How much compenstaion?

sim2335

How much compensation should I ask for?

What happend In brief, they rewrite both loans, this was all resolved November last year remove default,they put in error, due to payment hoidlays  £ 200 compensation

Anyway January this year, in error  they sent me almost 4k, to my bank instead of rewritten back to their own. I informed then soon I knew

They have only got the money back now, 6 months later, even though it left my account day after I told them, reason it took so long even though I kept contacting them is we finally got to bottom of it, they said it was sent it error but never put on the immdentity claim until now  to get money back, hence my bank put it in a holding account.

every month defult would happen, and mess up my credit ratinh, which I had to let them know, then it would build up again, then it would remove mess up my credit rating.

The manager that took over was very helpful and we talk by email, but there wasn’t much he could until money came back.

The manager is asking how much I would accpect as acccptable to resolve this for me,Off course I want the max amount however I don’t want to seem to greedy either, it’s been very stressful for 6 months always getting defaults, not being able to apply for anything cards mortgage etc 

Ebe_Scrooge

I guess the most sensible starting point is to quantify your losses.  If I understand correctly, they made erroneous notices of default on your credit file - is that the nub of it?

If so, then what loss did this cause you?  It's a hard one to quantify - "I was refused a credit card", for instance, is inconvenient but could not really be said to have caused you any financial loss.  If it meant you were unable to secure a mortgage, this may be slightly easier to nail down.

But ultimately, you can't just ask for "compensation for stress", you need to establish what your losses actually were, then you can make a reasoned claim for compensation based on that.

MovingForwards

Be aware your prior credit history and relationship with money would have had a knock-on effect as to what financial products you could obtain. Therefore trying to say everything is a result of this loan error isn't strictly true.

What mortgages did you apply for and get rejected for?

Same with credit cards and other finance.

sim2335

Yes that’s it first it was 2 defaults then just the one that continue for 6 months.

My loss was my time because with defaults I would not even apply for a mortgage or credit card

My other loss was every month defult get added then removed, so my credit rating would slowley go up, then back down again, so now it should be good or very good but it’s just fair, cos every month build it up again from scratch for over 6 months

My other loss was the stress, it was causing me sorting it out 

Moragte in principle with Halifax Got declined due to credit rating.

Ebe_Scrooge

sim2335 said:

Yes that’s it first it was 2 defaults then just the one that continue for 6 months.

My loss was my time because with defaults I would not even apply for a mortgage or credit card OK, that one's easy enough.  Work out the hourly rate you earn from your job, prove how much time you spent applying for mortgages and credit cards, you may be able to claim that amount.

My other loss was every month defult get added then removed, so my credit rating would slowley go up, then back down again, so now it should be good or very good but it’s just fair, cos every month build it up again from scratch for over 6 months This isn't a loss.  Quite apart from anything else, the score you see on your CRA report means nothing.

My other loss was the stress, it was causing me sorting it out Life is stressful at times - doesn't mean you're due compensation for it.

Moragte in principle with Halifax Got declined due to credit rating.

Some thoughts in bold above.  Plus, as MovingForwards pointed out, you're going to be very hard-pressed to prove what additional effect this loan had on your credit history.

p3ncilsharpener

Ebe_Scrooge said:

sim2335 said:

Yes that’s it first it was 2 defaults then just the one that continue for 6 months.

My loss was my time because with defaults I would not even apply for a mortgage or credit card OK, that one's easy enough.  Work out the hourly rate you earn from your job, prove how much time you spent applying for mortgages and credit cards, you may be able to claim that amount.

My other loss was every month defult get added then removed, so my credit rating would slowley go up, then back down again, so now it should be good or very good but it’s just fair, cos every month build it up again from scratch for over 6 months This isn't a loss.  Quite apart from anything else, the score you see on your CRA report means nothing.

My other loss was the stress, it was causing me sorting it out Life is stressful at times - doesn't mean you're due compensation for it.

Moragte in principle with Halifax Got declined due to credit rating.

Some thoughts in bold above.  Plus, as MovingForwards pointed out, you're going to be very hard-pressed to prove what additional effect this loan had on your credit history.

They won't get their salary x time spent as compo.  Minimum wage x time spent would be more appropriate.  Although as they didn't apply for any cards it would be minimum wage x 0 so nothing 

MattMattMattUK

sim2335 said:

How much compensation should I ask for?

The manager is asking how much I would accpect as acccptable to resolve this for me,Off course I want the max amount however I don’t want to seem to greedy either, it’s been very stressful for 6 months always getting defaults, not being able to apply for anything cards mortgage etc 

If it cost you money, state your costs and they will cover them, if it did not cost you anything then do not ask for anything.