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Does that mean that I can claim compensation from my Building Society if I cannot meet my payments?

Thanks for that.

As a related matter, shouldn't there be fines for irresponsible borrowing? It never fails to bemuse me that some people act as if a gun had been held to their head during the process of signing for loans when they can't meet their payments.

Very true. I know self-employed people who have declared salaries that were not representative of their overall income. This can be by applying at a particularly good time of the year and convincing bannk managers that this was natural business growth.

The banks and individuals both need to take their share of the blame. I guess the reason for the fines is that there is no other recourse for the banks. If individuals get into trouble, they may be repossesed. This is possibly the ultimate sanction.

Even now, the banks are still acting irresponsibly. My bank is regularly offering me credit cards and guaranteed loans that I would not feel comfortable repaying.

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"I'll say I can't tell you when, But if my spirit is strong, I know it can't be long, No questions I'm not alone, Somehow I'll find my way home" Rod

As far as fines for borrowers go, I think they are 'fined' enough with the loss of the house/car etc when the bailifs come.

There should certainly be better education on all financial matters that we deal with on a day to day basis. Whilst it is common sense for some people it does appear we can easily get led astray without thinking about the consequences. Household finances should taught at school.