Bank’s Error Adding To Clients’ Misery
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As if redundancies, pay freezes, reduced working hours etc were not enough; thousands of homeowners in the UK are facing a rise in their monthly mortgage payments because of a banking error.
Some customers of the Yorkshire and Clydesdale Bank have apparently underpaid on their variable raet mortgages after the bank miscalculated their monthly repayment. The bank said 18,000 customers had paid less than the contractual minimum monthly repayment needed to pay their mortgage within the agreed term. It claimed low Bank of England interest base rates intesified the problem. Oh yeah? How? they won’t explain.
The affected customers have been asked to pay the correct amount, plus an additional sum to cover to meet the shortfall. For the innocent people, some of whom have never missed a single payment and are rightly complaining about the sudden increase, the bank said there are other options available:
- Make a one-off payment to cover the shortfall
- Extend your mortgae term
Whichever way you pick, the bank wins while it has succeeded in putting the homes customers who are already struggling at risk. If you still think your bank has your best at heart, think again. Steve Reid, retail director for the Yorkshire and Clydesdale Bank, said: ‘We are very sorry this error happened and for any inconveniences caused’
Inconveniences? These are people’s home we are talking about!!!
By the way, a spokesman for bank said some customer are yet to be informed that they have underpaid. So if you have a mortgage with Yorkshire and Clydesdale Bank watch out!
I have a question for you – If this kind of “errors” were to happen to you at your bank, what will you do?
Niyi Adeoshun
Money Management Coach
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About The Publisher
| Niyi Adeoshun – the Money Management Coach specialises in inspiring and motivating people to strive for a debt-free life in order to fulfil their life goals. Niyi is the author of “Milestones of Financial Freedom” – Simple steps for conquering debt and building wealth. |
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