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Myners warns over excessive arrears charges

City minister Lord Myners says he has concerns over lenders levying excessive arrears charges onto consumers.

Speaking at a Treasury Select Committee mortgage arrears evidence session this morning, Myners said the FSA should pay attention to this area.

He said: “I do have a concern that there is a risk that charges could be excessive and the FSA needs to give that enough attention in its work.”

Earlier in the session, the FSA said it was looking into this area as part of its review of the mortgage market.

Last week, Which?, Shelter and the Citizens Advice Bureau all raised concerns over this issue saying that some lenders were charging as much as £150 for a debt counsellor to visit customers in arrears and up to £75 to send a letter to them.

Which? principal policy adviser Dominic Lindley said the FSA should name and shame lenders who were doing this but the FSA says it will only name lenders if it takes enforcement action against them.

The FSA has referred four lenders to enforcement for investigation over poor arrears handling.

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There is one comment at the moment, we would love to hear your opinion too.

  1. No Credibility
    Is this the guy who sigend off Fred the Shred’s (RBS) enormous fat pension scheme without looking at what he was signing? Then subsequently in an TV interview said he refused to say what happened and then refused to tell us what his pension benefits were? He is a civil servant with a stupid title that means nothing apart from he’s another political crook. Do we need to give him any media profile, I DON’T THINK SO.

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