We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Major Banking Issue - compensation?
actionorton
Posts: 2 Newbie
Over 18 months ago i had to ask my bank if I could offer a small payment towards my personal loan over a few months as i was in the process of changing jobs and had no money.
After the 3 small payments over 3 months I tried to get in contact with the bank to see how i could repay the amounts of missed payments which totaled around £800. I wanted to know if i could set up a payment plan or add the fees to the back of the loan.
Due to various reasons but mainly that I had a business and a personal account with the bank it took over 12 months for someone to actually agree and accept payments from me.
Every time we called the bank we would go through to our personal bank account, but they would then say that even though its a personal loan a business manager would have to deal with as they looked after both my personal and my business account ( this was news to me).
however when passed over to the business side they would say it is nothing to do with them and would then say you need to speak with your personal account manager.
This went on for 12 months causing stress to both myself and my wife and in the mean time our credit rating was being destroyed as
each month it was showing that we had missed payments to the bank.
Up to this point we had no missed payments, defaults or CCJ's and could easily get credit.
12 months on this still was not rectified and I could not even open a bank account with another bank as I failed the credit score.
Finally the bank sent the account to their debt agency and eventually we got around to paying it off although what happened with them was another story.
please bare in mind we spent months trying to contact the bank to sort this out to no avail.
We finally put an official complaint in and the bank have taken 4 months to come back to us to admit they where wrong and have apologized by offering to clear the defaults against our account as requested and have also offered to pay us compensation of £350.00.
I personally feel the £350.00 is not a lot of money considering both my wife and i had spent months trying to rectify this and come of the telephone many time in tears. I would expect that some of the recorded calls over the period would show both our anger and our tears on the recording.
what are your thoughts, please be constructive.
I am not after something for nothing, but after feeling so low and down due to this i feel that I do not want to let this go.
After the 3 small payments over 3 months I tried to get in contact with the bank to see how i could repay the amounts of missed payments which totaled around £800. I wanted to know if i could set up a payment plan or add the fees to the back of the loan.
Due to various reasons but mainly that I had a business and a personal account with the bank it took over 12 months for someone to actually agree and accept payments from me.
Every time we called the bank we would go through to our personal bank account, but they would then say that even though its a personal loan a business manager would have to deal with as they looked after both my personal and my business account ( this was news to me).
however when passed over to the business side they would say it is nothing to do with them and would then say you need to speak with your personal account manager.
This went on for 12 months causing stress to both myself and my wife and in the mean time our credit rating was being destroyed as
each month it was showing that we had missed payments to the bank.
Up to this point we had no missed payments, defaults or CCJ's and could easily get credit.
12 months on this still was not rectified and I could not even open a bank account with another bank as I failed the credit score.
Finally the bank sent the account to their debt agency and eventually we got around to paying it off although what happened with them was another story.
please bare in mind we spent months trying to contact the bank to sort this out to no avail.
We finally put an official complaint in and the bank have taken 4 months to come back to us to admit they where wrong and have apologized by offering to clear the defaults against our account as requested and have also offered to pay us compensation of £350.00.
I personally feel the £350.00 is not a lot of money considering both my wife and i had spent months trying to rectify this and come of the telephone many time in tears. I would expect that some of the recorded calls over the period would show both our anger and our tears on the recording.
what are your thoughts, please be constructive.
I am not after something for nothing, but after feeling so low and down due to this i feel that I do not want to let this go.
0
Comments
-
Did you at anytime go into a branch to try and sort this out?
Did you lose your job because of stress and fell behind on payments?0 -
0
-
Yes, we went into a bank but didnt get very far, pobviously we could only do this a couple of time due to banks being shut when i start work and finish work.
no did not lose at all. the stress was related to trying to resolve this and stop our credit rating being hit. it was also down to the fact that when we did speak with the bank their customer service was shocking.
We where being told different things every time and and the staff just basiclly didnt know where the account was being held i.e buisness or personal.
I would suggest that getting to stage wher eyou are in tears and begging the staff to help out and pass us to the right person to speak to as being stressed. this wil have been recorded on phone calls by the bank i am sure.
If you read the full facts of our complaint you would think we had made it up.
Like i say the bank has agreed with our complaint, so it realli just down to the issue of compensatoion.0 -
Ask for more. If they don't offer more you can escalate your complaint to the FOS.
Who may increase or decrease the bank's offer.
Personally I'd take the cash and get on with my life ... Moving my accounts in due course.0 -
opinions4u wrote: »Ask for more. If they don't offer more you can escalate your complaint to the FOS.
Who may increase or decrease the bank's offer.
Personally I'd take the cash and get on with my life ... Moving my accounts in due course.
Exactly what I would do.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards