Sign The Petition

[bill-k]

[glav]

Hi all!

 

Signed

[stig1953]

signed

[craigamc]

signed

 

craig

[wildrob]

signed

only 53 name's so far

[mochamoo]

Zoot,Gizmo

 

Are we allowed this petition? I aaw this in the bear garden and am concerned as I have the link in my signature??

http://www.consumeractiongroup.co.uk/forum/bear-garden/76280-petition-pm-re-bank.html

[pennybrodie7]

Signed. There's only 61 signatures on the petition, how else can we give this more viewing - maybe on the homepage of the CAG site?

[dizzy delilah]

Signed!!

[Janet-M]

Zoot,Gizmo

 

Are we allowed this petition? I aaw this in the bear garden and am concerned as I have the link in my signature??

http://www.consumeractiongroup.co.uk/forum/bear-garden/76280-petition-pm-re-bank.html

 

AFAIK it is allowed in here (unless admin come in and say different )

 

we do not want it duplicated all over the site so posts containing it are getting edited or if thats not possible removed completly

[Bona]

Signed

[CheeseOnToast]

Signed

[unicorn96]

Signed

[Perseus]

Signed

 

Now 137 signatures

[redlilymarlene]

signed

[WannaClaimTheLot]

Signed

[pipefitterplumber]

signed

[purple blue]

signed

[pot plant]

Signed today.

[alisono]

signed

[purple blue]

signed

[Elizabeth315]

Signed

 

Thanks Liz x

[kashie]

signed

[zootscoot]

Government Response:

 

 

A new statutory regime for the regulation of mortgages took effect in October 2004. The Financial Services Authority (FSA) (new window) is responsible for ensuring that all firms that provide or advise on residential mortgages observe high standards of business.

The FSA has specific rules in place in relation to Early Repayment Charges (ERCs), requiring that these should be expressed as a cash value and be a reasonable pre-estimate of costs as a result of a consumer repaying the amount due before the contract has terminated.

Earlier this year, the FSA published the findings of a review of ERCs, in response to complaints received from consumers under Unfair Terms in Consumer Contracts Regulations. It concluded that an ERC may be in breach of these regulations if it is not expressed in a plain and intelligible way, or if it requires a consumer to pay a disproportionately high sum in compensation for exiting a mortgage early.

The FSA did not find widespread evidence of unfair terms at that time. It will continue to consider individual complaints about ERCs and follow up with firms as appropriate.

If consumers feel that ERCs are not in accordance with their mortgage contract or that the effect of the charge was unclear, it is open to them to complain to their lenders. If they are not satisfied with the outcome of the complaint, consumers may also approach the Financial Ombudsman Service (FOS), which provides a free and independent means of adjudicating consumer complaints that fall within its scope. Consumers also have recourse available through the courts.

[JOSH_IOU]

signed by me an undersigned:confused:

[uktc8930]

signed