Your most frustrating stories

[starter]

Have you had any particularly bad stories in relation to dealing with financiers? Stories where it would actually be funny at how incompetent people are if it wasn't so serious?

I'm currently in one of those situation. I still have 1 property where (our initial PPOR) where I got the finance directly through NAB, the reason why I've kept it with them is because their valuations of this place seems to be 15% higher than for other lenders but after going through this experience it'll be the last time I deal with them directly. After a 3 months period from the start of the application, in what was essentially a refinance, transfer of property already mortgaged to NAB from joint name to individual name and cash out of some equity, I'm still yet to receive the loan documents.

After every issue under the sun which I won't go into now as it'll take all day, it's reached a climax today where I was informed by NAB that "we don't have the resources to send documents by internation express post". Noting that this will be the second time that the documents needed to be sent since their normal post without a tracking number meant that the previous set of documents got lost. Then it took about a week of me constantly following up for them to admit that they sent the first package without a tracking number and agreed that they will reissue and send the documents by express post this time. A big 4 bank with international offices all through Asia, without the resources to send documents by internation posts, don't know whether to laugh or to cry.

Anyone else have other similar stories to share?

PS I don't know how you brokers do this every day.

 

[tobe]

we pick up the docs, or have them emailed.

Try getting the docs sent to your Nab branch and then ask the loans manager for a favour to put them in the post for you.

Alternatively get a friend to pick them up and post them.

 

[pinkboy]

Such a fitting thread! Stay tuned!

pinkboy

 

[starter]

we pick up the docs, or have them emailed.

Try getting the docs sent to your Nab branch and then ask the loans manager for a favour to put them in the post for you.

Alternatively get a friend to pick them up and post them.

The loan manager is a big part of the issue tobe, totally incompetent and non responsive.

Well what do you know, it's on it's way in DHL now after I kicked up a big fuss. Why wouldn't you just do this when first asked is beyond me.

Sorry to hear you're having issues as well Pinkboy, but looking forward to the story.

 

[Rolf Latham]

Lenders dont generally understand we do things for OUR reasons and the Borrowers reasons.

So we often butt heads, but usually get where we need to go after a week or 10.

I call it the Front loading washer................ you can watch it go round and round and it goes no where.

Then it comes out of the princess credit area , usually nice and clean and is passed to the rotary dryer.......................where you had better have cleaned the lint filter or the whole laundry ends up on fire

ta
rolf

 

[Rolf Latham]

Well what do you know, it's on it's way in DHL now after I kicked up a big fuss. Why wouldn't you just do this when first asked is beyond me.

costs money

I know that sounds odd............

ta
rolf

 

[starter]

costs money

I know that sounds odd............

ta
rolf

No doubt it's a money thing Rolf. Just struggle to understand the psychology of it though, I had made it very clear that I wanted it sent express with a tracking number, they told me that they'll do that and yet somehow though that when they didn't I wouldn't mind and just let it go. There was no way that they would have saved the money with me, all it did was delay the transaction by a few more days and made the people handling the process look even worse.

Would most other people have just let it go? Is this what they're "banking" on?

 

[pinkboy]

I better be careful what I write...I doubt Ill get a suspended sentence if I see the Magistrate again!


pinkboy

 

[Rolf Latham]

I was pulling your leg

we do a bunch of expat stuff

Some lenders we can send out via email, those where docs need to go hardcopy we ALWAYS use courier, to do otherwise shows a real contempt for reality I think.

ta

rolf

 

[MRO]

A mate had a good outcome from an incompetent lender. A friend had wanted a line of credit to buy some shares so he spoke to his bank (CBA I think) and applied for the loan. They did a desktop val on his property which is in a old suburb neighbouring a new upmarket and expensive suburb. He knew his house was worth about $540k so was surprised to hear the desktop val came back at $760. He borrowed as much as they would lend him but is now stuck as his shares have been smashed and the loan is worth far more than the house. Negative equity.

 

[Corey Batt]

I'm really surprised there isn't a set of Frustrated Broker memes to be honest.

 

[pinkboy]

I'm really surprised there isn't a set of Frustrated Broker memes to be honest.

You have just created a monster!

pinkboy

 

[wylie]

I still don't understand how my bank can get one email asking to fix and prepay six loans - process three of them and totally ignore the rest. Took me a lot of calls and grey hairs to get it sorted in time... actually they missed the deadline.

Happens each year (except this year). I never book a holiday in the last weeks of the financial year because for the past five years I've spent June trying to get my loan prepayments through the system successfully.

 

[Aaron_C]

Haha...we all have our stories...
Having said that, I've had some good stories with Homeside in terms of document preparation and certification. Very pleased - so I am surprised that NAB direct has stuffed it up.

 

[redwing]

You have just created a monster!

pinkboy

What Pinkboy Said

OR

 

[fernfurn]

absolutely lol at the last one, so true!

 

[spludgey]

Mine is just an annoyance really.
I've been with MECU for 15 years and have a home loan with them. Recently when I posted about not knowing whether I should deal with them or CBA for a refinance, I got quite a strong CBA suggestion.
At the time, I thought I'll stay with MECU, as I paid LMI, so I'll be able to get out more money.
It has now taken a month and a half to get a finance sorted. They don't take rental income into account if it's not managed by an agent. So they didn't factor in $785/week for my assessment and then they were surprised when the LMI provider declined it.
I'm finally getting the contracts sent out next week.

I think all my future IPs will be with a major bank and through a broker. Let them do the run around.

 

[8fold]

I'll bite,
Val on PPOR about 3 yrs ago came in at 390k with old fibro bathroom concrete floor laundry etc. Spent 3 yrs reno'ing whole house added ensuite and another bathroom (to make 3) added another rumpus room (35 sq m) working every weekend and a lot of afternoons, got a reval at 380k....

Taking a while to get over this one

 

[Postcard]

NAB NAB NAB.

I can't give you the full account because to be honest it has just gone on too long and got too complicated although I do have a paper/email trail.

I have been trying to break a fixed term loan for over a year. Best part is it is still not broken.

After the initial months I ended up in customer complaints and moved stance to a position where I wanted a Branch Manager that would take on my accounts. (I have multiple loans/accounts). After dealing with telephone people I realized I need to see someone face to face and 'know where they live' so to speak.

After many more months I think the manager finally got frustrated to (with his own bank) and payed a large part of the loan through a funds transfer but still couldn't get it broken.

The important thing to remember here was that I was/am holding cash in savings (from sale of a house) and stuck paying a loan at +8%. They were/are making a killing from me on the spread and every statement was like a slap in the face.

As I pointed out to them...I know you make your money on the spread but please do you have to blatantly do it to the same person so obviously.

Well the saga continues and is now even more complicated through another purchase.

Why do I stay?. Well the last purchase involved me leaving them but they undercut IR of everyone to hold my business. Set up as permanent discount I pay 5.03 variable across all my loans.

Well I would if I could get them to finalise the breaking of the fixed term...like I said it is still ongoing.

 

[Aaron_C]

Why do I stay?. Well the last purchase involved me leaving them but they undercut IR of everyone to hold my business. Set up as permanent discount I pay 5.03 variable across all my loans.

Well I would if I could get them to finalise the breaking of the fixed term...like I said it is still ongoing.

Sounds like a cross-colletarlised mess (common with NAB). Is the 5.03% worth it?