To consider ‘going to the papers’

[Hellorhighwater]

Three years ago, after my husband died, a major financial institution really cocked up my life. They have (finally) admitted responsibility, but are fighting me over compensation. The ombudsman is involved, but has now said they don’t cover all ‘consequential losses’, and I may have to sue for some of them. I can’t face it. It’s been utterly awful. Obviously it’s complex, but I’m missing £60k in equity I should have realised and about £800 a month ongoing. The damages add up to about £70k, so it’s not inconsequential amounts they’ve cost me. I’m trying keep my shopping budget under £20 a week this month for me, DD and two dogs. I’m penniless and they make millions in profits. It feels like they have all the power here, and it feels deeply unfair.

I’ve always thought that taking to the media is a low blow, but I’m so exhausted by the whole process I don’t know what else to do. I can’t carry on like this. ) I thought the ombudsman would be the end of it (they’ve been dealing with it since August last year and everything takes forever) and I thought perhaps a bit of bad publicity might push them into being a bit more amenable. Not that I actually have any idea how to do it. Email ‘The Sun’? (I don’t even read the news!). What do people think?

Yep - I'd go to the broadsheets rather than the redtops. It's a very good sign that they have admitted liability... And good luck OP

I think if the ombudsman has said you need to sue you will need to sue. I work for the NHS so this could well be totally different in a bank but I can’t sign a cheque for £x to rectify an issue caused by mistake or whatever. It’s sounds like they have rectified what they can, messaging the chief executive or going to the media may not help.

Again within my work I’ve had people threaten and go to the media but it’s still a no can’t do that.

The bank may be able to compensate you but it will need to be as part of a process involving legal support as well.

I hope you sort things out though.

@Movingonup22

Oh did you lose your home - I’m so sorry. Do you have some who can help you put your case together if that is not your skill set? The ombudsman are good but it will Help you to put everything together clearly - eg my financial loss is that I had to sell a key asset (selling costs etc) now paying rent so not paying off capital as with a mortgage etc. I imagine it might be seen as reasonably foreseeable that if the insurer didn’t pay up this sort of financial loss would occur etc. as someone said you will get a very healthy interest rate from the ombudsman.

I’m so sorry, that must be awful.

I thought I was doing ok with it. But now I think I’ve fucked it up. And then I thought at least it would be over. I don’t think I can face more years of of it dragging on. Thankfully, I won’t lose my home over it.

It doesn’t sound like you’ve fucked it up at all!

Are you planning to contact one of the financial pages/journalists suggested on this thread, OP?

Appreciating we dont have all the details, the challenge you will face is that the ombdusman will only compensate for direct damages and associated interest. Steps you have taken to manage financially are not typically compensated, nor are "losses of an opportunity" which would apply to any contracts you were unable to take. Effectively they cant tie the events solely to the failure of the company.

The legal route is likely the best option as they will look at the chain of causation between the event and your losses - though again things like "loss of an opportunity" are very rarely successful.

The main hope will be that legal action plus negative publicity will compel them to settle the action, and give you what you want - but that is not necessarily the same as what you would be legally entitled to if you were to take successful legal action.

Id strongly suggest getting a litigators view on this, as there is a risk with legal action that youd need to pay yours and the firms legal costs (or some of) if a claim was unsuccesful.

Agree with Cwharf you should get proper legal advice on your situation if you haven't already done so.

Its also worth noting that while a court will take an ombudsman decision into account, the ombudsman and court use different assessment criteria. It is therefore not a given that a court would reach the same conclusion as the ombudsman regarding liability.

Again - id recommend getting legal advice if you haven't already sought it.

I would agree with a PP that Radio 4s You and Yours is worth a try. Winifred Robinson always sounds so genuinely concerned about people.

'Going to the papers' is really about naming and shaming.

There is no guarantee it would work in your favour.

Journalists are looking for 'good stories'. They aren't always on your side as a 'friend'.

I'd suggest you get onto Twitter / email /contact some of the main finance journalists with the bare minimum of your experience and see if they bite.

Which? magazine might be another option OP. You can contact them to complain about a company via www.which.co.uk/about-which/contact-us

I would also start with your MP. Admittedly it is luck of the draw if they are any good, but it could be sorted without the media. If not, I completely understand why you can't fight it through the courts, I think the suggestions of writing to a consumer champion is a good idea

@girlmom21

The media want a story - not to help. Presumably you have a solicitor - what's their suggestion? Are they offering anywhere near enough compensation to get your life back on track?

If it's enough to afford to get back on track I'd consider forgetting what they actually owe you and take what you can get if your mental health is going to take a hit with the stress.

They are offering about £10k at the moment. To be fair, it IS very complicated, and further complicated by covid. And some of it is quite subjective. I do not for one moment expect to get £60k, even though they are all genuine costs. I will consider what my ‘back on track’ threshold is, though. That’s a very good idea.

It’s not so much mental health, more the stamina to live in poverty and throw myself at it for another year. Or two. And I can’t afford a solicitor. I can’t afford to eat meat this month.

A colleague of mine went to the papers with a story about a financial matter. She told her side...the tabloids printed something very different, and she lost control. It affected her business ultimately as people local to her had read the paper. I would check out 'no win no fee' solicitors, especially if you have an ombudsman telling you to take legal action. I have one working on a case where the ombudsman ruled in my favour but their hands were tied to rectify the matter.

Get legal advice. The media aren't going to take up the cudgels on your behalf unless you have good grounds in law for the amounts you believe you're entitled to.

Radio 4 you and yours

OP - former journalist here - don't go to the papers it will count against you. No one is that interested (see what's happening in global media now - it's not going to cut through at all. Sorry but that's the truth.

Sad as it is your story is neither unique or sensational enough to be published. Your sources and info sound unsubstantiated - no one will touch it at all (if they say they will - back away).

Avoid consumer publications such as Which - they are not what you think they are. They are subscription-led magazines and not the "watchdog" you think.

Get proper legal advice and if you want to down the journalistic rote see Paul Lewis. Nothing against Martin Lewis at all but he is extremely popular (rightly) so your email will not cut through

@Ericabro

Contact FSCS/ action fraud and the SFO

This is bad advice, the FSCS can’t help unless a firm is in liquidation, the SFO and Action Fraud won’t be interested unless the OP has proof of criminality.

OP you’re doing the right thing via the going via the Ombudsman. I’d also second those saying contact your MP for help and I’d do this before going to the papers.

I approached Jessica from the Telegraph money section a few years ago, she was brilliant and resolved my problem within a fortnight. It was minor compared wih yours. She retired but her replacement seemed good.

@EthelTheAardvark

Are you planning to contact one of the financial pages/journalists suggested on this thread, OP?

I still don’t know. My instinct is not to, but I I don’t know what else to do.

I can’t afford a solicitor. I wish I had done that before, but I stupidly thought they would negotiate. And then I thought the ombudsman would sort it. And now it looks like they can’t, at least not all of it. I think I’ve been naive and I really don’t want to do this anymore.

Yes to the money sections in the broadsheets, who will deal with you sensitively. I used to work in a financial institution and it was my job had to investigate cases relating to my area for the PR team when journalists from these sections got in touch and they had to be dealt with asap. They took much, much higher priority than MP enquiries as bad press is to be avoided at all costs.

Please don’t go to a ‘general’ journalist, they will editorialise your story to suit their own purposes and you won’t have any control over how you are portrayed (plus obligatory ‘sad face’ photo requirement).

Best of luck.

There’s a huge difference between “going to the paper” hoping for a splash in a tabloid (unlikely and intrusive) and contacting one of the finance advocates in the Money sections of the broadsheet newspapers (as many have advised here). The latter is definitely worth a try.

The primary issue here is that its very hard for anyone to give any substantive help without knowing more of the details (I fully appreciate the desire not to publicise the details).

You need advice in some form, so that you can get an independent view of the likelihood of success - as if you are unlikely to get the outcome you want, it is better to know now do you can begin to plan.

I would suggest trying law clinics at universitys or citizens advice bureau. Law clinics in particular offer pro bono advice by allowing a law student to operate under the guidance of a qualified solicitor.

OP you sound like you have been through a horrendous time.
Jill Insley at the Sunday Times seems to be very good.
Nowadays they don't even print your initials with your 'letter', so it's completely anonymous.
Good luck.