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Lenders should be named and shamed
07/07/2023
Which? magazine has called for the Financial Services Authority to ‘name and shame’ lenders charging customers with exorbitant mortgage arrears charges. Which? wants the list submitted to judges hearing repossession cases and the culprits fined, with the revenue going to help borrowers access independent debt advice, and it has submitted a Freedom of Information request asking for the names of the lenders. It also wants lenders to provide an itemised breakdown of additional costs, the suspension of arrears charges where consumers have made agreements to pay off the debt, and a review of charges by the FSA.
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What an excellant idea, I would love to see Which carry out this work. As a debt adviser, i always get incensed at these additional arrears charges. They are helping the borrower how exactly? I fully agree something should be done to name and shame these lenders, though this tactic is not carried out by the sub-prime market - most of the big lenders apply these charges as well. The other “help” they provide to the lender which riles me is the charge of £100+ for the non advice of a debt adviser - i have always challenged this though on the quality of advice was that bad, they shouldn’t be paying for it. Good luck to Which!!!!!
Posted by Frances Pope on Tuesday 07 2009 at 05:30 PM