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.
Do you wish to know whether you can take it out early?
Yes, that is the result I'm looking for.
What reason did they give to refuse do you know?
I have just been told that they don't regard property purchase as 'exceptional surcumstance'
What is in their terms and conditions about early redemption please?
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'.
I have not been advised of the breakage charge, just refused
Do they have a document that says what exceptional is please?
I don't have these details, not in any published info I have
Ok - you should ask.
However I suspect its bad news
This because you have agreed to a one year term, it is fixed
If it is fixed, it is a contract. As you know you can't break a contract and as such they are refusing
So on the face of it, you are stuck with not being able to take it out until September 2014
However you should write formally and complain.
Ask for the document which states what exceptional is
But make a formal complaint and ask to have it investigated.
They will then look at it and give you a response.
If you are not satisfied with the response then you could go to the Ombudsman
They offer an independent review and can investigate your complaint for free
Their website is: www.financial-ombudsman.org.uk
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
Can I clarify anything for you about this today please?
OK, thanks. I really don't think this is worth the £40 fee.
Sadly I can only tell you what the legal position is.
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.
But those are the options
1) Ask for a copy of the policy that details what is exceptional
2) Make a formal complaint
3) Go to the Ombudsman
I would hope that any document can be provided to say what exceptional is.
If not then when you make a complaint you have a far better chance of getting it resolved.
Can I clarify anything else for you please?
No, thank you! reards Philip
Thank you Philip.
Best of luck with this.
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I hope this works out and remember to get the document about what is exceptional.
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