AROUND 20,000 Scots householders have won a David and Goliath-style victory against the banks that tried to repossess their homes after they fell into arrears with their monthly bills.
Adam PHILLIPS: Chairs the panel which took the issue up with FSA.
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The institutions were effectively double-charging borrowers for taking them to court by adding on to their arrears the costs of court action that had been declared illegal.
But the City watchdog has challenged the practice and warned the banks will have to foot a £40m bill if they raise new proceedings against Scottish borrowers, who may also be eligible for compensation.
