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Complaints against ANZ bank based in Singapore
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Topic: Complaints against ANZ bank based in Singapore (Read 1331 times)
gmac
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Complaints against ANZ bank based in Singapore
«
on:
18 May 2010, 11:02:27 am »
Quote
I welcome some help either by way of advise or a formal introduction to a lawyer that can help
1. In 2008 I transferred my mortgage on my family home to ANZ Singapore multi currency facility. Having at length questioned the UAE based representative about the facility including the ability to switch between currencies. At the time I chose ANZ as there was no limit on switching and this was favorable compared with LloydsTSB which was the other option.
2. We signed a five year facility
3. On taking the mortgage out I switched to US$ as my income is in US$, At the time asking the bank if it could put a stop loss in place to ensure if the exchange rate moved significantly I would be protected, the bank said they could not do this. Later on they said they could, but they did not.
4. Between Aug 08 and Nov 08 the US$ significantly appreciated against the A$, during this period the bank continually harassed me saying they needed more equity
5. During this period I consistently read international reports on currency movements and reports provided by ANZ.
6. Due to an untold amount of pressure during a period of unprecedented international uncertainty in the international market the bank provided a report to suggest the A$ would drop to 0.54 against the US$.
7. Give the harassment I was receiving and my life and work circumstance at the time I agreed to switch the mortgage back to A$ given
8. By this time according to the bank the loan to equity was 100%, if I had not switched it was possible the bank would let the LTV ratio slip to 130%+ and then switch it.
9. The bank continue to suggest it would or could force ably switch the loan back to A$
10. The banks owns forecast suggested there would be continued decrease in the value of the A$.
11. On questioning the bank at length about their ability to manage the multi currency loan they suggested they did not trade the loan facility,
a. they must do given they have to buy and sell the security offered by the property they have
b. There fx team I was told was not able to understand a stop loss or acted on the report the bank provided itself
c. I was later told I could have had a stop loss in place
12. At this time I consistently told the bank I wanted to stay in US$ and that we had a five year agreement.
13. I January/ March the US$ weakened and rose above the level I had switched to A$ at. At the time I asked ANZ to switch the loan back to US$ as all the reports I read and the report provide by the ANZ suggest the A$ would continue to strengthen against the US$.
14. The bank ignored my request
15. Signaled me out in ignoring my request as it let other loans it had that when into negative LTV ratio continue in US$ with A$ and other currency security.
16. Forwarded me a revised loan agreement which I signed under protest given they ignored my instructions. ( the alternative at the time suggested by the bank was for me to lose the home and put my family on the street.)
17. The A$ has continued to strengthen against the US$, if the bank had carried out my instructions acted in line with the international currency report they provide and honored the original five year agreement I would now have repaid part of my mortgage and have a loan to equity ratio around 75%. The interest rate on US$ lending is around 1.75% whilst the A$ rate is around 5.75%
18. The bank has consistently acted in a manner that hurts its customer and itself
19. Ignored request to act in a manner that would be both beneficial to it and I
20. I am now in a position given A$ interest rates where I have completed an application to go bankrupt, overdue with my interest and behind on repaying the loan. I need someone to act for me to take the ANZ to task.
21. I have been paying the bank around US$1400 a month since the mortgage was originally taken out, this amount would have covered the interest and repaid some of the principle if the bank had kept the mortgage in US$.
22. I continue to tell the bank I will repay the loan in US$ should they act in an appropriate, they continue to squeeze me insisting I pay them A$ when we would both would have been better of if they had acted on my original instruction. This matter cannot drag on as I welcome you immediate intervention and application of common sense.
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ExpatSingapore Message Board
Complaints against ANZ bank based in Singapore
«
on:
18 May 2010, 11:02:27 am »
Quote
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do you have
Guest
Re: Complaints against ANZ bank based in Singapore
«
Reply #1 on:
18 May 2010, 11:32:58 am »
Quote
Instructions and other correspondence with your bank in email or writing? I.e. can you prove your claims?
If not then your word against theirs and you are likely stuffed.
If so, giving you are filing for bankruptcy, you will likely have to get a lawyer who will work on a % win basis (which may be a lot) unless you can get someone pro-bono which I very much doubt.
Relying on reports the bank sent out for your decision making won't get you anywhere, they will be covered by disclaimers.
You could try going to the Association of Banks in Singapore (they have a code of practice online the banks have signed up to, no idea about enforcement but give it a go), the MAS and CASE (but don't hold your breath).
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make a din
Guest
Re: Complaints against ANZ bank based in Singapore
«
Reply #2 on:
20 May 2010, 0:56:51 am »
Quote
you must not let any bank get away with their irresponsible, wrong doings... but in real life,you must always bear in at the back of your mind: banks do FREQUENTLY get away scotfree...
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