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Vincent2013
Vincent2013, JustAnswer Expert
Category: Law
Satisfied Customers: 213
Experience:  Qualified solicitor and barrister (non-practising) with 7+ years experience
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I recently found that due to an error at my bank, my mortgage

Customer Question

I recently found that due to an error at my bank, my mortgage payments for the last 5 months were being paid into the wrong account. This has resulted in litigation from our mortgage company and months of worry, phone calls and stress. The bank has admitted clerical error and refunded the mortgage payments, but I feel I should be compensated for all the stress caused by almost losing our home. how much do you think I should ask for?
Submitted: 3 years ago.
Category: Law
Expert:  Vincent2013 replied 3 years ago.

Hi Elaine, thanks very much for your question. My name's XXXXX XXXXX I'm going to assist you with it.

 

Ordinarily English courts are reluctant to provide damages for distress and inconvenience in circumstances such as these. However, the Financial Ombudman (who deals with complaints about banks and other financial institutions outside the courts) takes a slightly different approach.

 

Distress and inconvenience over a prolonged period which causes more than minor annoyance and leads to severe disruption and wasted can result in a claim for non-financial losses to be upheld. According the FO's guidance, where distress and inconvenience is sufficient enough to warrant compensation, the amount is likely to be around £300. Exceptionally it can exceed £1,000.

 

In the link below you can find some very helpful guidance on the manner in which the Financial Ombudsman deal with claims such as these and what they take into consideration. Armed with this you might want to write to the bank telling them of your intention to make a complaint to the FO and suggesting a figure in the £300 - £1,000 range.

 

Here's the link: http://www.financial-ombudsman.org.uk/publications/technical_notes/distress-and-inconvenience.htm

 

Can I clarify anything for you?

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