up if and when you push hard and long enough.

Initially they may just ignore the problem. This is a standard management practice in many businesses today. Ignored, 80 % of these problems will go away - never mind that the client never comes back again.

Keep at it you will get your money out of them.


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