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Acknowledgement of Default Error (& Compensation??)
bamgbost
Posts: 484 Forumite
Hi Guys
Basically I was issued with a default by a major bank a few years back, on my student account (when the overdraft was withdrawn).
In summary, I have complained and finally been told the default was an error and shouldn't have been issued in the first place. I was also offered £150 in compensation along with removal of the default.
At first I was happy that a) my complaint was a success and default removed & b) I was pleasantly surprised with the acknowledgement of error and apologetic letter & c) the £150 compensation.
However, now on digesting the situation. Is this £150, just a little sweetner from the bank... or could I be entitled to more? - Not necessarily out of greed. But because over the last 4 years, since graduating I hve not been able to borrow for high street lenders for credit cards - instead using luma, aqua, etc. Not getting competitive rates on buying a car on credit. i.e. Going through sub-prime brokers. Same has been for house, I am using a broker to investigate which mortgage deals would be better for me - as a sub prime borrower. All in all, in summary, I have been paying higher interest & had more inconvenience over the last few years, as punishment for something that was the banks error.
So my Q is. Should I complain further, for better compensation? Or take to Ombudsman? Or.. just be a good boy & back off - accept my initial request of default removal was granted and just move on???
Anyone been through similar or have any advise that might help?
Basically I was issued with a default by a major bank a few years back, on my student account (when the overdraft was withdrawn).
In summary, I have complained and finally been told the default was an error and shouldn't have been issued in the first place. I was also offered £150 in compensation along with removal of the default.
At first I was happy that a) my complaint was a success and default removed & b) I was pleasantly surprised with the acknowledgement of error and apologetic letter & c) the £150 compensation.
However, now on digesting the situation. Is this £150, just a little sweetner from the bank... or could I be entitled to more? - Not necessarily out of greed. But because over the last 4 years, since graduating I hve not been able to borrow for high street lenders for credit cards - instead using luma, aqua, etc. Not getting competitive rates on buying a car on credit. i.e. Going through sub-prime brokers. Same has been for house, I am using a broker to investigate which mortgage deals would be better for me - as a sub prime borrower. All in all, in summary, I have been paying higher interest & had more inconvenience over the last few years, as punishment for something that was the banks error.
So my Q is. Should I complain further, for better compensation? Or take to Ombudsman? Or.. just be a good boy & back off - accept my initial request of default removal was granted and just move on???
Anyone been through similar or have any advise that might help?
365 Day 1p challenge - £371.49 / 667.95
Emergency Fund £1000 / £1000 ( will enlarge once debts are cleared)
DFW - £TBC
Emergency Fund £1000 / £1000 ( will enlarge once debts are cleared)
DFW - £TBC
0
Comments
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Have they put you back in the position you would have been in without their error?
If the answer to that is no I would send it to FOS.
Having evidence to verify the financial loss that you've incurred would be helpful.0 -
key question did you accept the compoDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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Have they put you back in the position you would have been in without their error?
If the answer to that is no I would send it to FOS.
Having evidence to verify the financial loss that you've incurred would be helpful.key question did you accept the compo
IN answer to your Qs.
No I am not back in the position. As I should have been paying less interest on debts, and (i hope) would have been approved for previous mortgage / credit card applications.
And No... I guess I have not accepted their compensation, as I have yet to cash in the cheque they sent me. or responded in writing yet.365 Day 1p challenge - £371.49 / 667.95
Emergency Fund £1000 / £1000 ( will enlarge once debts are cleared)
DFW - £TBC0 -
Also, before next taking it to the Ombudsman, should I go back to them first. With a response to their apology?!! OR just bypass giving them a second chance - to respond, and go straight to FOS.365 Day 1p challenge - £371.49 / 667.95
Emergency Fund £1000 / £1000 ( will enlarge once debts are cleared)
DFW - £TBC0 -
How was the issue of your overdraft being withdrawn resolved?
While the default may not be correct. Your credit history would have been let's say tainted.0
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