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CO-OP Bank Letter Not Acting in accordance with Credit Act (compensation?)
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Update re my complaint to the Ombudsman; they have upheld it and suggested that compensation should be paid, due to me having to wait so long to hear from the bank.
The Ombudsman worked speedily (unlike the Co-Op) and kept me informed of their progress.
Aside from responses to my questions or complaints, the bank have not communicated with me about the matter since 30th December 2013 and the Ombudsman has confirmed that this is not acceptable. So ignore the people on here who say that you have no grounds for complaint; if you feel that you have not been treated properly you can legitimately complain to the Ombudsman and they may well uphold your complaint and write to the bank to recommend how the case should be settled. Good luck.
No-one is saying there are no grounds for complaint, the issue is simply the Co-OP and FCA working out the details of any fine and refund necessary - the people complaining are just types impatient for an unexpected windfall of some interest payments for a period. No-one has lost any money, the loan is still enforceable, people who wish to add to the workload of the regulators should complain that their refund of interest isn't fast enough.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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A "suggestion" would seem to be an adjudicator's view rather than an Ombudsman's decision.Update re my complaint to the Ombudsman; they have upheld it and suggested that compensation should be paid
As has been said before, this is dependent on agreement with the regulator about how to do this.due to me having to wait so long to hear from the bank.That
The Ombudsman worked speedily (unlike the Co-Op) and kept me informed of their progress.
Perhaps so - but if the regulator is stalling there is little that the bank can do about it.Aside from responses to my questions or complaints, the bank have not communicated with me about the matter since 30th December 2013 and the [STRIKE]Ombudsman[/STRIKE] adjudicator has confirmed that this is not acceptable.
Which, one presumes is "Do what the Financial Conduct Authority eventually tells you to do". To which the obvious response is "We were going to do that anyway".So ignore the people on here who say that you have no grounds for complaint; if you feel that you have not been treated properly you can legitimately complain to the Ombudsman and they may well uphold your complaint and write to the bank to recommend how the case should be settled.
It doesn't actually mean you will get your money any quicker.
That said, a letter from the bank saying "We will pay you redress in accordance with how our regulator tells us to - when it actually gets round to telling us." would seem to enable it to argue to FOS that the case should be dismissed under rule DISP 3.3.4R0 -
magpiecottage wrote: »A "suggestion" would seem to be an adjudicator's view rather than an Ombudsman's decision.
As has been said before, this is dependent on agreement with the regulator about how to do this.
It really isn't.
As Ive said before, I have received redress on the loan interest wording issue.
The formula was simply any interest charged 1year + 30days after the loan started, was refunded to me, with an additional interest paid to me.0 -
If it is an Ombudsman's decision, it will be recorded on their website and we can search for it using either the DRN or some text from the Ombudsman's decision.It really isn't.
That is the way FOS has chosen to award interest to you. However, it does not set a precedet and may or may not be what the regulator decides.As Ive said before, I have received redress on the loan interest wording issue.
The formula was simply any interest charged 1year + 30days after the loan started, was refunded to me, with an additional interest paid to me.0 -
magpiecottage wrote: »If it is an Ombudsman's decision, it will be recorded on their website and we can search for it using either the DRN or some text from the Ombudsman's decision.
That is the way FOS has chosen to award interest to you. However, it does not set a precedet and may or may not be what the regulator decides.
There's only so much point discussing this with user "speed_ie" - he steadfastly refuses to accept or understand that this topic is nothing to do with his issue. He has a completely different and completely unrelated matter - his issue (as in post #72 quoted below) was that his settlement figure was too high which caused him financial hardship.It was due to this issue.
I was quoted a settlement figure, which was knowingly overstated.
I paid this settlement, as I was told by Co-op that the redress would be sorted several months ago.
Co-op then delayed the redress, for no reason, thus causing me a hardship.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Probably the last post from me on this; since my first contact with the Financial Ombudsman, their service has been exemplarary and I thoroughly recommend them to anyone who feels aggrieved at experiences with a financial organisation. Good luck to those of you with problems.0
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.....and to the negative-types on this thread whose sole reason for existing seems to be to deter people from exercising their rights (presumably in a feeble attempt to defend their own businesess and/or their sad egos); I wish you well.0
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.....and to the negative-types on this thread whose sole reason for existing seems to be to deter people from exercising their rights (presumably in a feeble attempt to defend their own businesess and/or their sad egos); I wish you well.
Ah the mark of the failed argument - claim your opponent is a shill.
Nobody on here is deterring people from making a complaint, but the FOS cannot force anything through here as the case with the co-op is still with the FCA to decide the nature of the punishment - all that happened here is that for a purely technical reason coop were not allowed to charge interest for a period and so must refund that and face the consequences of mis-leading customers (even though none of them knew about it and none of them lost out as they were just repaying their debts as required). Customers will get a refund when the regulators get it sorted and raising a case with the FOS will just unnecessary increase their workload to no tangible gain.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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So has anyone actually gone through FOS and got any money back?0
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Punishment by the FCA will not affect what customers are entitled to.Nobody on here is deterring people from making a complaint, but the FOS cannot force anything through here as the case with the co-op is still with the FCA to decide the nature of the punishment.
However, the FCA will decide what, if any, redress they should receive.
Simply clogging the system by going to FOS does not really help.0
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