A gold customer no more

A Gold customer no more

In 2011, I availed a mortgage loan by means of refinancing a villa, valued at approximately 300 per cent of the mortgage value from Mashreq. The deal benefitted from a Gold account, promising highest levels of customer service and the privilege of enjoying several benefits, which made the offer attractive enough to transfer the mortgage from my existing bank at that time.

I received a Credit Facilities Agreement at the time of signing the documents, however, the Facility Offer Letter (FOL) presenting the facility terms and conditions, was to be provided, which I have not received until now.

About six months ago, when I called the 800-4-Gold phone banking line to inquire about the interest rate being applied on my loan, I asked about my FOL and also discussed facility related concerns. I was instructed to call the regular customer service number, as my account was downgraded to a normal account from Gold, without any prior notice from the bank.

Furthermore, the customer service team was unable to help with any details I had requested or to discuss any of my concerns, stating that they have no access to information related to home loan products. They confirmed that the request would be raised to the concerned department and I would receive a call within 48 hours.

Now, six months later, I followed up with over 10 calls and made several complaints regarding the matter. I am yet to receive a call from the Mashreq’s home loans team.

I persisted with a visit to the Ibn Batuta Mall branch and the branch manager told me that my request would be attended to, as soon as possible. But, the home loans team has not yet called back. Instead, I received a call from a sales officer, who was trying to sell me a new product!

I have been working in the UAE banking industry for almost a decade. I have never experienced such abysmal customer service or such a cavalier and callous attitude towards a client’s request, complaint or requirement.

It has been impossible to reach a concerned individual to attend to my issue. I have maintained a highly satisfactory track record of meeting every financial obligation without a single day’s delay towards my scheduled repayment. I have recently been approached by several banks with very attractive offers for a mortgage buyout. However, despite conveying this message with each phone call I made, Mashreq seems unable to deliver.

I have reached the end of my patience and seek Gulf News’ intervention in ensuring a satisfactory resolution to my long-pending request.

From Mr Khalid Saqr

Dubai

The management of Mashreq responds:

The senior management team of Mashreq met Mr Saqr to apologise and illustrate the issues that occurred with his mortgage instalment. An amicable resolution was reached with Mr Saqr where Mashreq offered him a very special interest rate as a service gesture for the inconvenience he faced due to a system glitch. As a result of which, his instalment did not increase in the system with the change in interest rate on his mortgage loan, hence he continued to repay the lower instalment.

Mr Saqr was delighted with the gesture and is pleased with the resolution provided to his problems.

We will now prepare new agreements and have them sealed and stamped, before rebooking the loan at the special price offered. We thank Gulf News for seeking our feedback on Mr Saqr’s complaint.

Mr Saqr responds:

The issue has been resolved. Many thanks for the support, Gulf News.

(Process initiation: November 25. Response from organisation: December 6. Response from reader: January 4.)