How much compensation should I allow for my time in a complaint

Bootboy

eskbanker said:

Bootboy said:
There must be some sort of rate for the time spent on the consequences of these errors. I can find information on distress and inconvenience (which have been pretty considerable, and I have not asked for recompense for. Yet) but not time.

Not sure if you were looking at the ombudsman's information about this, but the FOS view is quite clear in that they don't consider time spent as a separately recoverable entity in its own right but effectively incorporate it into the overall 'distress and inconvenience' heading:

When we look at inconvenience and loss of your time, we may ask for evidence of how much time you’ve spent. We don’t make awards based on units of time, but instead we look at the overall impact the business’s mistake had on you.

Of course, that doesn't stop you from constructing a claim against the institution on whatever basis you choose, but IMHO it's certainly worth bearing in mind how it'll be viewed if escalated to FOS.

Thank you. They have been pretty good at providing recompense for costs incurred, which is partly why I haven't pursued this on the basis of time. But this latest instalment is the last straw. I will consider the ombudsman's advice further. I'm not out for what I can get, but this has had an enormous impact on my life for the last couple of years, and some recompense doesn't seem unreasonable. 

finalfantasist

Bootboy said:

So what is your actual question?

My question is how to calculate the recompense for my time. Obviously, the calculation is

£Y per hour x Z hours spent on problem

I can estimate the number of hours of work I have done on this (Z). I do not know what to use for £Y

Minimum wage would be about the best you could expect.

Thrugelmir

BTL lending is regarded as a commercial activity. As is unregulated, i.e. no consumer protection. It is assumed that the borrower fully comprehends the risks of what they are doing. 

MattMattMattUK

Bootboy said:

My question is how to calculate the recompense for my time. Obviously, the calculation is

£Y per hour x Z hours spent on problem

I can estimate the number of hours of work I have done on this (Z). I do not know what to use for £Y

In these cases your time is generally valued at zero. You may get something under "distress and inconvenience", but you do not get to bill them for your time. 

Blackbeard_of_Perranporth

Ok I’m lost. So if your commercial mortgage requires you to pay monthly, then advance payments do not contribute for the next two months mortgage. Your contract says the amount to pay each month, rather than in advance. This is why you are in arrears on your commercial mortgage. 

As for other recompense. I fear the fact that your deceased husband decided in his commercial decision to cancel any, or not have life insurance has put you in your current predicament. Though I am sorry for your loss.

So if you can afford your commercial mortgage, then you will need to make a commercial decision with your lender about payments and their frequency. Then keep to this arrangement.

Also you should consider whether it is financially viable to keep your commercial properties. This barrack room forum is not the place to make these decisions. 

Bootboy

MattMattMattUK said:

Bootboy said:

My question is how to calculate the recompense for my time. Obviously, the calculation is

£Y per hour x Z hours spent on problem

I can estimate the number of hours of work I have done on this (Z). I do not know what to use for £Y

In these cases your time is generally valued at zero. You may get something under "distress and inconvenience", but you do not get to bill them for your time. 

Distress and inconvenience it is, then!  Thank you.  

Bootboy

Thrugelmir said:

BTL lending is regarded as a commercial activity. As is unregulated, i.e. no consumer protection. It is assumed that the borrower fully comprehends the risks of what they are doing. 

I'm not really sure that it's relevant. They made a mistake, they admitted it, now they have to put me back in the position I would have been in had they not made it. Whether I am an individual or 'commercial' is neither here nor there. That's the brief of compensation. There's no issue with risk. They mucked it up, they need to put it right. 

Blackbeard_of_Perranporth

Be careful what you wish for. Go for your distress and inconvenience. Then your commercial lender then calls in its mortgages?

I will again iterate. Your commercial agreement with your mortgage lender is to pay a set amount each month. You misunderstood this agreement by paying in advance. And neglected to pay the monthly instalments for the other months. I understand your commercial lender has rectified this as a goodwill gesture. 

You will have to now keep to your repayment schedule. 

Bootboy

Blackbeard_of_Perranporth said:

Ok I’m lost. So if your commercial mortgage requires you to pay monthly, then advance payments do not contribute for the next two months mortgage. Your contract says the amount to pay each month, rather than in advance. This is why you are in arrears on your commercial mortgage. 

No, definitely not. I've been paying quarterly for five or six years, and it's only been a problem on these two occasions. The bank has a system for receiving and applying those payments on account, and is happy to take them.  I do think this whole 'commercial' thing is a red herring. The bank have accepted responsibility and compensated me when I have given them evidence of fair, out of pocket costs, so clearly they don't share the view the mortgage will be in arrears if paid in advance (I'm sure they'd have wriggled out of it if they could!) 

Blackbeard_of_Perranporth said:

As for other recompense. I fear the fact that your deceased husband decided in his commercial decision to cancel any, or not have life insurance has put you in your current predicament. 

Couldn't agree more. I've got cover.  

Blackbeard_of_Perranporth said:

Also you should consider whether it is financially viable to keep your commercial properties. This barrack room forum is not the place to make these decisions. 

They are viable, even on the poor rate they are on at the moment.  I respectfully remind you I haven't asked for advice on them as a venture on this forum, only what monetary compensation is appropriate to apply to my time following the bank's self-admitted muck up! (answer, effectively none!)

Blackbeard_of_Perranporth

Bootboy said:

They are viable, even on the poor rate they are on at the moment.  I respectfully remind you I haven't asked for advice on them as a venture on this forum, only what monetary compensation is appropriate to apply to my time following the bank's self-admitted muck up! (answer, effectively none!)

Then I can help you no more, but your thread of June 2020 suggested that you could be struggling, hence the question. I accept your commercial lender has put your file correct, but in reality these credit files are about as much use as a chocolate fireguard.