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  • FIRST POST
    • Stokesy2626
    • By Stokesy2626 8th Dec 19, 3:35 PM
    • 2Posts
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    Stokesy2626
    Does the bank owe me compensation?
    • #1
    • 8th Dec 19, 3:35 PM
    Does the bank owe me compensation? 8th Dec 19 at 3:35 PM
    Around 18 months ago, I entered an IVA due to mounting credit card and loan debt. I was missing payments, incurring charges and interest etc I have recently been contacted by Halifax and Lloyds who have a company currently checking how they’ve dealt with accounts in the past and they’ve decided to reduce my Halifax credit card balance and Lloyd’s Credit Card balance as “even though the charges and interest was correct, they don’t feel the interest and charges applied to the account at the time was the most helpful thing to do in my circumstance”. Those weren’t the exact words but it was along those lines. I have made a complaint which has been escalated as I’ve stated that it was these charges and interest that ultimately lead me to an IVA. They have in total reduced the balances by around £4K in total which would have been quite a lot towards the minimum payments. They have written to my IVA practitioner to notify them of a balance reduction.

    My question is, am I due compensation?
Page 1
    • zx81
    • By zx81 8th Dec 19, 3:36 PM
    • 24,826 Posts
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    zx81
    • #2
    • 8th Dec 19, 3:36 PM
    • #2
    • 8th Dec 19, 3:36 PM
    Not beyond the compensation they have already given you, no.
    • Stokesy2626
    • By Stokesy2626 8th Dec 19, 3:45 PM
    • 2 Posts
    • 1 Thanks
    Stokesy2626
    • #3
    • 8th Dec 19, 3:45 PM
    • #3
    • 8th Dec 19, 3:45 PM
    As in the money they took off the balance plus 8%?
    • SonOf
    • By SonOf 8th Dec 19, 5:12 PM
    • 2,237 Posts
    • 2,563 Thanks
    SonOf
    • #4
    • 8th Dec 19, 5:12 PM
    • #4
    • 8th Dec 19, 5:12 PM
    and they’ve decided to reduce my Halifax credit card balance and Lloyd’s Credit Card balance as “even though the charges and interest was correct, they don’t feel the interest and charges applied to the account at the time was the most helpful thing to do in my circumstance”.
    That is a goodwill gesture and does not result in statutory interest payments.

    My question is, am I due compensation?
    No. They did nothing wrong and have no requirement to add compensation or statutory interest. Any reduction in charges is a goodwill gesture and not subject to such things.
    • -taff
    • By -taff 8th Dec 19, 7:40 PM
    • 10,810 Posts
    • 16,279 Thanks
    -taff
    • #5
    • 8th Dec 19, 7:40 PM
    • #5
    • 8th Dec 19, 7:40 PM
    If you were ebing charged interest and fees then you were not servicing your debts as you agreed to when you took them out. This not the fault of interest or charges, it's you agreeing to borrow more money than you could comfortably pay back.
    You are not due compensation for that and were unlikely to have been pushed into an IVA on these charges and fees alone. It will have had something to do with the fact you owed more money than you could pay.
    • Moneyineptitude
    • By Moneyineptitude 8th Dec 19, 8:48 PM
    • 25,360 Posts
    • 14,806 Thanks
    Moneyineptitude
    • #6
    • 8th Dec 19, 8:48 PM
    • #6
    • 8th Dec 19, 8:48 PM
    Does the Bank owe me...?
    Originally posted by Stokesy2626
    Seems apparent that, no, you still owe the Bank..
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