The FSA last week published its annual report for the year 2010/11, in which it warns there will be more action taken against firms for treating customers in arrears unfairly.
But is it really treating customers fairly to have kept them in their homes for the past two to three years paying the minimum amount off their mortgage debt? These same borrowers are now likely to have debts of more than £10,000, a lot more in some cases.
On top of all this their property will no doubt have reduced in value by approximately 15% to 20% which means when they are finally repossessed and forced to rent they’ll find rents are 20% higher than they were at the start of this process.
The government and the FSA should look a little closer to home before they start dishing out fines and reprimands.
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