All Topics / Finance / Anyone taken a 100K plus insurance cash settlement, and how difficult was this? I am having difficulty getting bank to approve.

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  • Profile photo of fredo_4305fredo_4305
    Participant
    @fredo_4305
    Join Date: 2009
    Post Count: 336
    May 13, 2011 - 10:14 am

    Hi guys,
    I have posted another post similar to this but not getting much joy so thought I would rephrase it.

    I along with a couple of friends have had a properties flooded in QLD. To make the best out of a bad situation I want to take a cash settlement. We are both with different banks it is proving very difficult to get this done.

    Whyis it so difficult. The money will be held in an account that cannot be touched unless a invoice for works is provided to the bank similar to a normal build. Build will also be done by a BSA qualified builder on a contract.

    The bank don’t seem interested in going this option although they will get a better quality finish by using my builder.

    Is it a matter of the guys at Credit being their normal selves? Not really knowing about the situation? Credit departments are normally in Melb with no real knowledge of the situation up there?

    Is there anyone in the banking sector able to shed light?

    There is no info on the net, my bank manager has no idea, nobody seems to have info. I will go to the omsbudsman if I have too.

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099
    May 14, 2011 - 2:43 pm

    Hi,

    Im not to sure i understand your question.
    So is it the insurance company or the Bank that’s paying you out for the flooding??

    In regards to the credit part. Like every company; employees follow a set guild-lines and are responsible for each clients dealing….so if the situation is too complex the credit guys JUST won’t go there…unless there is a good reason too and the reason is good enough to migrate the risk.

    Even though the office might be in a different state. Most people knows what happening in the floods, especially if your in an industry that deals with flood victims on a daily basis.

    Going to the omsbudsman will take some time, from your post it looks like there is a mis-communication somewhere along the pipeline…try to set it out in a more basic term.

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
    Email Me | Phone Me

    Same Banks. Better Rates. Served With a Passion.

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