Blissful budgets

Ever mindful that my children’s school holidays should focus on quality family time and not my battle with the banks, it is always my intention to keep my ongoing traumas to within the hours that my children are at school. I believe strictly adhering to this regime for the past three years has not only enabled me to compartmentalise “my work” at the debt fighting coal face at a safe distance from family life, but it has also preserved my sanity, my strength and secured the re-growth of my hair.

Carefully planning my tiny half term budget to attain maximum reward from an income that amounts to little more than 15% of that which we enjoyed before the demise of my husband’s property business I have,

·        Entertained friends and family on a number of occasions courtesy of the plentiful and economically helpful M & S staff waste sale

·        Arranged two cinema trips for early morning showings courtesy of pre-purchased and hugely discounted tickets financed by my mother

·        Repeatedly invited my children’s school friends to visit in an effort to breathe new life into our favourite board and card games.

Although our life style has changed dramatically since the days of the pre-credit crunch melt down of the property market, I take pride in the knowledge we have lived without discomfort and within our means since the terrifying loss of 85% of our income and 100% of our assets in 2008. Resigned to the harsh reality we are no closer to paying off the million pound deficit we were left with, I am thankful our losses have not increased and am relieved that all but a handful of our creditors have accepted pursuing us will be costly and futile.

In contrast to the satisfying peace and quiet of my modest life I am acutely aware Occupy Wall Street protesters and right wing Tea party campaigners alike are far from satisfied that the US government is taking any meaningful steps towards cutting its coat according to the available cloth.  Both factions continue to be incensed by an untenable situation created entirely by the greedy casino banker’s courtship of subprime lending. As a consequence of this flawed mortgage business together with their hoodwinking of governments and institutions alike into believing their lending books were, in fact, perfectly safe vehicles for the cautious investor, the subsequent government banking bailouts have taken the US national debt to an unprecedented fifteen trillion dollars leaving this unwieldy super power teetering on the verge of global default.

While US politicians attempt to thrash out a solution to government cash flow issues which, if put in household terms, involve expenditure of nearly twice the budget and with only 10% in cut backs to help balance the books, I have been forced to break my holiday embargo on my own credit crunch war due to one of the very banks who actively tailored their lending portfolio to suit subprime borrowers and then required a government bailout of 3.55 billion dollars in November 2008 because of their recklessness. US based Capital One have not only authorised the sending of three letters to me over this half term period but left me feeling both anxious and confused over their content.

This week alone Capital One tell me they are,

·        Happy to look into why they have been instructed to pursue us in the light of receipt of the copy letter they sent me last year stating their decision was not to pursue us. I am asked to “bare with them” while the matter is investigated.

·        Instructing immediate court action as I have repeatedly failed to communicate with them and have left them no alternative.

·        Employing the services of a doorstep collection agent, an action which I, so say, have brought on myself by making no attempt to respond to their numerous attempts to contact me.

Incensed by three such conflicting pieces of correspondence I rang Capital One’s UK agent and asked them which letter I should regard as an accurate indication of their intentions only to be told it was impossible to know as Capital One do not reply to their letters!

I can only conclude, just like their UK counterparts who also chose to romance subprime lending and create fictitious lending book valuations, Capital One are far too busy to deal with their correspondence.  I have little doubt their days are taken up with counting the benefits of privatising the gains they have secured from their government bailouts while the rest of us mere mortals are left smarting from the global fallout of their nationalised debts.

I was interested to read the words of ancient Roman lawyer and statesman Marcus Tullius Cicero who said,

“The budget should be balanced. Public debt should be reduced. The arrogance of officialdom should be tempered and the assistance to foreign lands should be curtailed, lest Rome become bankrupt.”

I feel safe to say this is evidence that some things never change.

Winning wills

While I appreciate winning is not everything I understand the will to win most definitely is.  Much to my frustration, and largely due to over-commitment on all fronts, I have recently experienced an overwhelming sense that, on occasion, having the will to win can still prove insufficient to gain the advantage in every battle.

Over the past ten days I have,

·        failed to convince my body I do not have an upper respiratory infection resulting in this unwelcome invader knocking me for six

·        failed to convince my landlord to attend to a list of repairs resulting in the prospect of another winter with extortionate heating bills and very little warmth

·        failed to convince the former Treasurer of the Friends to furnish me with much needed banking information resulting in pure guesswork when it came to the allocating of this year’s funds at our meeting

·        failed to work out an economically sound method for my teenage son to travel, via public transport, to an open day at University College London resulting in a seven hour road trip by car

·        failed to convince the Financial Ombudsman to view HBOS’s actions as both negligent and pivotal to the resulting mortgage shortfall I am now saddled with.

However, knowing success is not wholly dependant on drive and persistence while fatigue can make cowards of us all I sent for reinforcements when it came to the assembly of my team for the school quiz.

Carefully selecting friends who have been supportive and uplifting during the darkest hours of my HBOS ordeals, my unassuming band of debt fighting warriors threw aside the trappings of battle to engage in an evening’s intellectual frivolity of fish and chip fuelled entertainment.  Although brows were periodically furrowed in contemplation, we laughed and dined the evening away in untroubled camaraderie and in so doing melted my failures of the preceding days  into insignificance. The by product of this meeting of minds over a school quiz and a few beers was......

We won!

On hearing American baseball player Michael Jordan words,

“I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. Twenty six times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and again in my life and that is why I succeed.”

I realise every road to success is littered with failures of the past. However, it has become evident from the success of our quiz team efforts that the individual’s commitment to a group effort is precisely what makes a team work, a company work, a society work, a civilization work ,

And,

I am also convinced it will eventually be what makes my battle with HBOS work.

In recognition of this invaluable and ongoing solidarity I would like to take this opportunity to acknowledge my appreciation of not only my fellow quiz team members, but also every kind and caring individual who has so readily given their time and their expertise over the past three years to ensure I remain on my road to success in spite of my failures.

I extend my heart felt thanks to each and every one of you.

Rights and Wrongs

It appears that George Bernard Shaw was right when he said, “The golden rule is there are no rules,” but knowing this does not make it any less disappointing to find that the Financial Ombudsman Service is upholding Shaw’s theory in regard to my case against HBOS.

The problem with rules are they only work when we all agree to abide by them and it is on days like this I am reminded of just how insignificant my one woman battle of the banks is to anyone but me. Although I have always hoped that my decision to fight HBOS would give me an opportunity to be heard, I never pretended to think my personal plight would be of sufficient interest to make National Headlines or make an impact on banking policy.  I did, however, battle on in the belief that by going through the right channels, remaining persistent and keeping to the rules I would eventually be able to reveal HBOS as negligent in their duty of care to me and brutish in their pursuit of a debt they chose to create and saddle me with.

I hoped my refusal to be swept under the carpet like so many other HBOS misdemeanours might eventually shame them into acting with compassion and integrity. I thought quoting the rules and the guidelines laid down by their own governing bodies would force them into reconsidering the merits of pursuing a mortgage shortfall of £217,000 that they chose to create and hoped it might prevent them wasting more time and money bullying me for something I do not have. I believed the Financial Ombudsman’s Service would help me seek HBOS explanations to my questions about their negligent procedures, discriminatory actions and reluctance to follow guidelines.

Nothing could have been further from the truth.

I was completely unprepared to find that the Ombudsman’s reply, although very sympathetic, was not unlike a reply I received from HBOS’s former debt collecting agent Merrils Ede.  In both letters I am told it is not necessary to answer my questions regarding HBOS’s duty of care or their flaunting of FSA and government guidelines. The inference is I am merely wasting my time and theirs and moreover should be grateful of the eighteen months respite from debt collecting HBOS harassment for which they have already secured an offer.

So here I am again, back on the self same precipice but this time even more astounded that discriminatory practices and negligence are not something anyone, including the Financial Ombudsman, feel able or willing to comment on.

Realising I have not only been baring my soul to a toothless Financial Ombudsman but also an Ombudsman who is most definitely not neutral I am now faced with a very big question.

What do I do next?

Disgruntled Devils

Against the back drop of David Cameron’s “Let them eat cake guidance,” amidst declarations that the coalition has the bankers under control and while UK individuals are reported to be falling by the financial wayside to the tune of 334 people a day, I have managed to acquire a week of personal hell that has nothing to do with being the victim of a global economic crisis.

In an effort to indentify my adversary it would be,

·        wrong to conclude that I have suffered an overload of Friends work due to three committee meetings, one coffee morning and the horrors of preparing and giving a speech to the parents at Harvest Festival.

·        misguided to believe I have again fallen foul of the locking of marketing committe horns whilst endeavouring to solicit structure to their plans to promote the school

·        inaccurate to assume exhaustion from discussions to;

            over haul the schools corporate identity and website,
            explore the merits of hosting a cultural day of music as a marketing tool,  
            launch my plan for a Bollywood dinner dance for the Friends spring fund raiser.

·        incorrect to surmise I am overwhelmed with the organisational duties of a Friends Quiz night, a Bonfire Celebration or a Christmas Craft Fair supporting local industry all hosted in  my children's school

·        totally without grounds to conclude I am impatient of my sometimes lengthy duties in attendance of my elderly mother’s dental needs, shopping trips or visits to a nursing home to see her friend,

·        mistaken to believe it is correspondence from resurfacing creditors breaking their months of  agreed silence on compassionate grounds only to declare their newly formulate intentions to implement debt recovery immediately.

and

  ·        erroneous to decide it is two letters from the Ombudsman, the first warning of a twelve week delay for my Lloyds complaint that refutes the default status of a ficticious payment arrangement and the second advising me my adjudicator is still on holiday so will be unable to deal with my eight page reply defending my HBOS complaint.

It would, however, be entirely correct to assume my week on hot coals has stemmed from the discovery my super-bright sixteen year old son is predicting a grade C in A level Psychology which may well preclude him from obtaining a place at the university of his choice. Indignant at the lack of his tutor’s foresight and with no inkling of any contrition, he remains in denial that this blemish on his hitherto astonishingly good academic record has been anything to do with him.

Repeatedly amused by John Clarke and Bryan Dawe’s U Tube postings portraying bankers behaving like disgruntled children did not prepare me to for the image of my teenage boy behaving very much like a disgruntled banker. The outcome of this irresponsible attitude, not unlike like the state of the economy, has been anything but a joke!

Determined not to rest on my laurels despite fierce adolensent opposition I have;

negotiated a reprieve by securing him a chance to improve his predicted grade over half term,

declared him unavailable for work at his part time lifeguard job with immediate effect,

curtailed his socialising and imposed an internet/face book curfew until this matter is in hand.

For these acts of educational concern and unsolicited interference I am now viewed, as some would also say of the Wall street protestors, a demonic and overly dramatic hysteric.

Thankfully I can take solace in the knowledge that although heaven is said to have the best weather, hell is reputed to have the best company and if Devil Woman is a disposition I must maintain to expose the banks, avoid compromising my integrity and save my sons future, at least I and the Occupy Wall Street protestors in New York will have some interesting conversations to look forward to as our reward.

Frustrating rewards

During my early days in the financial services industry I remember being told the level at which one is remunerated is, in general, influenced not only by the expertise of the individual concerned but also by the level of frustration  endured throughout their working day.

While patiently awaiting the imminent opening of a retail superstore this morning, I was amused to hear a gentleman behind me say they were ten seconds late in unlocking the doors.  Hearing these pedantic words prompted me to take stock of the ongoing delays my own fruitless efforts have encountered recently and left to me conclude the acquisition of any reward is not without its frustrations,

This week alone I have endeavoured to,

·        Deliver my ten year old son to a paint ball party only to have my car driven into while stationary

·        Go out for coffee with a friend only to have my windscreen shattered from a stone thrown up by a speeding police car

·        Tidy my sixteen year old son’s pit of a bedroom only to injure my back   

·        Wear the only remaining piece of gold jewellery I own only to lose it

And

·        Accept the offer of a garden shed and tumble dryer from my parents who lives two hundred miles away only to find a daily conversation with the courier is getting me nowhere.

Reluctant do anything for fear of seeing more of my well intentioned efforts unravel,  I took a moment to reflect on my frustrations and while doing so remembered that also during this week I have been,

·        Gifted a beautiful set of patio furniture from which I can enjoy the wonderful Indian summer that has come our way,

·        Accepted three invitations to dinner and lunch from friends

·        Received a “new to me” winter coat I couldn’t like more had I chosen and purchased it myself

·        Acquired two shelves of beautifully bound literary classics for my son to aid him in his English Literature degree next year

·        Received a link to a spoof website that lightened my mood immensely

And

·        Received an apologetic phone call from my overworked courier to make arrangements to collect and deliver the long awaited, and to date impossible to acquire, shed.

Knowing all too well success is a road that is always under construction this week’s frustrations have illustrated that if my ship doesn’t come in immediately, it isn’t always necessary to spend every last ounce of energy swimming out to meet it. Sometimes, a tide on the turn together with a fair wind will achieve some satisfying results and leave me, like my adjudicator from the Financial Ombudsman’s Service, with a few days off before returning to minor daily irritations, and her with two weeks holiday ahead of her before she has to address the questions I have posed about HBOS in my eight page letter .

Disproportionate benefits

"Voltaire once said, “The art of the government is to make two thirds of a nation pay all it possibly can for the benefit of the other third” and it is clear from Simon Duke’s Mail On line piece  that Eric Daniels has benefited immensely from an initiative of this kind.

While the government led and tax payer fed bale out for LLoyds Banking Group remains 9.3bn in the red, largely due to the gross misconduct of HBOS's risk mismanagement strategy, ousted Daniels former HBOS CEO has succeeded in adding to last year’s total remuneration package of 2.57 million pounds by securing a further £561,000 over the last nine months for doing absolutely nothing. With a pension fund of 5.03million pounds to look forward and an income of £210,000 per anum set aside for Daniels' retirement, it is clearly very "nice work if you can get it".

In contrast, I , along with many other HBOS victims, have repeatedly been told by Eric Daniels’ Executive office to face up to financial responsibilities and repay shortfalls created as a direct result HBOS's flawed business strategy because legal and contractual rights are all that counts and a duty of care to a customer is irrelevant. Beyond legally enforcable morally obligations, HBOS are at liberty to pursue not only me but many other trusting individuals who have fallen foul of a unique and detrimental interpretation of their fair business practises while HBOS's 
bureaucracy and red tape continue to be this errant banker's customers whipping boy. Discharged HBOS Chief Executive, Eric Daniels on the other hand has not only remained cushioned from the economic recession by the obscene bonuses of the past but until recently he has continued to be financially rewarded for his part in bringing both HBOS and Lloyds bank to near destruction.

Incensed by the unaccountability of the untouchable HBOS Executives who wish to inflict the consequences of their actions on their customers, I have,

·        Fine tuned my Ombudsman’s reply of eight pages in the hope they may support my arguments and bare its teeth on my behalf.

·        Submitted another complaint to the Solicitor’s Regulatory Authority informing them of further misdemeanours on the part of HBOS agents, Merrils Ede Solicitors.

Ever hopeful there is someone of consequence left at HBOS who believes,“True leadership must be for the benefit of the followers and not the enrichment of the leaders” I, along with unprecedented numbers of other FOS complainants now wait for an outcome which favours us for a change and not just the banking fat cats. In reality I can't help thinking.....fat chance.

Fall Guys

Napoleon Bonaparte once said, “The people to fear are not those who disagree with you, but those who disagree with you and are too cowardly to let you know”.  After reading last week’s report that Swiss bank UBS have found someone to blame for their two billion dollar losses, along with many an article lamenting the government’s tepid support of banking reform, I cannot help but reflect on the impact the cowardly fears of the greedy have had on the current economic crisis both at home and abroad.  Feeling aggrieved that regulatory bodies and governments alike prefer to leave ethics and moral obligation out of their investigations, I can only conclude their cowardly consent to banking malfeasance is set to continue while the perpetrators remain unchecked.

Not wishing to follow suit or suffer at the hands of HBOS in silence while believing that disobedience is the rarest and most courageous of the virtues, I have decided not only to disagree with the Financial Ombudsman Service’s recommendation to accept their findings, but also to insist they reply to the many unanswered questions they saw fit to neglect within my original compliant.

Fully aware that it seems to be common practise amongst regulators to leave out more than they put in when it comes to contentious banking issues, I have asked the Financial Ombudsman to address the following simple questions,

·        Why did HBOS choose not to inform me, at outset, of the arrears on my mortgage?

·        Why did HBOS neglect to offer me any form of debt counselling in an effort to explore the merits of alternative solutions other than forcing a sale on my home?

·        Why did HBOS refuse to allow me to secure a three year tenant whose rent was more than enough to pay my mortgage interest plus regular and substantial sums towards the arrears?

·        Why did HBOS choose to force me to sell my home and create a massive unrecoverable shortfall as opposed to follow their own guidelines which state they must secure the best return possible for their shareholders?

I await the Ombudsman’s reply.

In addition, I am delighted to report that sending my “All I need is you letter” to Antonio Horta Osorio and the HBOS company secretary Harry Baines (at Ian Fraser’s suggestion) has at last secured me a meaningful, albeit incomplete reply.

 It appears HBOS’s Mortgage Recoveries Team leader plans a full investigation into their appointed solicitor, Merrils Ede’s handling of my case.  Having been greatly relieved on receipt of the Ombudsman’s news that Merrils Ede are to be removed from my case, it didn’t occur to me that Merrils Ede might actually be the subject of an investigation themselves.  Remembering all too clearly the two years of verbal assaults I have endured at the hands of Merrils Ede’s resident Rottweiler, I cannot help but raise a smile as write these words.

So, with many things in hand but still awaiting the replies, I am all the more determined not to let regret for the past and fear of the future steal my life. To this end I am embarking on a number of  more domestic issues for next few days as I wait hopefully, but not very patiently, for some resolution on the debt fighting front.

This week I plan to,

·        Write “Friends of the school” letters of welcome to all parents letting them know of our numerous forthcoming fundraising events.

·        Escort my daughter, her two overseas school friends who board, and my mother to a local fashion show.

·        Take delivery of a kindly donated and much needed garden shed

And

·        Battle with our insurance company because we have no independent witnesses to the fact that we were stationary when another vehicle piled into the front of our car.

Hoping that my ongoing trials and tribulations at the hands of HBOS have not prevented me from learning more from looking for life’s answers rather than finding the answer itself, it has amused me to read that “democracy is the process by which people choose the man who’ll get the blame”. While, for the moment, my personal concerns rest with whether or not our insurance company will accept we are not to blame for the damage to our car, I cannot help but wonder who really believes, in the case of the UBS fraud or the HBOS Reading scandal that these examples of gross misconduct are truly the responsibility of a few misguided individuals rather than a greedy but cowardly corporate banking initiative.