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Following the update to the Waiver Guidelines for those in financial difficulty we are recommending people who have claims in the system, or indeed new claims, that are suffering from financial difficulty contacts their bank, and/or, the Financial Ombudsman Service if your claim is with them, and ask that it be re-evaluated under the more defined hardship guidelines.
The new waiver guidelines state:-
We suggest first contact should be a call to your banks legal department, followed by an email detailing your grounds for claiming hardship.
The new hardship guidelines and having your case considered under them does not necessarily mean you will be offered a refund, although we are seeing this is becoming the case more and more.
The actual guidelines state:
So this does give consumers some form of redress should these guidelines be breached by the banks after you have made a complaint regarding your charges. If you feel this has happened to you then please tell us in a thread and we can go through making a complaint with you.
If after contacting your bank you are made an offer of settlement then please be aware of the following;
and
Basically this means that any settlement you are offered and accept now can not be deemed in full and final settlement of your claim. If you have a claim in the courts system it would mean withdrawing that from the court. However it does leave the door open for you, on the conclusion of the test case, should it be in our favour, to go back and reclaim the remainder of the charges and interest due to you.
Any settlement figure should be worked out proportionally and to calculate the remainder and keep calculating interest on the remainder, you would enter any refund into your schedule of charges as a CREDIT on the date it is received. This will ensure you have received your interest correctly.
If you would like to try going back to the bank or the FOS then please post a thread and we will help you all we can
1) Call your banks legal department and tell them you wish your case to be reconsidered under the hardship guidelines
2) Write to them by way of following it up (theres a few thread on here with examples of letters other have used - an explanation of your circumstances and a reiteration of your claim is all that is necessary) enclose your income/expenditure form (Legal Beagles Income/Expenditure Form)
3) Give them another call in a few days check any progress
4) Keep it all posted up on a thread and let us know any responses.
The new waiver guidelines state:-
2.
In making an assessment of financial difficulty the firm will take into account:
a.
evidence of changes in lifestyle, including loss of employment; disability; serious illness; imprisonment; relationship breakdown; death of a partner; starting a lower paid job; parental/carer leave; and starting full-time education;
b.
evidence of the following events:
i.
items repeatedly being returned unpaid due to lack of available funds;
ii.
failing to make loan repayments or other commitments;
iii.
discontinuation of regular credits;
iv.
notification of some form of insolvency or court proceedings;
v.
regular requests for increased borrowing or repeated rescheduling of debts;
vi.
making frequent cash withdrawals on a credit card at a non-promotional rate of interest; and
vii.
repeatedly exceeding a credit card or overdraft limit without agreement (and, in this regard, where a complainant has incurred over £500 in unauthorised overdraft charges in the previous 12 months, that is to be treated as indicative of financial difficulty).
In making an assessment of financial difficulty the firm will take into account:
a.
evidence of changes in lifestyle, including loss of employment; disability; serious illness; imprisonment; relationship breakdown; death of a partner; starting a lower paid job; parental/carer leave; and starting full-time education;
b.
evidence of the following events:
i.
items repeatedly being returned unpaid due to lack of available funds;
ii.
failing to make loan repayments or other commitments;
iii.
discontinuation of regular credits;
iv.
notification of some form of insolvency or court proceedings;
v.
regular requests for increased borrowing or repeated rescheduling of debts;
vi.
making frequent cash withdrawals on a credit card at a non-promotional rate of interest; and
vii.
repeatedly exceeding a credit card or overdraft limit without agreement (and, in this regard, where a complainant has incurred over £500 in unauthorised overdraft charges in the previous 12 months, that is to be treated as indicative of financial difficulty).
We suggest first contact should be a call to your banks legal department, followed by an email detailing your grounds for claiming hardship.
The new hardship guidelines and having your case considered under them does not necessarily mean you will be offered a refund, although we are seeing this is becoming the case more and more.
The actual guidelines state:
Originally posted by FSA WAIVER
So this does give consumers some form of redress should these guidelines be breached by the banks after you have made a complaint regarding your charges. If you feel this has happened to you then please tell us in a thread and we can go through making a complaint with you.
If after contacting your bank you are made an offer of settlement then please be aware of the following;
Originally posted by FSA WAIVER
and
(15)
to the extent that sums are ultimately to be paid to complainants in respect of relevant charges complaints that have been stayed, the firm must include in these sums an element of compensation in respect of interest charged to or lost by the customer as a result of being out of money during the stay period;
to the extent that sums are ultimately to be paid to complainants in respect of relevant charges complaints that have been stayed, the firm must include in these sums an element of compensation in respect of interest charged to or lost by the customer as a result of being out of money during the stay period;
Basically this means that any settlement you are offered and accept now can not be deemed in full and final settlement of your claim. If you have a claim in the courts system it would mean withdrawing that from the court. However it does leave the door open for you, on the conclusion of the test case, should it be in our favour, to go back and reclaim the remainder of the charges and interest due to you.
Any settlement figure should be worked out proportionally and to calculate the remainder and keep calculating interest on the remainder, you would enter any refund into your schedule of charges as a CREDIT on the date it is received. This will ensure you have received your interest correctly.
If you would like to try going back to the bank or the FOS then please post a thread and we will help you all we can
And remember - IT DOESN'T HURT TO ASK !
The steps we are currently advising:1) Call your banks legal department and tell them you wish your case to be reconsidered under the hardship guidelines
2) Write to them by way of following it up (theres a few thread on here with examples of letters other have used - an explanation of your circumstances and a reiteration of your claim is all that is necessary) enclose your income/expenditure form (Legal Beagles Income/Expenditure Form)
3) Give them another call in a few days check any progress
4) Keep it all posted up on a thread and let us know any responses.
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