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    FROM MSE : RECLAIM BANK CHARGES UPDATE

    STOP PRESS! Major step to victory for bank charges reclaiming!
    Free template letters to put your claim in now

    24 April 08. An urgent update on the Bank Charges situation from MoneySavingExpert.com
    Today (Thurs) a High Court judge confirmed what bank charges campaigners have been arguing for two years, that consumer contract regulations do apply to bank charges meaning that 'fairness' counts. The next step is for the Office of Fair Trading (OFT) to assess whether they are actually unfair but as it's the one who took the banks to court, that seems likely. Then it'll try to reach agreement with the banks, and if not, go back to court.

    To use a football analogy, before we were kicking the ball around the middle of the pitch, now we're at the penalty spot...though the judgement's massive and the nitty gritty may throw more up.

    11 Comments

    Original Poster

    FROM MSE : moneysavingexpert.com/rec…ges

    http://www.moneysavingexpert.com/images/StopPressTopBarResult.gif
    What happens next?
    On 22 May 2008, there will be a case management meeting; at which point it's possible the banks will put in an appeal. Until then, all cases remain on hold. As explained above, my hope is, not long after that, the regulator will lift the hold on reclaiming that was apparently put in place to 'protect consumers' from inconsistencies.

    Yet now the law is clear and binding - bank charges are required to be 'fair' - so hopefully it will soon allow people who think they're legally unfair to reclaim again, after all, the banks are still charging these charges!

    If it's on hold, why put in a reclaim now?
    Simple, the statute of limitations says you can only claim back six years' worth of charges in England, five in Scotland. The longer you leave it, the less far back your reclaim goes... as many people have had lots of charges stretching back over years, this means if you don't put a claim in sooner, you're less likely to get the old ones back.

    Plus hopefully when the FSA ends the waiver on reclaiming, it means you'll be ahead in the queue, and should be dealt with more quickly.


    What if my case is already on hold?
    We’re still waiting for the FSA to end the waiver; as explained above, my hope is that this should happen in the next couple of months. Until then, sadly, you’ll just have to keep twiddling your thumbs. As always, all news will be included in the weekly email.


    [URL="mhtml:{77195D46-D39F-4ACF-931B-FAC4D754821B}mid://00000672/!x-usc:http://www.moneysavingexpert.com/reclaim/bank-charges"][COLOR=#0000ff]Free template letters for you to reclaim[/COLOR][/URL]

    moneysavingexpert.com/rec…ges

    Thank you for this!! My other half needs to claim back quite a bit as he was "young and stupid" in his words!!
    http://www.forumsextreme.com/imgs1/sSig_GoodOne.gif

    This is the same info we had yesterday, nothing new.

    I still don't see why they should repay any of it. If you are spending somebody else's money then they have every right to charge you the fee that is clearly stated in th T&C's. Whether you think it is too much or not is irrelevant. They should be allowed to charge whatever they want and it is up to you to either not spend beyond your means, or go somewhere else.

    :-(

    Now we will all have to pay for the fools who try and spend money that they have not got.

    Banned

    KDH001;1966197

    This is the same info we had yesterday, nothing new.I still don't see why … This is the same info we had yesterday, nothing new.I still don't see why they should repay any of it. If you are spending somebody else's money then they have every right to charge you the fee that is clearly stated in th T&C's. Whether you think it is too much or not is irrelevant. They should be allowed to charge whatever they want and it is up to you to either not spend beyond your means, or go somewhere else.



    Not saying I agree or disagree with this, but in your view is it ok for everyone to break the law or just the banks? If just teh banks, then why not everyone?
    You mention the T&C's and what is clearly stated, but contract law is clearly stated too, and if they breach that then surely its right they are brought to book over it?

    Original Poster

    KDH001;1966197

    This is the same info we had yesterday, nothing new.I still don't see why … This is the same info we had yesterday, nothing new.I still don't see why they should repay any of it. If you are spending somebody else's money then they have every right to charge you the fee that is clearly stated in th T&C's. Whether you think it is too much or not is irrelevant. They should be allowed to charge whatever they want and it is up to you to either not spend beyond your means, or go somewhere else.


    You think it's right for the banks to charge someone £30 a time for being overdrawn by a few quid ? It's not the charging bit people are objecting to its the excess amount they are charging ........ As stated in Thread the banks have 'lost the case' anyway.

    stora;1966208

    :-(Now we will all have to pay for the fools who try and spend money that … :-(Now we will all have to pay for the fools who try and spend money that they have not got.



    I agree with that. The banks may have lost the battle but they'll win the war by charging ALL of us to use their services, just as Alliance & Leicester started doing last year..

    Banned

    Shengis;1966268

    I agree with that. The banks may have lost the battle but they'll win the … I agree with that. The banks may have lost the battle but they'll win the war by charging ALL of us to use their services, just as Alliance & Leicester started doing last year..



    So basically they started charging before the outcome of the case was known. That means they either knew they were going to lose, or it had nothing to do with bank charges.
    If the banks win (and it isn't over yet) do you think the A&L will suddenly re-introduce free banking and pay everyone back the charges for these services from the past year?

    colinsunderland;1966318

    So basically they started charging before the outcome of the case was … So basically they started charging before the outcome of the case was known. That means they either knew they were going to lose, or it had nothing to do with bank charges. If the banks win (and it isn't over yet) do you think the A&L will suddenly re-introduce free banking and pay everyone back the charges for these services from the past year?



    Of course not, they've changed their business model in such a way they can screw their customers AND get away with it :lol: With A&L they used to have a set % on overdrafts, now even if you go 5p over they charge you £5 for the month. It's good for those with £10k overdrafts as its a fixed fee, but it hits those that that rarely use the facility or with small OD's. I'm with Nat West and all I have to pay is a set % IF I use my OD. No other charges, but then I had the sense to actually get an AGREED overdraft. Otherwise i'd be paying £30 odd quid a time too. So in essence, most of the people who are moaning about the charges are just those that are too lazy to actually sort it out with the bank on the off chance they may need the facility.

    I don't agree with the high charges obviously, but nobody forced these people to go overdrawn.....

    Actually my A&L figures are a bit wrong :lol:

    http://www.telegraph.co.uk/money/graphics/2008/04/25/cmbankaccount.jpg

    I can see it from both angles. Those who were frivolous with money they did not have, will hopefully have now learned the value of it, especially after going through hrs of papaerwork to claim it all back....

    On the other hand, my 30 yr old brother has slight learning problems but has managed to develop his own independence. Little did we know that the bank took thousands off him over 3 yrs. He is on benefits but had a small job few hrs a week. On one occasion, he went over by £3.85. ALL his bank charges stemmed from that one occasion.

    It wasn't until he told me that someone at the bank was taking his money (the innocence of it...) that we uncovered what had been happening. It all snowballed. On the day he knew his wages went in, he drew it all out before the "robber" could get it....of course then no balance to pay the charges, easy to see how it happens. Worst of all, they all knew him as he went in there every week without fail as he cannot manage cash machines (he is very loud!). None of the staff could look me in the eye when I went in to try and get it sorted. The bank would not budge, they just did not see it as unfair....until the rebellion happened. It was a very long road that needed a lot of patience but well worth it in the end

    Our fault, we should have monitored things more closely but when someone has independence, it is hard not to upset them by checking up too often. We have had to arrange joint bank accounts so we can check up regularly without all the barrs due to confidentiality.
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