P.O. BOX 5, FRODSHAM CHESHIRE WA6 6FL
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PRACTICAL
HELP TO RESOLVE DEBT COMPLAINTS & DISPUTES WITH UK LENDERS (BANKS,
BUILDING SOCIETIES & FINANCE COMPANIES) INCLUDING LIAISING WITH
OMBUDSMAN/ARBITRATOR & SOLICITORS. ALSO FREE DEBT
CONSOLIDATION, DEBT COUNSELLING, ENDOWMENT MORTGAGE, OLD MORTGAGE DEBT
ADVICE.
THE LENDER IS TAKING ACTION, WHICH YOU FEEL IS UNJUSTIFIED??...FIGHT BACK !!
HOW TO COMPLAIN (Free Guides are available from the British Bankers Association www.bba.org.uk , the Financial Services Authority www.moneymadeclear.fsa.gov.uk and the Finance & Leasing Association www.fla.org.uk )
Put your complaint in writing, initially to the account holding office. Clearly mark the letter 'complaint', keep a copy of all correspondence. Ask for a written reply within 14 days; include any relevant reference numbers, and also state what action you wish to see taken to remedy the complaint.
If no progress is made write to the Head of Customer Service at the lender's Head Office requesting immediate action and enclose a copy of the earlier letter. Quote the name of any persons you have been dealing with. Request a written reply to be sent within 14 days. If again no progress is made you could request a 'deadlock letter' from the lender to enable you to refer to the appropriate Ombudsman -see ‘Problems’ web page for Financial Ombudsman Service and Finance & Leasing Association information. We also recommend you obtain a copy of all Legal Charge forms/Credit Agreements and if possible correspondence. An application to the lender under the Data Protection Act for your file should cover this, although the cost is likely to be around £10, it is well worth it. If the Lender has produced a Customer Information booklet saying how excellent they are at customer service obtain a copy and quote relative sections back to the Lender if they have breached their own guidelines. DEBTWISE can help!!!
NOTE : It is recommended that dates and comments are put in date order and bullet point form and that the reply covers each point raised.
Alternatively or as well as you could seek legal advice from a solicitor (who may charge over £200 an hour ! ) or PRACTICAL advice from DEBTWISE upon completion of an initial Assessment Form.
Disputes include:
DON'T BE BULLIED BY LENDERS:TAKE ADVICE !!
BANK CHARGES/INTEREST CHARGES
email adv@debtwise.co.uk for information sheet giving reference articles with suggested letters. The Financial Ombudsman Service should be used as a reference point see http://www.financial-ombudsman.org.uk/faq/bank-charges.htmlThe OFFICE OF FAIR TRADING have criticised bank charging which is not transparent. They have taken a test case against the banks to court. A ruling in favour of the OFT was made on 24th April 2008. The banks are considering their response and reports suggest there is a bank meeting on 22nd May 2008. For the latest update on bank charges either go to www.oft.gov.uk and use the search site for 'bank charges'. APRIL 2008 : OFT TEST CASE SUCCESSFUL! See http://www.oft.gov.uk/news/press/2008/55-08 for OFT information
For Interest and Bank Charge disputes certain companies can re-calculate interest but they do charge. DEBTWISE does not focus on interest complaints, but can help in the drafting of correspondence to the Lender. Banking Liaison Group provide an interest checking service and help with calculating and obtaining refunds web site link www.bankexperts.co.uk/interest/index.htm . Also Bank Action Group have been set up to fight punitive and unauthorised bank charges web site link www.consumeractiongroup.co.uk . Another web site set up to fight penalty charges is http://www.penaltycharges.co.uk/guide/ Which? Magazine have information on their website www.which.co.uk/bankcharges . GMTV have advice which is shown at http://www.gm.tv/index.cfm?articleid=21859
Various daily newspapers started campaigns to encourage people to complain about bank charges. The Daily Mail website www.thisismoney.co.uk has devised letters to help in writing to banks challenging charges also also covering possible court action against the bank. This action can be taken online using www.moneyclaim.gov.uk . Please note that any action can be costly and if an action is defended then specialist advice may be needed. NOTE : June 07 LEGAL CASES RE BANK CHARGES ARE POSING A PROBLEM - email adv@debtwise.co.uk for information sheet or see www.consumeractiongroup.co.uk for up to date information.
Claim Companies : Whilst claims for refund of bank charges and miss-sold PPI can be done by quite easily by an individual, some companies have been set up to make claims. Please note that you should check what fees are being charged. The following company gives free advice and works on a 'no win, no fee' basis. RBC Claim Management http://www.bank-charges-claim.co.uk/contactUs.html
Other information see : Motley Fool information website have guidance and feedback about bank charge disputes. Link : http://www.fool.co.uk/index.htm?ref=Yo