Have you received this from Barclays? Discuss what it means as well

[Nattie]

"i belive our obligations under the banking code may inadvertently have been misrepresented in the media and elsewhere. I apologise if you have received the impression that your financial hardship complaint is an alternative to your bank charges complaint as a methord of obtaining a refund of fees (and consequently avoiding the current deferment arrangements)"

This is quoted from another charges site who have received something like this although there is a further thread that mentions that Barclays are under the impression that they should Log the OFT charges complaint and then simply advise people on how to avoid charges. Does not seem correct to me that the FSA guidance would be seen in this manner.

[iancognito]

Re: Have you received this from Barclays? Discuss what it means as well

Direct quote from the FSA statement

The FSA also expects firms to continue dealing with any cases of genuine financial hardship during the waiver period

I think the key here is the word continue:
con·tin·ue /kənˈtɪnyu/ Pronunciation Key - Show Spelled Pronunciation[kuhn-tin-yoo] Pronunciation Key - Show IPA Pronunciation verb, -ued, -u·ing. –verb (used without object) 1.to go on after suspension or interruption: The program continued after an intermission. 2.to go on or keep on, as in some course or action; extend: The road continues for three miles. 3.to last or endure: The strike continued for two months. 4.to remain in a particular state or capacity: The general agreed to continue in command of the army. 5.to remain in a place; abide; stay: Let us continue in this house forever. –verb (used with object) 6.to go on with or persist in: to continue an action. 7.to carry on from the point of suspension or interruption: He continued the concert after the latecomers were seated. 8.to extend from one point to another in space; prolong. 9.to say in continuation. 10.to cause to last or endure; maintain or retain, as in a position. 11.to carry over, postpone, or adjourn; keep pending, as a legal proceeding.

Don't think there's much doubt about that?

[Nattie]

Re: Have you received this from Barclays? Discuss what it means as well

Barclays seem to have a different interpretation which is they log the cases and if someone mentions hardship they send out a booklet explaining how they could have managed their money better.

[iancognito]

Re: Have you received this from Barclays? Discuss what it means as well

Well perhaps someone should explain to Barclays the error of their ways!!! - and the English language:rolleyes:

[Nattie]

Re: Have you received this from Barclays? Discuss what it means as well

anyone want to send Barclays CEO a dictionary???

[Amethyst]

Re: Have you received this from Barclays? Discuss what it means as well

''your financial hardship complaint is an alternative to your bank charges complaint as a methord of obtaining a refund of fees''

Maybe the letters being sent in are worded poorly. The complaint is still about bank charges, claimants are arguing their bank charge complaint should be considered despite the waiver because of hardship. People are not saying I am in hardship give me my money, the are saying I am in hardship therefore do not put me in the pile to wait for the test case, consider my case now....

Yes ?

[iancognito]

Re: Have you received this from Barclays? Discuss what it means as well

Yes - exactly hence the reference to continue above, however, the FSA have left a bit of a grey area in that they refer to the banking code which only says the bank will help you manage your finances better.

I sometimes wonder if the banks actually realise that when they take the whole of a persons benefits, plus a bit more besides, every month, they are leaving people literally destitute, no decent human being would do that - would they? perhaps I'm getting a little cynical in my old age???

[Nattie]

Re: Have you received this from Barclays? Discuss what it means as well

There seems to be some confusion going on with Barclays, because the banking code states "we will deal quickly and sympathetically with things that go wrong and consider all cases of financial hardship", as one of the principles in this VOLUNTARY CODE. The FSA gave a poor term of reference because realistically they are referring to a code devised and reviewed in 2004/5 and yet there is already discussion about the new banking code for 2008. Does anyone have a dictionary definition of hardship they could throw on the fire? The definition of hardship is relative. OTR they talked about the poverty line ie that charges eat into the amount of money available to live on to such a degree that it reduces the money they have to below the government definition of the povertly line. But does this mean that the bank should merely waive one months charges and cancel all Direct Debits? This would set the customer back on the straight and narrow BUT the majority of cases that the bank are dealing with in cases from charges sites like this asking for the WHOLE of it back. If that were the case they would no longer be necessarily a hardship case but Ł4000 for example in charges better off. I think the true nature of the question re FSA waiver is that we actually look at how banks are dealing with cases of charges NOW, ie not full charges back but if someone is in trouble because of charges and how that is being dealt with locally. I will come back to this point later on today

[iancognito]

Re: Have you received this from Barclays? Discuss what it means as well

Noun1.hardship - a state of misfortune or affliction; "debt-ridden farmers struggling with adversity"; "a life of hardship" adversity, hard knocks
ill-being - lack of prosperity or happiness or health

bad luck, ill luck, tough luck, misfortune - an unfortunate state resulting from unfavorable outcomes

disaster, catastrophe - a state of extreme (usually irremediable) ruin and misfortune; "lack of funds has resulted in a catastrophe for our school system"; "his policies were a disaster"

extremity - an extreme condition or state (especially of adversity or disease)

distress - a state of adversity (danger or affliction or need); "a ship in distress"; "she was the classic maiden in distress"

affliction - a state of great suffering and distress due to adversity

victimization - adversity resulting from being made a victim; "his victimization infuriated him"

low-water mark, nadir - an extreme state of adversity; the lowest point of anything
2.hardship - something hard to endure; "the asperity of northern winters" asperity, rigor, rigorousness, rigourousness, severeness, severity, rigour, grimness
difficultness, difficulty - the quality of being difficult; "they agreed about the difficulty of the climb"

sternness - the quality (as of scenery) being grim and gloomy and forbidding; "the sternness of his surroundings made him uncomfortable"
3.hardship - something that causes or entails suffering; "I cannot think it a hardship that more indulgence is allowed to men than to women"- James Boswell; "the many hardships of frontier life" misfortune, bad luck - unnecessary and unforeseen trouble resulting from an unfortunate event

[Amethyst]

Re: Have you received this from Barclays? Discuss what it means as well

THIS IS RBS's Definition would be interesting to get Barclays;

Definition of Hardship - RBS Events which may lead to being considered in hardship

Divorce - warranting loss of income
Loss of Job - customer or partner
Reduction in earnings due to unexpected occurence
Maternity
Increased dependants (more kids/dependant relative)


Customers should not be considered or Financial Hardship just because they have too much to repay. There has to be an additional change in circumstances. In considering suitability consideration must be given to current guidelimes from regulatory bodies and also consider reputational risk to the Bank whilst not compromising credit risk.

QUALIFYING CRITERIA

Total house income must be less than 15,000 PA

or - normal house income has suddenly reduced by 50% or more

or - unforeseen outgoings have suddenly increased by 50% or more


These case can be managed by the Collecton Centres for a period of 6 months whereupon the position is reviewed and if no change in circumstances account should be referred to CMS

[iancognito]

Re: Have you received this from Barclays? Discuss what it means as well

But again, its the last sentence, just says they'll do bugger all to help

[Nattie]

Re: Have you received this from Barclays? Discuss what it means as well

That is not really the situation and in extreme circumstances it would be referred to CMS ie Credit Management Services(they do generally close accounts however if the account behaviour may reach a point where it can be sent back to core markets ie back to normal branch relationship although this is a rarity).