Reclaiming Unfair Mortgage & Banking Fees, Charges & Consumer Action on Deceptive Practises
Unfair Mortgage & Banking Fees, Unfair Mortgage & Banking Charges & Deceptive PractisesHave you ever deposited a cheque into an account, the bank cleared the funds and you withdraw, only to be charged say an overdraft penalty because the cheque was later found out to be void? How could that have been your fault?This is just a small example of unfair banking charges which the majority of many retail bank customers would shrug of and pay.
However some bank charges are much more costlier, deceptive in practise, and ultimately are the difference between paying up or a borrower loosing there home.If say a mortgage broker, loan officer or other representative for an institutional lender fails to present you terms & conditions prior to a mortgage transaction – which the client later ended up violating without being fully aware of them and as a result the consequences resulted in further finanthisl loss, this can be deemed as not only professional misconduct but a deceptive practise.What constitutes as unfair and what is deceptive is often a grey area.
However it is widely accepted that a party misrepresenting or having omitted information completely or partly and intentionally to the customer that the may be affected by the terms can count as a deceptive practise.Other instances consumers have challenged in the past range from issues such as sending in a bill for an amount due with less than 14 days notice, charging interest on amounts that have already been repaid through inefficient billing systems right down to creditor over-reaching ; where a creditor suggests a finanthisl product to a client that poses the client in the long run more accrued costs than benefit was supposedly intended to provide.For a true life story of a women who claimed back money on an unfair banking practise that extended her mortgage by three more additional years – click hereFinanthisl institutions that broker mortgages are not the only ones that can be held liable.
Any firm that causes a public consumer that suffer excessive finanthisl loss can be tried in court (but not through the finanthisl ombudsman – see below).
In the case of mortgages a lender appointed surveyor that over prices a property far more than its true intrinsic value because of hysteria in a temporary housing market bubble is another account of professional misconduct.
Situations have occurred where the homeowner/s were unable to raise enough cash from a sale to pay off the inflated home mortgage loan or even re-mortgage because of the surveyor valuing the property in the beginning at much more than it was ever worth to begin with.
This left the homeowner/s unaware that they were in a negative equity trap from day one as the lender had lent out more money than it could ever recoup by selling the property.
This situation has had a pattern tendency to occur mostly in new build properties.If you feel you have been wrongly subjected to unfair fees, charges & practises by a finanthisl institution in the UK do not despair – even if you are up against a FTSE100 stock exchange listed corporation.
There are government regulations in place to protect consumers from such finanthisl damages provided that the firm in question failed to follow the correct procedures and protocols.
The FSA (Finanthisl Services Authority – think of it the neighbourhood watchman armed with government powers.) set up the Finanthisl Ombudsman shortly after it came into effect on the 31st Of October 2004.The scope of the legal power the FSA has is tremendous and the majority of finanthisl services companies such as mortgage lenders are vigilante in complying with regulations to avoid paying hefty fines or being putting out business completely.The Finanthisl Ombudsman:The Finanthisl Ombudsman is funded for partly by a placing a levy fee on every company that conducts in transactions solely involving finance.
The levy is also used as an insurance scheme to compensate for losses and damages to consumers who have suffered finanthislly as a result of professional misconduct.
They also of advice for free to consumers and are open for discussion during normal working hours.
They are available on 0845 080 1800.By S.
Spyriades
Source: ezinearticles.com
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