Morgan Stanley Advantage: what a bunch of muppets

Morgan Stanley Advantage: what a bunch of muppets

I took out a self-certified mortgage with GMAC two years ago, because as a company director traditional lenders tend to get very confused when your income is not a straight salaried income-taxed income.

Like many company directors, I instead take an income in the form of dividends. On the low interest rates everyone enjoyed at the time a self-cert seemed a good idea.

Anyway, everything seemed fine with GMAC – then they suddenly announced that they’d sold it to the bunch of muppets at Morgan Stanley’s Advantage.

To cut a long story short, I have always made a point of over-paying my mortgage on a monthly basis.

However, I only just learned this month that it appears the muppets at Advantage never credited any of those over-payments against my mortgage.

In fact, one insistent woman in their credit department claimed that over-payments can’t be credited against an Advantage mortgage unless you chase the company up about it. She was later contradicted when I elevated the matter higher within the company.

However, all I’ve received so far is a brief letter which states that these over-payments have now been applied – but I am now told that if I wish to receive a statement of account proving that these over-payments have actually been made then I will need to pay them £25.

In addition, the Advantage Muppets have twice this month sent me notice that they are charging me £25 to change my buildings insurance policy to their own, plus monthly fees – because they can’t find a record of an up to date contents and buildings insurance.

Despite the fact that I’ve held the same contents and buildings insurance with Swinton throughout this policy and Advantage have previously confirmed in writing that they definitely do have this in their records.

Whether these muppets are incompetent at filing their records shouldn’t be my problem, but I’ve clearly been warned that while they continue to lose my details, I will be unable to make any claim should I need to.

In the meantime, I’m still left holding the phone without a resolution after 30 minutes – the second time this month.

I can only presume Advantage will try and claim great levels of service and similar baseless “public relations marketing” – but all I can say is in my circumstances, this remains a fantasy.

In my eyes, Advantage are just a bunch of incompetent muppets. But I’m the one who has to suffer for it.

Luckily, the good news is that my fixed term mortgage with Advantage finishes next month, so it shouldn’t be too long before I’m able to get away from the company.


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