UK Money News
29th January 2008
Borrowers in arrears face 'unjust charges'
Mortgage holders who go into arrears could be punished more harshly by their providers than they think, it has been claimed.
According to Louise Cuming, head of mortgages at moneysupermarket.com, while many lenders are keen to provider consumers with mortgages, they are less enthusiastic to assist them when they encounter difficulties - often hitting them with a series of "punitive and unjust" charges.
Ms Cuming drew particular attention to a case involving a borrower who was in three months of arrears, had a cheque returned and had booked an appointment for advice over their debts and was charged £372 by Cheltenham and Gloucester as a result.
She commented: "We would question if these lenders are treating customers fairly, given the inconsistency of the fees and charges.
"Lenders aren't charities, but no one wins if they automatically burden customers with more fees and debt. I'm sure customers in arrears are unaware that most lenders charge for every call they make and letter they send."
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