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sweetjane

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sweetjane last won the day on April 11 2012

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  1. Thanks citizenB - still not enough though! As I said £5k might make a difference to banks behaviour and FOS timescales. SJ:oops:
  2. Hi Stokie - def worth going to FSCS. We got over £6k back on a diff claim via them. Didn't take FF any further as other things took over my life but now might try FSCS too! Well done for all your detective work. SJ
  3. The length of time the FOS takes to process complaints is unacceptable. It takes a long time because of the massive volume of complaints about the banking (and Finance) industry the FOS has to deal with. Surely the answer is for banks etc to pay much more when complaints about them are submitted (currently £500 I believe). I would suggest the possibility of a FOS complaint should be a greater financial deterrent - say £5000. I think this would improve banks' behaviour, reduce the number of complaints and give a better FOS service to consumers. It would not cost banks more in the long run because there wouldn't be as many complaints. Banks could also be made to contribute more to the FSA (or new FCA) according to how many consumer complaints they have had made against them. This is appropriate because the more they mistreat their customers, the more regulation they need. Maybe even tax them more pro rata for complaints against them. . . SJ
  4. Was it a credit card that came unexpected with a loan? BOS did this a lot. We successfully claimed back PPI on both loan & credit card and unfair credit card charges which wiped out the debt. Sounds like you are in financial hardship. BOS know you are struggling and may have mis-led 1st credit about your ability to pay. Make sure they know debt was in dispute and you are in hardship.
  5. Make sure you get a full redress on charges with all compound interest applied. It is the compound interest which multiplies the debt with Swift. We were successful with FOS getting charges reduced to monthly arrears charges only. Watch their litigation charges though, they are keen to get to court, even if for a suspended possession order. The litigatiion charges also attract compound interest. Make sure any litigation work is actually carried out by their litigation department.
  6. Here's a bit of a recent letter about LIBOR and second charge mortgages I've sent to OFT (CCA Agreement) with copies to FSA, MPs, Journalists etc: The Financial Ombudsman Service (staffed by ex-bankers and working to the Banking and Lending Codes drawn up by the British Bankers’ Association) is also unlikely to be able, willing or capable of investigating how LIBOR fixing has affected consumers. They rarely refer to the law just those codes. and one frm 2010: I copy below a complaint I have sent to the Financial Ombudsman Service this week. It outlines problems which I and many consumers have with the service. I have been reading the minutes of the Finance Bill going through Parliament and I believe many of you have a false idea of how independent the FOS is. I do not think it serves consumers well at all and I am not alone in this thought as you will find if you investigate complaints about the service and consumer websites and consult consumer advice organizations. The idea that a consumer can get a fair hearing by the FOS is incorrect. Yours faithfully Dear Sir / Madam ......................... I am very concerned about the service offered to Consumers. I feel the decisions are weighted in favour of the finance industry. I do not feel that due attention is paid by the FOS to Consumer law and Consumer Protection generally. For example Unfair relationships and the Enterprise Act, UTCCRs, Irresponsible Lending and the Fraud Act are not taken into consideration. I do not believe the service follows FSA or OFT guidelines or pays heed to the evidence against the banks and their behaviour over the last 20 years. There is a huge body of evidence now proving how the banks have lent irresponsibly and in a predatory way. There is a bill going through Parliament featuring evidence on consumers’ experience. There are consultations backed by evidence that the FSA and the OFT are carrying out. There is a review of credit cards and store cards being carried out by the Department of Business and Innovation, again with evidence collected about banking and lender practices. There is substantial research and evidence collected by CAB, Which, National Debtline and Shelter. The FOS as an independent body should be immersed in all these latest pieces of evidence. An adjudicator wrote to me recently saying: “The phrase relating to each case being considered on its own merits relates to how each individual lender looks at financial difficulties. There is no set rule that a lender must do xyz, instead the rules stated that it has to treat its customer positively and sympathetically. What one lender considers positive and sympathetic will clearly be different to another, and different again to what the customer believes. This is not something the Financial Ombudsman Service would interfere with unless we can see the lender has breached the relevant code - in this case it does not appear to have.” AND “The Financial Ombudsman Service is an independent organisation set up to be an alternative to the legal process. We are required to reach decisions that are fair and reasonable having regard to (but not necessarily being bound to) any relevant law amongst other things.” AND the company “considers it legitimate, you consider it harassment.” . . . “ The issue of debt collection is always going to, clearly, be something a customer is unhappy with and it is possible they feel that the collections activity is too much. However, a lender has the right to make attempts to reclaim money owed to it and this can be done over the telephone or in writing, or both.” An Ombudsman wrote: “a refund of bank charges would provide a welcome boost to Mr XXXXX’s financial position, but I do not think I can reasonably say that the Bank of XXXXXXX has failed to comply with its obligations simply because it has not agreed to refund historic charges” “Welcome boost” is an incredibly patronizing phrase and suggests we’re playing games and chancing our luck. These are people suffering hardship. The companies will be forced to change their behaviour by Parliament and the regulators in the future but there are people suffering NOW because of the banks’ recent behaviour. Things will change for future customers but the FOS is the only method a consumer has for “independent” complaint without going to court. I believe the FOS is not acknowledging the appalling behaviour of the banks, credit card companies and lenders. The FOS must acknowledge that the Banking Code is simply not enough to quote in replies, the service needs to be far more rigorous in their complaint handling. Another adjudicator wrote: “It is not our role to check calculations” That is ridiculous – the FINANCIAL Ombudsman Service’s role is not to check calculations? Surely this is wrong? If consumers go to the FOS saying they believe their interest has been wrongly applied. The FINANCIAL Ombudsman Service has to check that out. You rely too easily on the information and calculations given to you by the companies – that is not being independent. You are inundated with complaints, there are huge delays but when you write to a member of the public who has to struggle to find time to reply you set deadlines of less than two weeks. I know there are quotas for adjudicators to resolve so many cases per week but putting that kind of pressure on the public is not fair. The FOS and the companies have full time employees dealing with complaints. You say you want to hear from people “in their own words” but actually the public have to present a case like a lawyer. Your staff should be able to see the consumer side far more comprehensively and be aware of consumers’ rights. I believe many people do not go through the company complaints system and certainly not the FOS route because they are not consumer friendly. Many people are in serious financial trouble now and it has been caused to a large extent by the financial institutions. The FOS needs to acknowledge this evidence and be far more tuned in to the problems which have been caused by the companies. Customers have not understood agreements, they have not understood interest rates and they have not understood charges and penalties. Companies have taken advantage of this confusion and lack of understanding and have profited from it. The FOS are in the front line of dealing with the redress that is required to these vulnerable people NOW. Stop arguing that because someone signed an agreement they knew what they were taking on. It’s on the record – they didn’t. If the FOS is not following consumer law and taking on board the available evidence against the companies, I do not believe it is fit for purpose.
  7. Which lender was it. I don't think they are treating customers fairly if they sell a property for way under the going rate. Speak to CAB definitely - look at their website their are numbers to call. sj
  8. Which lender was it? This is the problem with repos and secured loans. The outstanding amount is usually far more than anyone expects. If the repo sale price is poor the gap between that and what is owed can be enormous. Did you have PPI on the loan? We're there unfair charges in excess of monthly arrears charges? Did the lender check the loan was affordable? These are avenues you could investigate. CAB or (make sure you get the correct organisations not those dmcs that try and copy their names on the web) may be able to help you. Send info to [email protected] if you have time, he is looking at how new FCA will regulate.
  9. I agree with rdm above. Complain to your MPs now about the FOS. The Finance Bill is going through Parliament now and needs as much tight enforcement as poss. The way the FOS uses the BBA Banking code to decide whether a bank has behaved properly is a compete joke and an insult to consumers. SJ
  10. It would be good if someone could go to the BBA event on behalf of all of CAG, like you Caro. I'd contribute to a fund to cover your costs. At least Mike Dailly will be there and he represents the consumer voice. It's good to see things tightening up even if it's coming from Europe. I am concerned the Finance Bill going through Parliament will be watered down by the effect of banker lobbyists and party funders. Let's hope there will be more people with Tracey McDermott's skills at the FCA. SJ
  11. Reports suggest LIBOR was artificially inflated prior to the crisis. Attached is what Swift Advances said about how loans were related to LIBOR when we asked why interest rate not going down when BOE rates fell. I have written to FSA (FCA co-ordinator), OFT, various MPs including mine & Mark Hoban and a couple of journalists today to ask who is taking this on for over 250,000 families (current & past) including those who have lost their homes and who may be directly affected by this rate fixing scandal. These are families in the sub-prime market who cannot afford the kind of fancy barristers engaged by banks, lenders and finance companies. SJ LIBOR LOBLACK0001.pdf
  12. http://m.guardian.co.uk/business/2012/jun/28/barclays-libor-scandal-question-answer? This and other articles appearing in press. Apparently sub-prime borrowers whose rates at the time of taking out mortgages were set artificially high because of LIBOR fixing may be able to sue their lenders. SJ
  13. Hi DMC65 When you have the paperwork check whether PPI was part of the loan. You can certainly claim for that. You will have to make a complaint to the broker who sold that originally. If they don't respond, go to the FOS with a complaint. If the broker has gone out of business the complaint will be forwarded to the FSCS (Financial Services Compensation Scheme). If you had unfair charges added to your loan, you can go to Swift and complain - ask for anything over a monthly arrears management charge to be redressed together with the contractual interest and 8% compensation. If they do not redress - go to the FOS. We made 3 complaints to the FOS - one regarding PPI against the broker (redressed by FSCS) one regarding unfair charges (redressed by Swift) and one regarding the Insurance company which had failed to cancel the PPI policy when asked (they had to stump up the balance of PPI not covered by FSCS which covers 95% pver £2k). So ultimately DMC65 the chances are good in my opinion. We had nearly £8k redressed in all. This doesn't of course cover the excessive interest, high litigation costs and unfair final settlement calculations but it's a start! This does all take time so you need to be patient. Some people prefer to go to court to reclaim charges but the problem with that is that if you lose (Swift engage some very expensive barristers) the costs plus compound interest get added to your loan (if it is still outstanding). I certainly wouldn't go to a claims company to get the PPI back - you'll end up giving them a big percentage. Good luck - get those documents out. SJ
  14. ccrl14 - I know Ell-enn is helping you immediately with the court situation. I think you also need some local support. Debt is nothing to be ashamed about - you will be suprised just how many people you know currently have or have had similar issues in the past. Talking about this can be a huge step. It will certainly be a great burden lifted. You've made the first step by sharing your problems here and you can see how many people care and are trying to help. Believe me nothing you have done will suprise or horrify anyone here and friends and family would hate to think of you going through this alone, I'm sure. I've been there helping a family member who finally broke down with me when she was in a similar emotional state to you. It was really tough at the beginning but we've helped turn their situation around - it was much much worse than yours. Try and think of yourself going forward. You will be OK. xxx The following organisations will also help on the phone (no particular order). http://www.capdebthelp.org www.cccs.co.uk www.adviceguide.org.uk Community Legal Advice service (0845 345 4345),
  15. Was this a Swift Advances second charge loan - roughly how much was it for? SJ
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