Woolwich Sucks .co .uk - condemned building society

Between 1984 and 1986, Woolwich had acquired four smaller building societies before merging with the Gateway Building Society in 1988, boosting assets to 13,000m.

Principal Letter


1. It is popular and successful - they basically say endowment is better than that plain old 'ordinary' repayment scheme. It must be good, I better see what they have to say about this.

2. They recommending GRE and advocating this scheme would be of greater benefit for existing borrowers. They fail to mention existing borrowers will lose the benefit of the many years interest already paid. It also increases current borrowers term of debt to them by years. Not a good thing - if that is not injuring the rights or interests of another, I do not know what is. The Society knew we could have lost further still by this (and many have), and it has proven to be entirely for their benefit.

3. This is the basis the fraud. I had greater security already - I knew my mortgage would be paid on time and had good insurance cover. Though they will use SPIN to say otherwise, this is false representation, a LIE. You will note (should it go to court), SPIN is not the truth, the whole truth and nothing but the truth. They will have to admit it was used to deceive for financial gain. How was it based on something that would give a secure return?

"very attractive alternative"? - sugar coated bull.
"consider the advantages", hardly good impartial financial advice. Notice they did not add 'and we will mislead you about the disadvantages, to make you fall for our deception'.

4. "quotation" - more SPIN used to decieve. Quoting on a growth figure, knowing it very unlikely to be held for any specific 25 year period. The more accurate word is 'estimate' - but that isn't deceptive enough.
"very favourable"? - more sugar coated bull.
Pay early OR lump sum. They underlined the OR - note the emphasis they put on it.
"Security" - there's that word again. Gosh, they make me feel so safe and secure.
"30 November" - only a month to apply.

5. "30 November" - again, they must be worried they will not be able to process in time.

6. "most valuable"? - the only ones to which it is securely bound and guaranteed valuable (proven so), are them.

7. "30 November" - yet again. They really are serious about making you sign urgently.