Back before the big crash, I transferred some property mortgages to the Heritable Bank Plc, a 132 year old Scottish incorporated Bank which had “a long tradition of providing specialist finance solutions to companies and individuals in the UK” and which had been bought by Icelandic bank Landsbanki in 2000. You used to go with who you trusted in banking, to secure the long term success and stability of your business and Heritable seemed like a good business to trust, long history and all that. Yes, yes, we all know better now. In October 2008, Heritable went into administration, due to the massive over extension of the Icelandic banking system and collapse of parent company Landsbanki. DOH.
There’s been an in limbo period of almost five years where I’ve been paying monthly ‘as per usual’ to administrators but nothing else has happened. I’ve written to them to try and redeem the loan by funding with another lender but was ignored. Then today I get a letter telling me that there has been “a change in your mortgage account” and that the mortgage has been “assigned to Mars Capital Finance Ltd”. So I go on line to look for them and the web-site doesn’t work. So I call the Heritable Bank (in administration) number for information and Mars Capital Finance Ltd answer, but moreorless refuse to give me any information about themselves, e.g. who they are, are they a British company, how long they’ve been trading, etc.
Completely bizarre and not just a little disconcerting. What a strange world we live in where people’s lives and livelihoods get transferred willy nilly across companies and you end up dealing with a business about whom you know and are apparently allowed to know absolutely nothing. But it’s ok, because, as the boy from Mars Capital Finance Ltd said, it’s “all in the terms and conditions”……. I honestly don’t think he could comprehend why I would want to know who it was I was now going to be doing a considerable amount of business with, or more precisely paying a considerable amount of money to.
If I had my way they’d all be hosed down with a high pressure jet wash to wash the bullsh*t away and then we’d all start over again doing banking the proper, old fashioned way. Well, a girl can daydream, can’t she……