Tell the new regulator what you think about financial services in the UK

innovate

grumbler wrote: »

Why 20%, not 10%?

How about max % above BoE rate. Many banks/BSs already use this approach (overtly or covertly) for the interest they pay on our savings, and for mortgages, so why couldn't they use the same on loans? And why can't payday lenders and other outfits not be held to the same standard?

hfj0108

If I pay my credit card bill using Faster Payments transfer from my bank, why does it take 3 working days to be credited to my account? They've received my money within 2 hours but I'm still being charged interest.

grumbler

innovate wrote: »

How about max % above BoE rate. Many banks/BSs already use this approach (overtly or covertly) for the interest they pay on our savings, and for mortgages, so why couldn't they use the same on loans? And why can't payday lenders and other outfits not be held to the same standard?

It's been discussed so many times and explained that it makes absolutely no sense whatsoever to use/calculate/limit/link etc. APR for short-term loans, that I already regret posting my comment in this thread.
Unless you borrow from a friend/relative (or have a CC / agreed overdraft), you will struggle to find a fool that will lend £100 for a week to a stranger and charge you 50p for this (30% APR).

olly300

One issue that really annoys me with insurance companies is that they pretend that their terms like auto-renewal are due to a legal requirement and strictly enforceable.

It should be made very clear on all policies in the key facts that auto-renewal is set as a default extra and you can opt out at any time you take out the policy.

I took a car insurer to the old FSA in 2008 because they made it extremely difficult for consumers to opt-out of auto-renewal. The FSA ruled their practice was unfair and got them to agree to change their policies.

However:
1. My current car insurance company in 2013 phoned me up when I sent them a letter stating I wanted to opt-out of auto-renewal to question my choice pretending it was for legal reasons. I put the phone down on them.
2. My current home insurer in 2013 only allows you to opt-out of auto-renewal when they are about to renew the policy.

On the insurance forum there are lots of threads where people have been caught out by auto-renewal. The more confident have managed to get insurers to refund them but lots of people have been caught out.

olly300

hfj0108 wrote: »

If I pay my credit card bill using Faster Payments transfer from my bank, why does it take 3 working days to be credited to my account? They've received my money within 2 hours but I'm still being charged interest.

I can answer that for you - banking systems are a mess.

The 3 working days is the maximum time it will take for the transaction to go through.

One of my credit cards is with who I bank with. They claim that it takes 3 working days for the money to go through but it actually goes through the same working day if the transfer is made before about 3pm.

olly300

Grumbler's post on credit reference agencies is true.

I have gone through my credit files and found companies not regulated by the old FSA had put incorrect information on my file. Only because I threatened them with possible legal action and have the knowledge plus the money to follow it through have I got the organisations to remove it.

The Data Protection Act is not enough to regulate the agencies. They allow any organisation to put incorrect data on people's files.

There are no proper checks on whether they are allowing organisations to actually put information on the file of the correct person - there are people in the UK who have the same name and date of birth as someone else. The only difference is their addresses but this is not verified.

There are no proper checks on whether they are allowing organisations to put information of the person at the correct address - I've been credit referenced at addresses I haven't actually lived at just because someone made up an address.

The culprits in my case were mobile phone companies.

I've also been threatened by a mobile phone company in the past over ruining my credit record due to a dispute over charging me twice for both an undelivered phone and a phone they did deliver due to a customer service mix up. Only because I complained to the correct regulator with the full information did they back down.

When I phoned the Information Commissioner to talk to them about these phone companies data handling issues the person at the other end was surprised to find someone mentioning them.

adamc260

William_Barnes wrote: »

Make banks proactive about PPI therefore removing the need for CMCs to pester people over the phone. And fine the MOJ for allowing so many CMCs to behave in that way.

I agree, the MOJ are useless... 'Regulated by the MOJ', no aspect of PPI feels 'regulated' in the slightest. Hounded by companies day after day, texts, emails etc.

Rico6.9

Prevent defaults on disputed accounts.

Eg. PC World create a false account in HFC banks name. HFC demand money using extortion and blackmailing techniques.

Money not owed but default goes on victims credit file annihilating creditworthiness for six (effectively 7 to 15+) years. Defamation and malice continues.

Difficult to sue bank while unable to borrow money.

Impossible to access cheap credit or a mortgage to set up a family home.

Trotting off to the Supreme Court, supported by charity. while the government allows this to continue isn't the best solution.

Request for stronger legislation to protect the consumer denied until Supreme Court intervenes (hearing January 28th 2014)

This is something many people are unaware of until they try and obtain credit.

The situation is worse while we try and come out of the recession.

Wrongful defaults slow the economy.

http://www.gopetition.com/petition/43459.html

Rufus20

Why are charges and tax taken out of the years ISA allowance? Why can't they be paid separately? You get a set amount of allowance each year and you can't get it back. It is so wrong that some of that allowance gets stolen!

chanz4

Close the we wont pay culture loopholes, its the thing thats killing the uk debt is.