MSE News: Kensington Mortgages to refund over £1m in unfair arrears fees

Former_MSE_Guy
Former MSE Posts: 1,650
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This is the discussion thread for the following MSE News Story:
"The lender has been fined a whopping £1.2m by the FSA for hammering those behind on payments with huge charges ..."
"The lender has been fined a whopping £1.2m by the FSA for hammering those behind on payments with huge charges ..."
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Comments
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This is clearly good news, but I hope I'm not alone in saying I don't understand why this decision hasn't set a precedent for other bank charge claimants?
The FSA has imposed a fine in this case on 'excessive' charges that it deemed punitive. But isn't that exactly the same argument that the FSA failed to uphold in support of those claiming bank excessive bank charges from their banks?
I don't understand the difference here, or am I being stupid? Why can they enforce 'unfairness' in this case but not in others?0 -
Does anyone know if this includes early repayment charges?
I repayed a mortgage I had with Kensington after only having it for a year & they stung me for almost £8k in early repayment charges.
It was still the better option to move lender though, as I was interest only with them I ended up owing them more at the end of my mortgage due to the way they applied the interest!!!
Still gets me I had to pay them all that money, if I could get the money or some of the money back would be wonderful.0 -
Does anyone know how far back I can claim? I was in serious arrears in 2003/4, and was stung with lots of charges. I ended up on a suspended repossession order, and had to sell my house to pay back the charges.
The news story says that the FSA found Kensington had overcharged between Jan 2007 and Oct 2008, so is this the only time you can claim in. If so, I would not be able to claim.Trying to get out of debt......it's a slow but satisfying road! :j
Hubby now converted to MSE :beer:
MEAF charge reclaimed = £50:T
Energy switch to capped rate + free case of vino0 -
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VIGILANT22 wrote: »0
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is it ok to claim if you are no longer a customer of kensington?
was with them from 2005-2008.sealed pot challenge member #9200 -
What fees do you want to claim for?
http://www.kmc.co.uk/spool._2f_kensington_2f_pdf_2f_customers_23_29053_23_File-MediaFile.pdf0 -
Mortgages became regulated by the FSA on 31 October 2004 and from that point on, subject to the jurisdiction of the Financial Ombudsman Service.
Prior to that, a complaint can only be considered by the Financial Ombudsman Service if the firm you make the complaint against subscribed to the Mortgage Code at the time of the events complained about and would normally only be considered against the standards of that Code.0 -
VIGILANT22 wrote: »What fees do you want to claim for?
http://www.kmc.co.uk/spool._2f_kensington_2f_pdf_2f_customers_23_29053_23_File-MediaFile.pdf
looks like i will only get maybe a returned direct debit fee.
i dont understand why they can say the returned direct debit is unfair but not the monthly arrears fee.sealed pot challenge member #9200 -
is it ok to claim if you are no longer a customer of kensington?
was with them from 2005-2008.
Yes. Proceed to make a complaint, (assuming it is for the right type of fees). Don't depend on them getting in touch with you.
Remember that 8% interest should be added by Kensington added the date of any fee charged to the date of refund.Please ignore those people who post on this forum who deliberately try to misinform you. Don't be bullied by them, don't be blamed by them. You know who I mean.
You come here for advice, help and support- thats what I and like minded others will try to do.0
This discussion has been closed.
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