EON wrongly marked credit file and declined for mortgage - how much compensation is fair?

km1500

I suppose the first thing to do is to quantify exactly what financial loss you have suffered as a result of this error

take the emotion out of it and deal in hard figures - what monies have you lost?

tifo

km1500 said:

I suppose the first thing to do is to quantify exactly what financial loss you have suffered as a result of this error

This is the hard part ....

CSI_Yorkshire

tifo said:

km1500 said:

I suppose the first thing to do is to quantify exactly what financial loss you have suffered as a result of this error

This is the hard part ....

It's quite easy.  The actual quantifiable loss directly attributable to the credit markers is zero.

RelievedSheff

It is a sad world that we live in when someone's first response to not getting the answer that they want is "how much compensation can we claim?" rather than what can we change to get the answer that we want.

A sign of the times unfortunately.

Scot_39

If any losses have occurred it maybe because of expectation not any direct fault.  Such as any sort of survey or legal fees by trying to progress on a property they had no secured loan agreement for.

The fact that the OP seems to perhaps think 2.75x joint income is some sort of right (typified by the "only asking for")

The issue is reported in another post above more re the amount of loan apparently not the granting of the loan itself.  Haven't read that thread admittedly. 

There are many reasons why banks may no longer be lending at old abnormally high salary levels - via likes of affordability checks - the most obvious being higher for longer interest rate projections.

Only one input to which could have been the marker on credit file.  It's not mine but partner defence doesn't wash if its a joint loan - and certainly not at multiple of joint salary.

Or even willing to loan the same high LTV ratios - namely the widely forecast market correction by own lender if Halifax - and outright crash by others with perhaps a less vested interest in market stability (but albeit potentially other vested interest(s)).

retiringtoosoon

Surely if you failed to secure the house then the utility company should compensate for that. So in the region of £300-400k depending on where abouts in the country you live.
  

[Deleted User]

Surely if you failed to secure the house then the utility company should compensate for that

The onus is on the claimant to prove that the actions of the other party have led to a material loss. I am sure that that any claim could be tested in a Court but with the risk that the claimant could lose and end up paying not only his legal costs but those of the defending party. I have no idea how mortgage lenders work but are they going to turn up in Court and confirm what the OP is suggesting?  Surely, to lend or not is just a business decision.

CSI_Yorkshire

retiringtoosoon said:

Surely if you failed to secure the house then the utility company should compensate for that. So in the region of £300-400k depending on where abouts in the country you live.

No, that's not how it works.

It's no wonder that everyone is after compensation if that's the commonly held view.

Mobtr

CSI_Yorkshire said:

retiringtoosoon said:

Surely if you failed to secure the house then the utility company should compensate for that. So in the region of £300-400k depending on where abouts in the country you live.

No, that's not how it works.

It's no wonder that everyone is after compensation if that's the commonly held view.

Ha ha, don’t think this was a serious post, just a bit of Micky taking 

pinkelephant12

Have a look at Halliday v Creation Consumer Finance Ltd [2013] EWCA Civ 333 as a starting point BUT bear in mind that the law has changed since this case was decided by the Court of Appeal. 

You would need to prove evidence of loss and/or distress as a direct result of the incorrect processing of your data.