Lloyds Banking Group Unfairly Double Billing Borrowers In Arrears
***URGENT NEWS FOR BORROWERS WITH LLOYDS BANKING GROUP***
GDP Partnership brought this matter to the attention of Borrowers at the beginning of July 2014 and to date we have been able to assist many of our existing and new clients.
It has been publicly announced that Lloyds Banking Group has been unfairly double billing customers who fell behind on their mortgages, and in a scathing verdict, Master Ellison said the bank's behaviour had been "unconscionable."
The findings will have implications for thousands of Lloyds Banking Group mortgage holders across NI and the UK. If the bank's practice had gone unchallenged, many borrowers would have lost their homes.
The Lloyd's Banking Group includes Bank of Scotland, Birmingham Midshires, Cheltenham & Gloucester, Halifax and TMB.
Basically, the Group capitalised arrears, but the banks continued to treat such mortgages as in arrears and used that as the basis for bringing legal cases.
This perception of borrower affordability was distorted. This resulted in already struggling borrowers being threatened with repossession on account of an "erroneous and fictional arrears balance".
As a result "many" court decisions concerning suspended repossession orders had been made on "erroneous assumptions". Due to the smoke and mirrors presented by the bank through their legal advisors, many injustices have already passed through the courts and this is very concerning.
Master Ellison said that as a result of this he was imposing a series of strict conditions on the bank if it tried to enforce any existing suspended repossession orders. He said that if the bank failed to meet these conditions, it "may face an uphill struggle".
GDP Partnership has welcomed the decision and the stance being taken by Master Ellison. Publication of the findings may be too late for some, but welcome news for many.
Repossession should always be a last resort and it is more beneficial for all parties to come to an amicable agreement in respect of mortgage debt.
The GDP Partnership USP promotes education around these financial issues in order to empower borrowers to make their own decisions. It is important they are aware of all the options available when it comes to dealing with debt.
Since our inception, we have helped thousands of people deal with their debts and move on with their lives.
For more info or to see if we can help you, get in touch with our Equity Experts.