Bank win for borrowers

AROUND 20,000 Scots householders have won a victory against the banks that tried to repossess their homes after they fell into arrears with their monthly bills.

The institutions were effectively 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 banks will foot a 40 million bill if they raise new proceedings against Scottish borrowers, who may also be eligible for compensation.