The Banking Code

[Goochie]

Right, whenever you get a bank account or credit card the banks seem to thrust a copy of the banking code through your door at every available opportunity - but what is the point??

To cut a long story short, I had a loan with a non-high street bank. We moved banks and notified them of a change to the direct debit details. No problem all seemed well.

However, the direct debit wasnt paying the repayments (only 3 remaining) so they wrote to us asking for immediate payment, we rang them and paid what we could as we diddnt have quite enough money, they said this was fine and we paid the full outstanding balance 2 weeks later.

All was well and good, diddnt think anything more of it until I applied for a PC on 0% finance (the choice was there so I took it)

Our application was declined so I got a copy of my credit file, this showed a "default notice" against the loan from back in Febrauary!

Now, the Banking Code says that the bank must give 28 days notice before doing such a thing but they gave us no notice what so ever.

I wrote to them 2 weeks ago asking for a explanation but they diddnt reply (sent recorded delivery, it got there). The Banking Code says they have to acknowledge the complaint within 4 days.

I've just written to them again, it'll be sent recorded delivery again.

WHats the point of The Banking Code if the banks dont' stick to it??

Grrrrr...........

Rant Over

[Cheekymonkey]

You are right about the banking code guidelines for notification and also complaint handling. The FSA has recently forced all banks to put in place stringent complaint management procedures. If they are not responding within the set timeframes, you could contact the FSA (through their website?) or even go to the ombudsman if it gets that far. But the threat of fines should be sufficent to get the bank moving - give their customer services a call and shake them up a little...

[Guest]

Find your local C.A.B. and go over the situation with them. Always tackle these people fully armed as per your rights, the bastids.

Go get 'em Tiger, Raarrr!

[pjm]

Write to one of the Sunday papers that has a money problem page. If they get involved you will get a rapid resullt.