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Review of the Monmouthshire Building Society, Mortgages:

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The Truth about the Monmouthshire Building Society

Once upon a time building societies existed to help people in their communities. In the case of the Monmouthshire Building Society this is no longer the case. We have suffered extraordinarily difficult circumstances and they have and still are declining to offer us any meaningful help. Do not trust them. Do not believe their advertisements 'We are a mutual building society run for the benefit of our members'. This could not be further from the truth. Despite many requests they will not even meet us in person, which is a strange way to 'benefit' us. They are not reducing their interest rates as the Bank of England have done because in their words “As a Building Society we can increase or decrease our SVR at any time, and we do not need to follow the movement in the Bank of England Base Rate. This basically means that they can and are quite prepared to ruin their members. They have behaved so badly towards us that it beggars belief. Their complaints procedure is utterly pointless. Despite stating that they agreed with one of our complaints, they still were 'unable to uphold' it for an utterly nonsensical reason which has no correlation to the complaint. The complaints procedure is a box ticking exercise designed solely for them to appear to be fulfilling their obligations. Above all else, remember that the Monmouthshire Building Society are money lenders who, just like all other money lenders, are in it for themselves and themselves alone. They are causing us catastrophic financial ruin which was completely avoidable and the bottom line is they do not care. Even if you are critically vulnerable, they do not care. They should be utterly ashamed of themselves. Reviewed on: 6th January 2025

Reply from Monmouthshire Building Society We are sorry to hear that you are unhappy with the service or support that you have received from the Society, as we strive to do all that we reasonably can to support members facing financial difficulties or uncertainty. If you remain dissatisfied following the outcome of a complaint, you have the right to refer your complaint to the FOS https://www.financial-ombudsman.org.uk/. Response date: 8th January 2025

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