Affordability complaint with FOS - bank statements

sourcrates

The lenders usually comply with FOS decisions, but there is no way the FOS alone can actually force them to do so.

However, if a pattern of such behaviour was to emerge, the FCA would then possibly act, they do have the power to fine and impose restrictions on lenders.

GeekieGirlie

sourcrates said:

The lenders usually comply with FOS decisions, but there is no way the FOS alone can actually force them to do so.

However, if a pattern of such behaviour was to emerge, the FCA would then possibly act, they do have the power to fine and impose restrictions on lenders.

Ok that’s great, thank you. 

ManyWays

To be clear, a lender has to abide by a Final Decision from an Ombudsman and in the very rare cases where they dont, you can go to court to enforce the FOS decision. Not refight the case in court, you have already won it, but get the county court to rubber-stamp the FOS decision so you can send round bailiffs. Its not something I have ever seen done, but that legal right is why lenders do pay in the end. (Unless they are going into insolvency of course)

GeekieGirlie

ManyWays said:

To be clear, a lender has to abide by a Final Decision from an Ombudsman and in the very rare cases where they dont, you can go to court to enforce the FOS decision. Not refight the case in court, you have already won it, but get the county court to rubber-stamp the FOS decision so you can send round bailiffs. It’s not something I have ever seen done, but that legal right is why lenders do pay in the end. (Unless they are going into insolvency of course)

Great thank you this is good to know 

GeekieGirlie

Seems to be my week for getting replies and things. I chased this up with FOS as the cut off was June. 

I got a reply from the FOS today who said that NewDay have provided some further information and she will have an update next week.  Little worried what that means now. Is that pretty standard of them too? To argue case and send further info.  Made me anxious like feel I’ve done something they can catch me out on but know I haven’t lol. They increased and never did checks. I did accept them obv. 

Is it normal for them to argue case with FOS? 

Grumpelstiltskin

Look stop thinking about what if. There is nothing you can do until you hear from them again, it is pointless to worry about it.

GeekieGirlie

Grumpelstiltskin said:

Look stop thinking about what if. There is nothing you can do until you hear from them again, it is pointless to worry about it.

Very true. Just hard switching off from it all. Will push it to one side until need to think about it.

Rob5342

I've made a number of affordability complaints. The FOS do have to be fair and listen to everything both sides say before making a decision, but the lenders do like to drag their feet and stretch things out for as long as they possibly can, waiting until after deadlines before sending their reponse etc. Just be patient and keep arguing your case, and escalate it to an ombudsman later on if necessary. Nationwide were terrible with me and dragged their feet every step of the way, but after two years of persisting I got a very good result.

GeekieGirlie

Rob5342 said:

I've made a number of affordability complaints. The FOS do have to be fair and listen to everything both sides say before making a decision, but the lenders do like to drag their feet and stretch things out for as long as they possibly can, waiting until after deadlines before sending their reponse etc. Just be patient and keep arguing your case, and escalate it to an ombudsman later on if necessary. Nationwide were terrible with me and dragged their feet every step of the way, but after two years of persisting I got a very good result.

Thank you yes will do. Definitely does drag on.