Compensation from bank, how do i decide how much to ask for?

[FergusSingsTheBlues]

Ive been told by my bank to "come up with what i want" in terms of compensation. Basically somebody at the branch cancelled my mortgage DD, mortgage defaulted for six months and the first i knew of it was when bailiff field agents rocked up on my doorstep! I called bank who said i had no arrears and that it was a scam. Got police out on their advice! Gave statement etc. We deided to forget about it. Couple of days later i called bank to really make sure all was ok, and found out that dd had been cancelled.

1. How do i decide fair amount? Lost alot of sleep over it, about to lose job so really didnt need thw worry, plus six month pg. But i despise compo culture so dont want to be greedy. An advice or guidelines?

[marriednotdead]

Big numbers for that but only after they have fully corrected your credit file as ISee said.

It might be worth contacting the financial ombudsman people. The banks have guidelines for appropriate payouts but I'm guessing that yours reckon/hope you won't ask for as much as they're prepared to pay!

to give you an idea, we have just been offered £200 for having the account of a 15 yo closed without enough notice.

[Pantah630]

Surely the mortgage company would have sent letters before bailiffs? If not, aren't they as culpable as the bank. I'd be wary of asking for much more than you're out of pocket phone call wise, time off work to deal and having your credit rating sorted as checking your bank statements is your responsibility as well, they could dig heir heels in if they think your request is unreasonable.

[FergusSingsTheBlues]

They are onviously worried as they have offered to clear the arrears and want to give me something more. Was going to tell them ito waive mortgage rearrangement fees if they want then as i was in the middle of moving to another product. Both mortgages are with them, ive been with them since i was a teenager. Never defaulted on anything so all pretty shocking.

The money left my current account and went into a bill paying account which ive had for fifteen years. Had no reason to expect problem as money leaves my account on payday and gors into my bill paying account.

[FergusSingsTheBlues]

No letters, guy also didnt change my address.....all letters were going to a foerign addres, what a ballsup

[Pantah630]

Sounds like a right fuck up. Waiving the mortgage arrangement fee sounds reasonable on top of out of pocket expenses too. Good luck, hope you get it sorted, I'd get something in writing to say they've amended your credit records just in case as well.

[Alad]

Ask for min 12 months interest to be deducted from the mortgage and a more favourable rate. Disciplinary action against those involved. If they don't agree litigate.

Where you in the country? PM if you want more help.

[Lougle]

Did you not notice the bill paying account balance rising?

[AngelDelightIsIndeedDelightful]

they have offered to clear the arrears

Does that mean they are not asking you to now make the six months mortgage payments?

Tbh I think you've already been offered more than enough. It's your responsibility to check your statements regularly to make sure payments are leaving that should be.