CIBC (First Caribbean International Bank) Accused of Oppressive Behaviour

CIBC (First Caribbean International Bank) is again accused of oppressive behaviour by an average Bajan citizen. In a sixteen year long dispute between the McIntosh Vs CIBC the family has turned to social media, AGAIN, to seek justice in the court of public opinion.

93 comments

  • Am sure they sold the first title deed they “lost” and waiting for you and your wife to die to take the property away from your beneficiaries…that’s the pattern…..the TREND with the local crooks who manage these institutions and sit on those boards in the island..

    i know a lot of people removed their money from that crook bank…ya can’t even get the most basic of services there in an efficient manner from their ignorant arrogant uppity employees..

    bajans need to remove their money from these banks…get them off the island.

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  • Let social media come to you, get signs get your family and friends park in front of the main bank branch and protest and have media there tourists if any will see as well . When police come kick up a ruckus do not be moved the bank will try and quite things but have your voice heard . This is thievery pure and simple. Don’t make threats no matter how frustrating it is they will just cart you off to black rock and brand you crazy. There is always two sides to a story but at the least someone should be fired for not trying to make arrangements on interest for christ,s sake the mob only charges 10% vig.

    Liked by 1 person

  • I’ve seen a legal firm which supposedly lost the title deeds to a large tract of land make an affidavit of indemnity so the owner could sell land the company that owned the orphaned land … that was back in 1992/3 and again in 2005/6.

    I’ve seen FCIB lend over $30 million on lands that don’t have title deeds in 2005/6.

    The law changed around 2012/14 to allow new “original” deeds to be created from copies in the Registry.

    However, some deeds were never registered and copies don’t exist in the Registry.

    I have also seen deeds disappear back in the 1980’s and attorneys at law start a titling suit to establish title to the property in 1997/8.

    All parties swore the title deeds were lost and a new conveyance was created by the Registrar.

    However, within 2 years the original deeds turned up unexpectedly from a source connected to the “new” owners and attorneys.

    There had been a falling out!!

    I formed the impression that the old adage possession is 9/10th’s of the law that title deeds are used in transactions as security to raise money by those who actually have them unbeknownst to the actual owners.

    Barbados is not a law abiding jurisdiction … anything goes.

    Liked by 1 person

  • The court will facilitate the “effluxion” of time as parties wait for other parties to die off.

    Not a nice place our country!!

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  • Vincent Codrington

    EWB was reported to have said: “If one seeks Justice one does not go to Coleridge Street”.
    I nope BU Householders understand why the ordinary man saves and improves his dwelling in stages. Interests payments are usurious. If one does not understand Compound Interest it would be difficult to understand why accumulated interest payments exceed the principal borrowed.

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  • Read what Einstein had to say about compound interest.

    Liked by 1 person

  • No, sir. This is definitely not fair. This is a killer. This sort of stress is a killer. Don’t let it kill you before the matter is resolved.

    Unfortunately, it is the laxity of our justice system that allows not just this bank but regular citizens to ignore judgements. They wait out the clock until somebody dies.

    In some countries the murder rate would be much higher than it is.

    All I can tell you to do is make yourself a pest so that they would rather get rid of you. What Barbadians tend to do is give them time to breathe between interactions. You have to be persistant and constant to wear them down.

    That’s how the widow in the Bible got justice from the unjust judge.

    I speak to you from personal experience.

    Liked by 1 person

  • NorthernObserver

    @Lawson
    10% vig, but that is weekly. $10,000 @ 10 points in mob speak is $1K per week + the principal. In 10 weeks the vigorish=principal. You owe $20K. Illegal unless you put a sign over your door which says “Payday Loans” lol

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  • It is unfortunate CIBC would have allowed this matter to have continued for 16 years especially given the relatively small sum involved. Are we missing something?

    Liked by 1 person

  • Difficult to escape usury if your signature is on the documents agreeing to it!!

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  • FCIB is a zombie bank. They are no longer interested in granting private loans at all, but in 2013 they issued a large sum as a loan to the state of Barbados without securities. Just try getting a mortgage loan from FCIB. They’ll invent 1,000 reasons why they can’t.

    This happened at a time when Barbados was definitely already bankrupt because the capital market no longer wanted to lend money to the Sinckler government. In my view, the lending could be a criminal offence to the detriment of CIBC and its shareholders. It is time to wind up FCIB and release the managers and employees to work on the sugar cane plantation under COW´s custody.

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  • NorthernObserver

    “Are we missing something”(quote)
    Has BU asked the area manager for comment?
    Frequently the right and left hands within “the bank” do not communicate. The employees are like ‘policy robots’.

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  • @Tron

    “2013 they issued a large sum as a loan to the state of Barbados without securities.”

    No they got SECURITIES in the form of worthless Bonds which as of May 2020 which according to the IMF Loan Agreement was to be paid back to the “Banks” in full or the IMF Loan became null and void. My question is what has happened to this BANK LOAN BOND PAYBACK, IMF and Barbados Government more than “SILENT”. Are palms being greased.

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  • Put this same video, or link to this page on the Globe and Mail of Canada.

    They will not like the CANADIAN publicity.

    Also, refer the matter to the Barbados Ombudsman and an open letter to the FSC of Barbados.

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  • Financial starvation on de oppressed ?

    Become a CIBC pest. Get in their every which way. The principle was a small sum.

    However, our Minister V. C. Reference “Compound Interest” is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest.

    Donna on point…

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  • @Norther Observer

    The plaintiffs indicated in the vid that the president of the bank was notified.

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  • TronJuly 10, 2020 10:42 AM

    FCIB is a zombie bank. They are no longer interested in granting private loans at all, but in 2013 they issued a large sum as a loan to the state of Barbados without securities.
    +++++++++++++++++++++++++

    Maybe the lost deeds were not lost at all!!

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  • David I can only relate what scotiabank in canada said to me years ago, yeah its our name but we are a totally different entity from scotiabank barbados.We really dont have any interaction with them So going to the top dog in canada probably means nothing.
    N observer dont be giving your banks ideas,

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  • FCIB offers the worst interest rates for real estate of all commercial banks in Barbados. If you go to the big center in Warrens, they don’t know anything about loans and won’t even call you back. I therefore assume that FCIB does not do new business anymore, but is liquidating the whole rum shop. Like LIAT.

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  • Its not like a bank to let a delinquent account just sit on the books for 16 years and just let interest accumulate when they have security pledged. (I am being facetious as the security in question is the plaintiff’s property of which they mislaid the deeds). Didn’t they even try to get in touch with the McIntoshs with a view to settling the matter during the intervening years ah wonder if there was a dispute about the additional interest charged between 2004 when the deeds couldn’t be located and 2007 when new deeds were generated and that led to the stalemate that continues until today.

    BTW Banks often write off interest on non- current loans, as long as the principal is repaid they are happy

    Was the sale of FCIB completed? Is current management betting on someone else inheriting this problem?

    Sunlight is the best disinfectant, send letters to the CEO and Ombudsman again and copy the media.

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  • NorthernObserver

    And the president passes it to the VP in charge, who does likewise and likewise down the line.
    And it, along with multiple other issues get lost in the shuffle?
    The Area Manager is plenty senior enough. Locate the top 3 CIBC customers, guessing GEL is one. Copy c.c. the correspondence to all 3, their CEO and head of finance (usually who deals with Bank) and send by Registered Mail.
    These 3 are unlikely to help, but, the Bank knows their largest (most profitable?) customers know of the issue. That alone improves the chances of a response.

    Liked by 1 person

  • @Justin

    Take note of the advice. The blogmaster is sensing something is missing here.

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  • CIBC current prime rate 2.45% as of July 10, 2020

    https://www.cibc.com/en/interest-rates/mortgage-rates.html

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  • Justin McIntosh

    @ David
    I agree with you that something is missing, but I’m trying real hard to fit it all together. That’s the reason why I’m asking others more versed for their expertise to put the pieces of this seemingly jig saw puzzle together. Many thanks.

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  • Heather Thompson

    My mother Sylvia Udene Bishop/Carter died in 2009! Her account 9167064 no longer exist and $100,000 of the estate’s money has disappeared and we can do jack shit about it. There is no law in Barbados, not when you have got to report to the lawmakers who themselves are the biggest law breakers! You get shoved from one department to another and any noise that you make could very well be to a relative or friend of the person that you are complaining about. These people have each others backs and play musical chairs with their clients! passing clients on to a friend or relative all prepped and full of renewed hope just to be picked up by sharks. I will be publishing all of my documents online at a later date. These people are so f—–g blatant that they can’t be bothered to cover their tracks! E.g: $12,000 funeral cost was paid in July 2009 to L.R. Harris funeral parlour of St, Lucy and another $20,000 three years later! A second coming, I think not! That’s just a taster, the list is a long one. I would like to take this opportunity to say that Coral Ridge Cemetery was the only place where I got a legit receipt! watch this space!

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  • @Justin

    You made a decision to go public with your matter after realizing your attorneys exhausted all efforts to no avail. The public court has requested, that plaintiff reshuffle de deck and lay down all 52 cards. The jokers are not to be withheld. After your submission, the Ministers/Public will reconvene on the matter.

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  • @Hants. That is the Canadian rate and general international rate.

    Barbados has a much higher rate because it is so special. Unfortunately the savings rate does not reflect the Barbados Captain Bligh rate.

    Liked by 1 person

  • @NO
    The Area Manager would have been well informed of the situation although that position may have undergone several personnel changes over 16 years. I am not sure how involving other corporate clients will help as their relationship is not the same, corporate clients go right to the top of the heap and they almost never experience these issues, plus they always have the threat of moving their business elsewhere.

    Isn’t VC the resident expert on banking here? Where is his take?

    I found at least two entities that handle bank complaints but I am not sure if they handle offshore issues even if it is a fully owned subsidiary.

    @David
    Agree that something seems to be missing…..
    BTW didn’t I see a newspaper article where Ken Jones alleged that this bank lost his documents also?

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  • Re bank losing documents, there was an institution that had three senior people leave suddenly a few years back.

    Not saying this is related. Just saying.

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  • Vincent Codrington

    @ Sergeant at 7 18m PM

    As David mentioned twice there are some missing pieces in the narrative:
    . The loss of the title deeds by the bank. The client cannot be liable for subsequent interest charges ,if the bank displaced them and this held up the sale.
    The client should have been given a repayment schedule covering the period of the loan. This is broken down into interest payments and loan payments.

    Finally the reasons for the delay in the court decision and what that decision was.
    Advice /opinions cannot be offered/ arrived at without all the relevant facts.
    Nothing above constitutes professional advice. They are for discussion purposes only.

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  • I don’t understand,you have a law firm and you should be taking instructions from them,you didn’t say what advice you got from them.something doesn’t sound right.

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  • It is only obvious that he cannot be held responsible for interest accrued because of the bank’s negligance.

    A few year’s ago this same bank changed a check for my brother on an overdrawn account. Their mistake. Instead of pursuing their account holder who had written the fraudulent cheque they relentlessly pursued my brother to return the money. I tried to persuade him to call their bluff. He got tired and paid the five thousand dollars. The person who owed him dodged his attempts to recover the funds. For all we know the bank could have recovered twice.

    These banks behave the way they do because Bajans are scared of them.

    I would have written them a letter threatening a lawsuit for harassment. That would have stopped them.

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  • Nothing will until someone realize all has been lost and there nothing else to loose then dispense their frustrations.

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  • 5min:30 secs into this video…it clearly shows what these corrupt banks do to people in Barbados regarding their properties…..in collusion with the criminal class in the parliament, the bar association and the judiciary…

    https://m.facebook.com/story.php?story_fbid=363919477921828&id=100029113366026&sfnsn=scwspwa&extid=Oc1WpZwIzvSiX1aO&d=w&vh=i

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  • Justin McIntosh

    Please be informed that just two days ago I received word from my attorney, indicating that a full opinion as how to conclude this matter (by attorney for the bank) was sent to the department head. A response is being awaited. Donna on BU mentioned that, “You have to be persistant and constant to wear them down.

    That’s how the widow in the Bible got justice from the unjust judge.” True my dear! Since I posted my video and also comments here on BU, have caused this saga to pick up momentum. We do appreciate all the comments and advice given here. We will revert back here with further developments as it comes to hand.

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  • This a travesty of what is fair.

    It does not matter who the law determines to be the victor, the matter should have been resolved more than a decade ago.

    What this case reminds us is the systemic failure of the Barbados Courts to deliver justice.

    *Justice deklayed, is justice denied.which must be timely.*

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  • NorthernObserver

    @Sarge
    Persistentce. Wasn’t this local entity part of a larger sale announced last year? Information is power. Maybe one of these customers use this info to their advantage and the bank decides to make it ‘go away’. You also know the personnel change frequently, regularly parachuted from elsewhere.
    Life involves a lot of luck. Put yourself in a position to benefit. Keep the irons in the fire. This tale has a lot of ‘gaps’. Sometimes good things happen and you don’t even know why.

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  • Tony…ya got it assbackwards….law firms are supposed to TAKE INSTRUCTIONS FROM THEIR CLIENTS……and GIVE THEM ADVICE….in Barbados the law firms and lawyers do whatever the hell they like, never listen to the clients, GIVE BAD ADVICE.. and then the clients end up being robbed, exploited, disenfranchised and oppressed……

    some lawyers are so evil minded, that they hold discussions with the other side while KNOWING that the client is supposed to be PRESENT for certain discussions….but they openly lie to their clients and tell them they do not have to be there…while knowing that’s not true…

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  • “Wasn’t this local entity part of a larger sale announced last year?”

    am sure a some latin players were supposed to purchase, i even told people they should brush up on their espanol….this exposure would be bad for business if new owners are involved, with Bajans already taking their money out of that bank….of course Bajans still need to remove their money from foreign banks….as long as the service and the nasty attitudes of the local employees does not improve..

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  • No wonder the people on the street call it “Worse Caribbean”

    I used to receive a tiny Canadian pension about $150. CDN per month, and those rascals started to hold my money for 6 weeks “to see whether the Canadian Pension Plan cheque would clear.” At that time I had been banking with them off and on since I was a teenager.

    I stopped banking with them

    They may be idiots, but I am not.

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  • Mr. and Mrs. McIntosh are very clearly a gentleman and lady. But none of us can afford to be ladies or gentleman when dealing with a sharks.

    I had to warn my children “banks are not you friend, their are not your parent. Your bank does NOT love you. Keep a real sharp eye on them at all times.

    Liked by 1 person

  • Got that right, even worse YOUR MONEY keep them operational but they do not train their rude, disrespectful, uppity, backward, unprofessional black employees how to treat their Black customers who keep their doors open…..they act like they are doing you a favor, show disdain and total disrespect….they never act like if without your money sitting in the bank…THEY WOULD NOT EVEN HAVE A JOB let alone a salary..i was appalled at the nastiness of some of them…toward their own people for their own money…,,,nasty UNTRAINED creatures….whom ya always have to put in their place.

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  • Justin,

    I am so happy to hear. Don’t let up at all!

    Don’t obsess about it all day long but deal with the matter daily.

    Take care to look after your health!

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  • The REAL BANK ROBBERS work at the bank ! The best LIARS are lawyers ! The most popular pimps, prostitutes and parasites are politicians ! Did not Errol Barrow conclude that if anyone desires justice, one should ‘stay away from (Nelson Street, or was it) Coleridge Street’ ? Same difference ! But fear not ! There is a day of judgment and that ‘all-consuming fire’ which awaits them !!! They’ll remember their evil deeds as they lay in agony,suffering on their sick beds !!

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  • Very uplifting and inspiring…Black Bajans take note, corrupt governments would try to stop you, but then you EXPOSE THEM TO THE WORLD…for as long as it takes….the corrupt want to continue to manage a plantation as overseers, they do not want to see the majority population progress further than being generational consumers and victims of racism and thefts against their families.

    some will be successful, other will learn from mistakes..

    https://unitedblackbooks.org/blogs/black-business-list-directory/50-black-owned-and-operated-banks-in-the-united-states?fbclid=IwAR2KudUVabRQ0BB8Ffx3N0gfD8usyb2_iHxk3kq4y0TGlL2cZUshOH5HZzg

    20+ Black Owned and Operated Banks in the United States

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  • what are you saying people have to be smarter about their finances or that they should learn to open banks and screw everybody

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  • Lawson,

    That is definitely something to consider.

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  • Donna that’s what children should be taught the power of money, how to make it is one thing how to hold on to it is a complete different bird. Its always amazing to me how there is always someone who can double your money for you, usually living at their mothers house

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  • This is a good place for this
    From BT
    “He cited three other cases, including one in which a man had spent ten years in prison, only for the charge to be eventually dropped for a lack of evidence.

    He said even in those circumstances the Crown was opposed to paying the accused compensation.”

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  • FCIB and the senior staff of that institution are a most unscrupulous bunch. I have a situation where they have applied the wrong interest rate on my mortgage loan since 2009 which has resulted in me being overcharged over $70k. Instead of collecting $240+k they collected over $310k and for the past 3 years they have been bringing all kinds of ridiculous arguments to avoid refunding what was illegally applied. Their legal department is a waste of time because the front line unscrupulous personnel including the CEO dictate the bank’s position without recognition of what is legal or illegal. They are a crooked bunch!

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  • @John

    How is what you posted possible?

    Do you have official documentation to support the date the interest rate would have taken effect?

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  • @David

    Don’t the banks provide amortization schedules?

    Liked by 1 person

  • I have the same question but for a different reason.
    That would be too ‘bol-face’…..One can easily go online, plug in the loan amount, the interest rate and the length of the loan and get the monthly payment. How could they try that? Perhaps there was a miscommunication somewhere.

    ——————————————————–xxx———————————————————-
    Would really hurt if your banker was a Quaker

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  • @Sargeant

    Based on personal experience the bank will confirm the rate based on type of mortgage. For example the mortgage rate usually is reviewed annually and documentation will be sent to the mortgagor to this effect with updated rate and installment. John should be able to produce a document to confirm his rate with the bank.

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  • RBC
    Amortized monthly payments of principal and interest can be granted for up to 15 years (maximum term and age of client not to exceed government age of retirement).

    http://www.rbcroyalbank.com/caribbean/bb/personal-lending-solutions/mortgages/index.html

    Liked by 1 person

  • Here’s another case of nonsense from these people. My friend and her husband got divorced. She was awarded their house in the settlement. The judgement was that the bank should seek to attach one of the ex husband’s many assets as security for the mortgage. He even has another house. The bank was notified of the judgement. And yet they pursue the lady relentlessly, even going so far as to threaten to put the house up for sale. Every time she relaxes, thinking the matter is settled it rears its head again. And of course the interest is mounting. Last time they said the documents were not in the file.

    I sent her to my attorney who advised her that it was their problem to solve. I told her she should ignore them and let them try to evict her.

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  • Vincent Codrington

    @ Donna
    How could the court award a house that is mortgaged to a bank to the exwife? Did they award the liability also i.e the outstanding mortgage payments?

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  • The liability became the ex husband’s. The bank was to seek to recover from him. He has a much bigger house which he uses for offices. No mortgage on that one.

    It is all in the judgement. I know she is not mistaken. Neither is my attorney. They both are quite capable of reading and understanding.

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  • Vincent,

    The amount owing is not even a large amount, I suspect, judging from the size and style of the house, the plot of land and its location. He could probably sell one of his vehicles and clear the damned thing.

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  • NorthernObserver

    @John
    How could somebody with your mathematical skills OVERpay on a mortgage?

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  • NorthernObserver

    @Donna
    Something is amiss. You began… the bank sought security on the mortgaged property which the lady now owned. Then you write the amount owing (outstanding mortgage?) Is not a large amount.

    If the amount owing is small, the property itself, is the security. Unless there are ‘other mortgages’ or the property is used as collateral elsewhere, and the bank mortgage doesn’t have first claim against the property. (ie. It is a second or third mortgage; or another entity has a claim which is ahead of the bank

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  • I obtained a variable rate mortgage in 2007, and the rate was only changed once from then until now and that was in 2009. However over the same period the prime rate has reduced a number of times as well as their cost of funds with the rate paid on saving accounts having reduced from 5% then to 2.5% and then to 0%. So they have substantial widened their spread and not passed on the benefit of the reduced rates to me who have a variable rate mortgage. If rates had gone up over the period I would naturally have to pay the higher rates.
    I suspect there are many people in my position who have not realised their rates haven’t been adjusted but simply continue to pay the monthly installment they always did. FCIB dont send statements on mortgages and I believe this is on purpose and even when statements are received they do not show the rate of interest being applied.

    Because rates have consistently gone down in the last 10 to 15 years many people will continue to pay the same installment which they began with not realising that their rates are not being reduced or correctly reduced. When I first enquired about rate they insisted the rate was correct, then they made two compromise offers to give refunds based of lower rates but not the correct rates. I decline both these offers as I dont need to compromise I simply want the correct adjustment refund made. It is not like they will be losing money they should have collected $240k just not the over $310k they did.
    If you went to Massey and bought a tin of cornbeef and it was rung in as $10 and you later return with the item and the bill and point out that the price should have been $8, they would refund the $2 case closer. These brutes at fcib are arguing all over their face that the changing of the rate is at their discretion, that my rate is not varied based on prime rate although the prime rate is outlined in the offer letter….. they are crooks. I urge all of you to look at your mortgage offer letters and see what they says and then enquire of that bank what rate you are being charged and if you have variable rate loan when over the history of the loan it has changed. If you have a mortgage loan with that bank, hide your name and address but send me copies of your offer letter to bajseri33@gmail.com. A local regulatory agency has taken the matter up and the more evidence they have of this company’s behaviour the better. Thank you.

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  • @John

    You have had a mortgage from 2007 and having not received a communication about the rate you didn’t think to question it?

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  • NO,

    Absolutely nothing is amiss. Let me try again.

    The wife and the husband got a divorce. The courts awarded the house to the wife and made the husband solely responsible for the debt. The bank was supposed to arrange to attach the debt to the husband who has many assets including another larger house from which he runs an established transport service.

    I assume the amount owed may be less than one hundred thousand simply because of the apparent value of the property and the length of time the mortgage has been in existence. The bank was instructed to attempt to secure the remaining amount due by way of his other assets since the property would now be solely in the possession of the wife. She was relieved of the debt. The bank was to make a new arrangement with the husband.

    They took no actions towards doing this but instead harassed the wife. She was advised by an attorney that they could take no action against her. The last letter they sent advised her that they would be initiating the sale of the property. My friend directed them to the judgement AGAIN.

    She has not heard from them in months. They have backed down again.

    The problem seems to arise whenever a new person is assigned the account. Her attorney abandoned her after the extremely acrimonious court proceedings stating that she was tired of the whole mess and so my friend has not secured the release of the title from the bank. The process ordered by the court is incomplete.

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  • Just wondering about the judgement, why is it up to the Bank to go after the spouse (husband) instead of the husband satisfying the Court that he has relieved the wife of the mortgage debt by attaching it to one of his assets or paying it off outright.

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  • Sarge I have said it before.. if you think its confusing for banks and lawyers family is even confused if they get a divorce are they still brother and sister.

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  • Sarge,

    That is a good question to which I do not have a good answer. That would indeed be a better option. The enforcement of judgements is very lax in these parts.

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  • We will NEVER get respect.
    We will NEVER get JUSTICE
    Until we remove with prejudice, all of the oppressors of the Born and Bred Black Barbadian Citizen.
    Bussa showed us the way, walk we in it!

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  • @John July 13, 2020 7:20 AM

    Normally the interest rate is renegotiated every one, two or three years. Those who currently pay 5% interest are either not creditworthy or naive.

    The interest rate at Scotia Bank is 3.75 %. With a downward trend.

    In general, our natives have no idea about money business. In the north, states like the USA, Switzerland or Germany even make money when they borrow money! For example, 2% per billion USD gov bonds. If we were to restructure our entire national debt in this way, we would be at zero in 10 years.

    The fact is that our creditors are ripping us off like bandits. No decent country is currently paying positive interest on its bonds. Therefore, it has always been my opinion to pay back the principal, but not the interest. In this respect, White Oak has also negotiated badly. Our creditors still earn too much.

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  • @ Tron

    If the interest rate on a mortgage (or loan) is variable there is no need for re-negotiations. The rate will be determined by the central bank ie base rate plus..

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  • Tron it takes 2650 concrete blocks to make a 3 bedroom flat each block is around 4 bucks thats 10 grand so why on earth would you buy bonds when you can string a few blocks together put on a roof call them coverley and flog them at 200000 k ya gotta get into blocks not bonds

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  • NorthernObserver

    @Donna
    Ok. The wife got the house LESS the existing mortgage.
    In this country, title could NOT have been transferred, UNLESS the mortgage holder was provided with the required security, or the mortgage discharged.
    The Court can order whatever they want. The mortgage holder will block the transfer of title.

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  • @ Hal Austin July 13, 2020 12:32 PM

    Normally, banks and debtors in Barbados agree a fixed interest rate for one to three years. After that, renegotiation is necessary.

    Loans without such fixed interest rates are rather rare. In addition, the level for fluctuating interest rate in Barbados is currently less than four percent. So if John pays 5 percent, he should change his bank. Normally, competing banks cover the transaction costs. As far as I know, there is no prepayment penalty because there is no long-term fixed interest rate in Barbados.

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  • @Tron

    You are correct, has nothing to do with the central bank.

    >

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  • @John
    This may help.. Games can be played if the borrower is not careful. Following up on what Tron said. Could it be that they give you a 15/1????

    “Each variable-rate loan has a specific time period for calculating the new interest rate. This period varies from loan to loan and could be monthly, every six months, once per year or even less frequently. Some loans keep the initial rate for a longer period before changing. For example, a 5/1 variable-rate mortgage keeps the initial rate for five years and then adjusts the interest rate once per year after that”

    Perhaps you need to visit the bank with a dual purpose
    (1) Get a refund of any money yo think they have taken, and, more importantly
    (2) Try to renegotiate the loan or go elsewhere

    And you thought… we didn’t care

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  • @ Tron

    I am not surprised. Normally, lenders set the variable rate as the base rate plus. If the base rate changes the variable rate changes. It can sometimes be based on the interbank lending rate plus. A fixed rate is set for a determined period regardless of movements of the base rate. A tracker rate is one that ‘tracks’ a benchmark ie the base rate.

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  • What does this mean? How does it apply to the Barbados market? You always think you know yet you know not.

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  • Bank Rate is the single most important interest rate in the UK. In the news, it’s sometimes called the ‘Bank of England base rate’ or even just ‘the interest rate’………..

    Bank Rate determines the interest rate we pay to commercial banks that hold money with us. It influences the rates those banks charge people to borrow money or pay on their savings.

    If Bank Rate changes, then normally banks change their interest rates on saving and borrowing. But Bank Rate isn’t the only thing that affects interest rates on saving and borrowing.

    Interest rates can change for other reasons and may not change by the same amount as the change in Bank Rate. To cover their costs, banks need to pay less on saving than they make on lending. But they can’t pay less than 0% on savings or people might not deposit any money with them.

    This means that when Bank Rate comes close to 0%, how far banks pass it on to lower saving and borrowing rates reduces. And as Bank Rate starts to rise away from close to 0%, that’s likely to lead to less of a rise in saving and borrowing rates…(Quote)

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  • One way that interest rates matter is they influence borrowing costs and spending decisions of households and businesses.
    Lower interest rates, for example, would encourage more people to obtain a mortgage for a new home or to borrow money for an automobile or for home improvement. Lower rates also would encourage businesses to borrow funds to invest in expansion such as purchasing new equipment, updating plants, or hiring more workers. Higher interest rates would restrain such borrowing by consumers and businesses……(Quote)

    Who sets the interest (base) rates?

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  • The base rate influences the interest rates that many lenders charge for mortgages, loans and other types of credit they offer people. For example, our rates often rise and fall in line with the base rate, but this isn’t guaranteed. You can visit the Bank of England website to find out how it decides the base rate. Why does the base rate change?..(Quote)

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  • What is the base rate?
    It’s the rate the Bank of England charges other banks and other lenders when they borrow money, and it’s currently 0.10%. The base rate influences the interest rates that many lenders charge for mortgages, loans and other types of credit they offer people. For example, our rates often rise and fall in line with the base rate, but this isn’t guaranteed. You can visit the Bank of England website to find out how it….(Quote)

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  • Hal,

    The variable interest rate should actually be 2 percent because of the central bank’s zero interest rate policy. But you have to keep in mind with the profit of the banks that they will soon have to write off large sums because of the Corona crisis. Our government will not continue the debt moratorium forever.

    However, the market interest rate for mortgages of 3.75 percent shows that our government has so far paid far too much money for the national debt. Anyone who pays more than 5 percent in Barbados is simply not creditworthy.

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  • @ Tron
    The banks charge what they can get away with. Where is the regulator?

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  • NO,

    I know that the title would not be transfered. As I said, her attorney abandoned her and she has hired a new attorney to ask the court to enforce the judgement.

    The bank, however should not be harassing her in the interim. They cannot sell the house as they have threatened to do.

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  • NorthernObserver

    But it isn’t the mortgage holders responsibility to enforce the judgement?
    What I will guess….is the mortgage isn’t currently being paid? Hence the bank will seek to remedy that. And they will be going after ALL parties who are Currently listed as owners and signatories to the mortgage. One of those is to sell the property to recoup the monies owed.
    I suspect what you call harassment, is merely collections pressure.
    The Bank could give a flying flamingo about ‘judgements’ for they are not party to that judgement. They want their money.

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  • NO,

    They always back down. That should tell you something. The problem occurs when somebody new gets the file.

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  • @DonnaJuly 12, 2020 9:26 PM “He could probably sell one of his vehicles and clear the damned thing.”

    I hate to tell you this Donna, but they are called ex-es is because that are unreasonable, uncompromising, unforgiving, will not give an easement.

    Expect nothing good from an ex…

    and ye will not be disappointed.

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  • Donna, notwithstanding the court order if your fried can afford to pay off the relatively small amount owing on the mortgage she should do so. Doing is not the best legal or economic advice, but it is the best peace of mind advice, because it is not the ex being “harrassed” by the bank so why should he care? He can do absolutely nothing and let the interest pile on on the place where she NOT HE lives, and leave her to take the nasty calls from the bank. The bank’s calls don’t bother him. The bank doesn’t care all they are interested in is “gimme the money” and of course the courts are slow as molasses running up a hill. Did you not see in case on the front page of Saturday’s paper which took 15 years to adjudicate.

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  • NorthernObserver

    @Donna
    The pedantic one mentioned on another thread about info coming out in divorce court. One mentioned was in the transport biz. Would it be a coincidence if they are one and the same?
    Listen to SS, she understands life and it’s machinations.
    I like longshots so I betting the ex-husband striking a bank employee or got some in at the bank. The bank don’t switch files fah so, it is being orchestrated.

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  • NO,

    I picked up on that DPD comment also. And I think you may also be right about the connections, now I think about it.

    Cuhdear Bajan,

    She is unable to pay. She invested most of her funds in the business that her husband now controls. He also cleaned out the joint account. He has also ignored the cash settlement he has been ordered by the court to pay. At her age and having only worked in her father’s business and the business she ran with her husband she finds it impossible to find employment. Her own business efforts failed because of the usual pressures. She now works for her brother whose business depends on the tourism sector.

    Her only chance is to get the courts to enforce the judgement. Unfortunately she is too ladylike to make much progress. She may even find my posts here to be problematic.

    Unlike me, she is a private person and like Justin she does not know how to be a pest.

    She is still expecting that people will do the right thing when they are reasoned with intermittantly and in private. No matter how many times I have shown her that my methods work better.

    “High wind know where old house live.”

    If he was my husband he would not have pulled that. He would have customers to pick up and no vehicles to pick them up with. I would have damaged every one. Of course, he could call the police and have me charged but then the details of what he did would be exposed. He likes to put up a front.

    He would have paid up real quick!

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