If you are a customer of the Principality Building Society, you may be entitled to receive compensation. In this article, we will explore what this compensation is, why it is being offered, and what steps you need to take to claim it.
What is Principality Building Society compensation?
Principality Building Society compensation refers to an amount of money that is being offered to certain customers who may have been unfairly charged by the building society. The compensation is being offered to customers who have had mortgage arrears fees or other charges levied against them in the past.
Why is Compensation Being Offered?
The Financial Conduct Authority (FCA) has identified that some banks and building societies may have charged customers unfair arrears fees, and has required those institutions to offer compensation. Principality Building Society is one of the institutions that has been asked to offer compensation, as it may have charged some customers unfair arrears fees or other charges.
How Much Compensation is Being Offered?
The amount of compensation being offered will depend on a variety of factors, including the amount of arrears fees or other charges that were levied against the customer, and how long ago those charges were made. The FCA has set guidelines for how much compensation should be offered, but the final amount will be determined on a case-by-case basis.
Who is Eligible for Compensation?
Customers who are eligible for Principality Building Society compensation include those who have had arrears fees or other charges levied against them on their mortgage account. The fees or charges may have been levied at any time in the past, but must have been levied unfairly.
Is There a Deadline for Making a Claim?
Yes, there is a deadline for making a claim for Principality Building Society compensation. Customers who wish to claim compensation must do so by August 2019. If you think you may be eligible for compensation, it is important to act quickly to ensure that you do not miss the deadline.
How Do I Make a Claim?
If you think you may be eligible for Principality Building Society compensation, you should contact the building society directly. You will need to provide information about your mortgage account and the fees or charges that were levied against you. The building society will then assess your claim and determine whether you are eligible for compensation.
What Happens After I Make a Claim?
If your claim is successful, you will receive compensation from the Principality Building Society. The amount of compensation will be determined by the building society, and may be paid directly to you or credited to your mortgage account. If your claim is unsuccessful, you will not receive any compensation.
What Should I Do if I am not Happy with the Outcome of my Claim?
If you are unhappy with the outcome of your claim, you can appeal the decision. You will need to provide additional information to support your claim, and the building society will reassess your case. If you are still unhappy with the outcome, you may be able to escalate your claim to the Financial Ombudsman Service.
Conclusion
In summary, if you are a customer of the Principality Building Society and have had arrears fees or other charges levied against you in the past, you may be eligible for compensation. The deadline for making a claim is August 2019, so if you think you may be eligible, it is important to act quickly. To make a claim, you should contact the building society directly and provide information about your mortgage account and the fees or charges that were levied against you. If your claim is successful, you will receive compensation from the building society. If you are unhappy with the outcome of your claim, you can appeal the decision or escalate your claim to the Financial Ombudsman Service.