Tuesday, May 19, 2009

ING Vyasa decides to wipe me out

Here’s my story

All those who read my blog, know how excited I’ve been about the new house.

A month back we found this house, and decided to take the plunge. In came ING Vyasa. The sweet man from the bank took our details, chatted with us, and assured us that if all the papers were in place; our loan would be ready in no time.

Tra la la.

Next, the loan was approved. Then, the nice agent from ING Vyasa told us we’d have to pay a higher processing fee because only ING Vyasa got a lawyer to check every single paper related to the house. In fact the ING Vyasa man told us we were unnecessarily paying a lawyer to check the papers, considering they were so stringent with their own checks.

Next morning the call comes, all papers are clear.

Tra la la.

Next we scramble to pay the owner the money. A huge fat sum. Begged and borrowed from parents, relatives and friends. We sell our investments, wipe out our bank accounts.

The nice man from the bank is encouraging. He tells us as soon as we finish paying our part, and do the registration, the bank will hand over the cheque. That’s the rule.

We pay, the registration happens.

Tra la la.

Then we start to break the house, run after contractors, plumbers, and the nice man from the bank. Who says the cheque is on its way. He’s just trying to get us a lower rate of interest. Nice man, we’re so thrilled.

Tra la la.

Then he arrives at our house, makes us sign some papers. Says the cheque will be given in two days. It doesn’t happen. We call him yesterday; he says the cheque will be paid tomorrow. The owner is getting jumpy. So we call the nice man at ING Vyasa’s boss. Who says, “Don’t worry Sir, the cheque is ready. I signed it. You’ll have it tomorrow afternoon.”

Tra la la.

This afternoon. No call. A calls them. And they tell him there is a problem. They didn’t realize one document was stamped, not registered, and there is another document which they haven’t got.

What does that mean?

Sir, sorry…but we can not disburse the loan.

I’m sitting here, writing this. I’ve paid the owner, money I’ve saved, money I’ve earned, money I’ve borrowed. And the nice man from ING Vyasa is sitting in front of me saying they knew about this a couple of days back, but they were confident they could solve it. However they can’t, and so they can not give me the loan. And ya, they were lying to me since Thursday.

A is stressed, I can see it. He’s on the phone, fretting, upset, angry. I’m writing, because that’s therapy. I’d probably be crying otherwise. The nice man from ING Vyasa has made a sorry face.

But they have no responsibility. They knew about this. They did not inform us. We paid them a processing fee, so they could check the papers. They couldn’t do it right.

Now they walk away scot free. And we stand to lose everything we ever had.


Kaddu said...

Oh! That's awful! But surely thr must be sum way to get this sorted out! Can't u like re-submit the incomplete documents? So that they can do a delayed sanction on the loan?

This is that said...

I dont know what to you..but I know you will tide over it, Please get some financial opinions and stick with it.

agent green glass said...

an update: we are in the clear legally. all documents are fine. in fact their legal department has cleared us. a head of credit in bangalore has decided to overrule their legal dept. and the maharshtra laws, and insist on the above papers...or he will not finally disburse the loan.
@ kaadu and roo: no stress. we're not going down without a fight.

♥ÐÅyÐяєÅмє®♥ said...

I think they come under customer fraud..u should meet local customer dissatisfaction court...the consumer court and lodge a complain there...
this is case of clear-cut forgery..

they solve the cases fast..

This is that said...

I am just about beginning to grasp the enormity of this...will call you, but I don't want to stress you, . Just give them HELL. They deserve it. And dont forget to breathe in between.

As the Mind Meanders said...

Its deep shit... I know how this feels... Best bet... give them the papers that they want... if you have them... get the loan... then take them to court...

Zillionbig said...

ohh, i am so sorry. but dont lose hope, big-fat-ugly world out there.BTW nice depiction and its wonderful that you decided to pen rather than sit and wail.

afterburner said...

I am praying for both of you. i am sure this will pass and you will get the loan... pronto.

agent green glass said...

another update: things are looking up. will explain later. but thanks everyone for the wishes.
@daydreamer: yes, i will take them to court. no worries on that front.
@this is that: HELL doesn't even begin to explain what we went through. and what i'd like to do to them. but ya, deep breathing saved the day.
@blog gore: doing just that. organising papers, and more papers. sigh!
@zillionbig: thank you. for the support. and the other comment on the other post: )
@afterburner: thank you. it's always nice to know friends care.
: )

Rambler said...

Hey, thanx for dropping by on my blog..And read your post..this is really awful..u know considering the measly amount I make and the real estate prices, I am beginning to think, i'll have to live with my parents all my life!! Hope you find a solution for your problems..good luck...

Kokonad said...

Oh! I am sorry to hear that! But don't worry, things will look up soon! I strongly believe that things happen for good reason...

Banno said...

I have a deep distrust of smiling, nice men from private banks. Am glad things have been sorted out. Well, you did get a nice tummy in the bargain.

Anonymous said...

OMG, that is so unfair!! Best wishes coming your way... am sure you will get through this.

And thank you for your lovely words on my blog.

Saltwater Blues said...

Sue the bastards, go to the Consumer Forum! You don't actually have to do it, just the threat will work. Or say you know somebody in the Mumbai Mirror! I'm telling you, last thing the buggers want is negative publicity.

agent green glass said...

thank you rambler, kokonad, banno, writerzblock and saltwater blues. yeah... i'm going to sue the bastards. but after they give me the loan. anyway, fingers crossed. and thanks for all the support.

Aps said...

Good the things are starting to look up. These bankers are a nightmare any bank they go. With the economy booming they got too much to handle and have no clue how to do that. In turn the docile indian consumer suffers. They need to see us getting back at them.

Kick ass

Anonymous said...

Hi... stumbled onto your blog from T's. I don't write anonymously usually but am doing so as I deal with a lot of these guys professionally.

We had the same expereince six years back with ICICI Back. Pulled out in the last minute after taking 10,000 bucks, which we could ill afford, and leaving us at sea. Advise to go to consumer courts and sue is fine but not practical for most of us. I wrote a few angry letters in Mid Day and then gave up.

Luckily HSBC stepped in and gave us the loan.

Six years later our family rustled up some money and helped us prepay a part of our loan as HSBC has very high rates. We did this so that our emi would come down. After taking the large sum of money the scoundrels are saying that they will reduce tenure but not the EMI.

Why tell us this now and not before taking the money.

I sincerely wish you guys all the best and hope the trauma ends soon.