Hardship and FOS

[zootscoot]

The Financial Ombudsman will still process claims where people are suffering from hardship. Furthermore they have considered and settled cases where a claim has been started in the courts but the case has been stayed.

 

If you are suffering from hardship and have started the process you should make sure your bank is aware that you are suffering from hardship. If you are about to do your preliminary letter you should point out in that letter that you are suffering from financial hardship and therefore the bank has a duty under the FSA waiver agreement to process your claim. Give a brief outline of your circumstances and provide evidence if required.

 

If your bank refuses to process your claim you should report them immediately to the FSA. This is a clear breach of the waiver agreement and the FSA are currently reviewing the waiver. The more evidence they have of the banks abusing the waiver the more likely the FSA will lift the waiver.

 

If the bank processes your claim they should write to you within 8 weeks telling you of the outcome of their enquiry. If the result is unsatisfactory you can then take your complaint to the Ombudsman.

 

The waiver agreement does not apply to the courts. The FSA does not have the power to compel the courts to do anything. Thus the courts are not obliged to lift stays on the grounds of hardship, although, they are obliged to consider cases on the individual merits and some courts may be persuaded to lift stays where a stay would cause hardship.

[zootscoot]

Good to hear from you again Chris.

 

Hope you hear something soon