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Ask Ash Your Own Question

Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I have a 1 year bond with the Post Office which is due to mature

Customer Question

I have a 1 year bond with the Post Office which is due to mature in September 2014. I am a widow and have been in a relationship which has failed. I have put an offer in for a property to live in and need the money in this bond to pay towards the deposit.
I am 62 years old and don't have many options open for property purchase.
My request has been declined after I chased them for an answer.
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.

Alex Watts :

Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Do you wish to know whether you can take it out early?

JACUSTOMER-6m0hfqjg- :

Yes, that is the result I'm looking for.

Alex Watts :

What reason did they give to refuse do you know?

JACUSTOMER-6m0hfqjg- :

I have just been told that they don't regard property purchase as 'exceptional surcumstance'

Alex Watts :

What is in their terms and conditions about early redemption please?

JACUSTOMER-6m0hfqjg- :

After the end of the cancellation period and until the end of the fixed term you cannot make any withdrawals from your Bond. In exceptional circumstances you will be able to close your bond subject to a breakage charge'.

JACUSTOMER-6m0hfqjg- :

I have not been advised of the breakage charge, just refused

Alex Watts :

Do they have a document that says what exceptional is please?

JACUSTOMER-6m0hfqjg- :

I don't have these details, not in any published info I have

Alex Watts :

Ok - you should ask.

Alex Watts :

However I suspect its bad news

Alex Watts :

This because you have agreed to a one year term, it is fixed

Alex Watts :

If it is fixed, it is a contract. As you know you can't break a contract and as such they are refusing

Alex Watts :

So on the face of it, you are stuck with not being able to take it out until September 2014

Alex Watts :

However you should write formally and complain.

Alex Watts :

Ask for the document which states what exceptional is

Alex Watts :

But make a formal complaint and ask to have it investigated.

Alex Watts :

They will then look at it and give you a response.

Alex Watts :

If you are not satisfied with the response then you could go to the Ombudsman

Alex Watts :

They offer an independent review and can investigate your complaint for free

Alex Watts :

Their website is: www.financial-ombudsman.org.uk

Alex Watts :

I am sorry if this is not necessarily the answer you want and certainly not the one I want to give you, but I have a duty to be honest

Alex Watts :

Can I clarify anything for you about this today please?

JACUSTOMER-6m0hfqjg- :

OK, thanks. I really don't think this is worth the £40 fee.

Alex Watts :

Sadly I can only tell you what the legal position is.

Alex Watts :

As an expert I have no access to billing or the pricing structure, I only answer questions and can tell you what to do legally.

Alex Watts :

But those are the options

Alex Watts :

1) Ask for a copy of the policy that details what is exceptional

Alex Watts :

2) Make a formal complaint

Alex Watts :

3) Go to the Ombudsman

Alex Watts :

I would hope that any document can be provided to say what exceptional is.

Alex Watts :

If not then when you make a complaint you have a far better chance of getting it resolved.

Alex Watts :

Can I clarify anything else for you please?

JACUSTOMER-6m0hfqjg- :

No, thank you! reards Philip

Alex Watts :

Thank you Philip.

Alex Watts :

Best of luck with this.

Alex Watts :

If I could invite you to leave feedback on the service I have given you today please. Remember its not whether it was the answer you were after or the price, but the service I have given you in answering your question.

Alex Watts :

I hope this works out and remember to get the document about what is exceptional.

Alex Watts :

If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.

Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.

Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

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