Danske bank to close retail customer accounts

positron wrote: »

I guess this only applies to those who chose to arrange the payment themselves, where as I gave Danske the mandate to take money out of my other account? Just so murky.

Yes, only for those who set up standing orders.

Hi all, just got a 300 page reply from fso that danske bank sent to them in there defence ! Basically it's the answers from danske to our points about not adhering to the offset contract ! Not surprisingly they deny everything and believe they are within there rights. I have 10 days to reply to fso with any other comments I want to make and after that the process will go to its final stage, I.E decision time!
Danske say that the variable rate and offset rate were same at taking out mortgage in June 2007, I know this not to be true offset was 4.71% and variable rate was smaller but I can't remember the exact figure! Can any one help me out as I want to mention this to fso as if I can prove this I think it's a deal breaker!
Basically danske are saying that variable and offset were same rate so there is no change there! They also state that offsetting accounts were optional and not part of agreement , again not true as we could not get offset mortgage without opening offset current account. Their no1 argument as I can see is that they are pinning everything on variable and offset rates were same when taken out so no change in terms and conditions.
If someone here has proof or info on rate in June 2007 for variable , please can u post it to me so I can use it in my reply, my solicitor says " if we can prove this it's in the bag"
Thanks
Ryaned40

Ryaned40 wrote: »

Hi all, just got a 300 page reply from fso that danske bank sent to them in there defence ! Basically it's the answers from danske to our points about not adhering to the offset contract ! Not surprisingly they deny everything and believe they are within there rights. I have 10 days to reply to fso with any other comments I want to make and after that the process will go to its final stage, I.E decision time!
Danske say that the variable rate and offset rate were same at taking out mortgage in June 2007, I know this not to be true offset was 4.71% and variable rate was smaller but I can't remember the exact figure! Can any one help me out as I want to mention this to fso as if I can prove this I think it's a deal breaker!
Basically danske are saying that variable and offset were same rate so there is no change there! They also state that offsetting accounts were optional and not part of agreement , again not true as we could not get offset mortgage without opening offset current account. Their no1 argument as I can see is that they are pinning everything on variable and offset rates were same when taken out so no change in terms and conditions.
If someone here has proof or info on rate in June 2007 for variable , please can u post it to me so I can use it in my reply, my solicitor says " if we can prove this it's in the bag"
Thanks
Ryaned40

The "google fu" is strong in this one..... I've found very close to what you need, don't want to post it publicly because the source is quite damning and don't want to alert Danske of same. I've just saved off the webpage myself (and printed it off) and I'll ping you the URL in a PM.

I don't think it's 100% the nail in the coffin we need but it certainly blows a lot of holes in their argument!!

Ryaned40 wrote: »

Hi all, just got a 300 page reply from fso that danske bank sent to them in there defence ! Basically it's the answers from danske to our points about not adhering to the offset contract ! Not surprisingly they deny everything and believe they are within there rights. I have 10 days to reply to fso with any other comments I want to make and after that the process will go to its final stage, I.E decision time!
Danske say that the variable rate and offset rate were same at taking out mortgage in June 2007, I know this not to be true offset was 4.71% and variable rate was smaller but I can't remember the exact figure! Can any one help me out as I want to mention this to fso as if I can prove this I think it's a deal breaker!
Basically danske are saying that variable and offset were same rate so there is no change there! They also state that offsetting accounts were optional and not part of agreement , again not true as we could not get offset mortgage without opening offset current account. Their no1 argument as I can see is that they are pinning everything on variable and offset rates were same when taken out so no change in terms and conditions.
If someone here has proof or info on rate in June 2007 for variable , please can u post it to me so I can use it in my reply, my solicitor says " if we can prove this it's in the bag"
Thanks
Ryaned40

Can confirm that the interest rates were higher for offset 5.09% than variable straightforward at the time we agreed our mortgage(2007) and our mortgage 'advisor' couldn't understand why we'd go for an offset because if this.
We also had to write to NIB to get them to reduce the interest on our offset as the offset was one of their only products that they didn't reduce when interest rates started to tumble. Interestingly, they wrote back to us saying that they weren't making money on offsets at the time.

The letter that we got when we queried why our rates weren't being decreased draws a clear distinction between offset and variable. It states that "this(offset) product continues to provide very good value to customers relative to our standard variable rate mortgage"

We're also awaiting FSO letter.....

Also have proof that offset rates and standard variable rate homeloan rates were different in 2011

I'm failing to see how they can produce 300 pages of material for you to review in 10 days.

The extent of the agreement is:
(a) How it was advertised/pitched/understood/communicated to the customer. Which we now have
(b) The agreement signed including the terms and conditions - Many of us will have that
(c) The fact that Offset Mortgage and Standard Variable rate mortgage were differently treated (different APRs) which we now have also.

I suspect the 300 pages is just smoke and mirrors, if I get that I'll be skimming it with my big red "Not relevant" marker. If its not something I signed or is referenced in my terms and conditions I don't care. It doesn't form the contract that is signed.

ABC101 wrote: »

Well if they are attempting to "Snow you under" with 300 pages of paperwork... and give you 10 days to reply....it is going to take "community effort" to get through that hurdle.

You would want to be a fast reader/ typist to get a reply back to them iin 10 days.

Well done to all for the "way back machine", unfortunately I am away at the present time... unable to assist... but I would go back through my files to see the data of the time.. 2007 I think I applied.

Thanks, alot of the pages are monthly statements for the past 6 years but still alot of stuff to get through

Thanks to everyone for their help, will be in touch soon! Hope to send reply mon or tues to fso with a few new comments

And afaik, public libraries have free access to the Irish Times' archives if you don't have your own subscription.

yop wrote: »

I'll try a few media business heads who were aware of this "case" and who MIGHT be able to get them for us.

So what date exactly am I looking for?

Our 300 page doc is probably due now also

The first guy was looking for June 2007, which is presumably when he drew down his mortgage, or at least signed up for it. I'd suggest looking for then, and also the month you signed up for your mortgage, and the month you drew it down, just to cover your ass(ets).

josip wrote: »

Why would Danske knowingly make a statement to the FSO which they know to be false, which they know can be proven false and which would undermine their case?

Surely they would have been better to leave this out, unless they have an argument on this that goes beyond X=Y?

Can the OP post the exact text Danske have used for this argument in their 300 page submission?

Why would anyone make a statement that they know to be false! What have they got to lose? They chance their arm and hopefully don't get caught, i.e. putting the onus on the complainant to prove their case..... which can be done. They are hoping to bury the ombudsman in noise and hope that their decision finds in their favour. So worst case scenario is the FSO finds in our favour and Danske have to do the right thing..... not much of a downside for them to chance their arm.

Ryaned40 wrote: »

sorry ment that variable rate was bigger than offset in this post

My recollection and paperwork suggests that variable rate was lesser than the offset and this was due to the fact that we were making savings and not paying D.I.R.T.

josip wrote: »

Why would Danske knowingly make a statement to the FSO which they know to be false

So that some of you will just be overcome with it all (particularly their volume of 300 pages!) and give up! Unfortunately, the FSO doesn't 'join' individual complaints OR come out and ask the offending company to apply a ruling for all those affected! -and that's how that played out with the very same regulatory body and very same offending company (i.e. Danske) on a previous occasion with a different complaint.


For every one of you that gives up/in, that's money saved by Danske - making their aggressive (and unreasonable) defense worthwhile.