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Bank offered compensation should i accept or should i have more
Tracy_Curwen
Posts: 3 Newbie
Recently my bank has advised that I have been over paying my mortgage each month. They are supposed to let me know when the rates change. They have offered me the £6200 back plus £2,500 compensation. Are they just trying to fob me off or should they offer me more ?
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Comments
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Definitely more - the compensation element should be at least £2,6000
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Why are you expecting more compensation?0
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Have you been able to quantify your actual financial loss (note an overpayment does not necessarily result in a financial loss)? That should help you identify whether the compensation is sufficient.0
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Have you lost an arm or a leg because of their actions? What income have you lost because of this?
Compensation is to replace a loss. Not to provide a bonus.
£2500 compensation seems highly generous. Most awards do not exceed £400.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
They should pay you what you have overpaid plus equivalent interest on that sum for the period.
It sounds like they have over estimated and you would do well to bank the cheque and keep your head down.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Have you lost an arm or a leg because of their actions? What income have you lost because of this?
Compensation is to replace a loss. Not to provide a bonus.
£2500 compensation seems highly generous. Most awards do not exceed £400.
I'm not sure why people have to come back with sarcastic replies like this, clearly some people are unsure on things like this and come here for some help and advice, not obnoxious comments.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Sounds like a nice early Christmas present to me, I'd take the money
I am a Mortgage BrokerYou should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
thank you for the positive comments. I am new to this and appreciate your advice (not everyones)0
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