Jump to content
House Price Crash Forum
Sign in to follow this  
Sancho Panza

Redress For 40,000 Clydesdale Customers Over Bungled Mortgage Bills

Recommended Posts

Telegraph 26/9/13

' Tens of thousands of Clydesdale Bank mortgage customers will receive up to £18,000 in compensation for errors made by the lender.

Clydesdale, which is owned by National Australia Bank, miscalculated the repayments on more than 42,500 mortgages and failed to inform customers.

As a result, around 22,000 of people steadily paying off a home loan face a shortfall at the end of the typical 25-year mortgage term. This ranged from £20 to more than £18,000.

The City watchdog, the Financial Conduct Authority, today issued a damning criticism of the way Clydesdale handled the problem. It fined the bank £8.9m for “failing to treat customers fairly” and ordered it to pay compensation and write to those affected.

It said the damaging implications of the calculation error, which was discovered in April 2009 but only corrected in 2010, were simply “passed on” to customers. '

Only posted as part of the ongoing drip/drip with YB/Clydesdale.

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 406 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%

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.