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Santander Might Compensate 30,000 Former Abbey Mortgage Holders

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http://www.bbc.co.uk/news/business-22217850

Santander, the country's second biggest mortgage provider, says 30,000 of its customers may be due compensation, after errors made in 2008.

All were former Abbey customers, who were put on standard variable rate (SVR) mortgages after coming off fixed-rate deals.

But they were not told clearly enough that they could have transferred their accounts elsewhere.

Santander has already set aside £232m to cope with this and other issues.

O dear.

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But they were not told clearly enough that they could have transferred their accounts elsewhere.

what is the definition of 'not told clearly enough' - was it missing from a letter or in the small print.

surely anyone on the SVR knows they can transfer to another mortgage company.

I do despair at the 'featherbedding ' of the 'mis-sold' thousands. I do not support banks and their ways but I do feel that more responsibility needs to be taken by 'victims' for their lack of attention to what they are signing and the all important small print.

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I do not support banks and their ways but I do feel that more responsibility needs to be taken by 'victims' for their lack of attention to what they are signing and the all important small print.

+1

Intelligence tests for mortgages to show an understanding would be useful.

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Nice £7.5k windfalls for 30,000 bods will get kick start the economy......

Which also covers the 'featherbedding' points..

Edited by geezer466

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Nice £7.5k windfalls for 30,000 bods will get kick start the economy......

Which also covers the 'featherbedding' points..

The bank does deduct it off the mortgage doesn't it? That is the point of it?

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They probably didn't advise their savers when they reduced their rates that they could transfer elsewhere for better rates so they'd better make provision for that as well.

Edited by billybong

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They probably didn't advise their savers when they reduced their rates that they could transfer elsewhere for better rates so they'd better make provision for that as well.

lol :D

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  • 242 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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