# Clarification of issues raised by lenders



## Gen360 (24 Mar 2017)

Another very interesting PDF document just appeared on the Central Bank website.

[broken link removed]


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## SirMille (24 Mar 2017)

> COMPENSATION: 12. Payment of Compensation In circumstances where impacted customers have suffered detriment, the payment of compensation is necessary to adequately make amends for lenders’ failures and to ensure that all detriment sustained by customers are remedied. The Central Bank acknowledges that lenders will not be in a position to make customer specific awards of compensation upfront as they will not know the specific circumstances of all impacted customers. Accordingly the Central Bank suggests that lenders divide impacted customers into cohorts depending upon the impacts of the lenders’ failures and award levels of compensation to customers based on the cohort that they fall into. For example, customers could fall into the following broad cohorts:
> (a) impacted customers that have *never been in arrears*;
> (b) impacted customers that are currently, or were previously, *in arrears*;
> (c) impacted customers that entered into, or are in the process of entering into, a *restructuring *arrangement regarding their mortgage accounts;
> ...


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## SirMille (24 Mar 2017)

"_Independent_"


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## justo (27 Mar 2017)

_(a) impacted customers that have *never been in arrears*; 
_
Great. I sacrificed all kinds of things and stressed about my finances for years in order to keep up with my payments. I never slipped into arrears but did have to take a mortgage 'holiday' for 4 months to keep debt away and catch up with payments. Of course I have to repay the missed payments for the duration of the remaining term. I have had countless charges on my account for late payments of direct debits that could not go out as I was over my overdraft. Why is the CB only recognising those in arrears as those who suffered any financial or other hardship?


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## Freshstart (27 Mar 2017)

Justo I couldn't be any more angered by this as well. Having made untold sacrifices to ensure the repayments were met. To have begged and borrowed and missed things that can't be compensated for and now feel like the banks haven't wronged us as much as others all because we managed for years to do nothing but pay our over inflated mortgage.


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## SirMille (27 Mar 2017)

We didn't have a second child because of it.


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## Freshstart (27 Mar 2017)

I didn't want to state it but regrettably we had to make that same decision Sirmillie.


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