interest continues to be added 6 years on...yes it's citibank again! : LUSENET : Repossession : One Thread

Citibank (the old jokers) have finally responded to our SARN of June 2001 with a very incomplete batch of papers. One thing I don't understand from the stuff they've sent is this: interest, and interest on interest, are accounted for separately, and it is only the latter that is being automatically reversed after 6 years. The actual interest charges are left to grow. From the Limitation Act 1980 12(5)...discussed a few posts ago...I would have expected each to be reversed after 6 years. Thoughts?

NB this is interest on the shortfall amount they were humorous enough to claim after selling our home in 1996.

-- Melody (, November 06, 2001


You can report Citi to the Information Commissioner if they took longer than 40 days to respond to your SARN. The 40 days starts when you servee the SARN on them, and then it can be extended if they ask for ID verification.

You won't get anything for reporting them, in terms of compensation, but it can muck them up a bit.

If they have sent you data which you don't understand then you could complain about this as well. If you complain about both at the same time it would make your complaint a lot stronger.

I'm not qualified to comment on the interest being charged, but I'd siggest asking Citi and if you are not satisfied then ask for a deadlock letter on this issue so that you can make a complaint to the Financial Ombudsman.

Good luck.

-- anon (, November 08, 2001.

Thanks for the tip about the Ombudsman - is there anything about this on the site I could read? We've already got the IC to carry out an assessment of the case - that's what finally persuaded Citibank to actually send us anything!

-- Melody (, November 09, 2001.

The Banking Ombudsman Scheme is now part of the Financial Ombudsman Service (email: & website:

For your complaint to fall within the rules of the Ombudsman Scheme you will have to show that you have suffered financial loss. Your best bet might be to argue that your house was undersold - the Ombudsman can look at this, I am told by a member of Treasury staff. You can also now request a public hearing (courtesy of the Human Rights Act article 6).

-- E Scott (, November 21, 2001.

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