What impact will the OFT have?

markymoomoo · 16 March 2007 at 2:07PM

am just wondering what impact the OFT report will have on any claims mid way through...?

or any "best Guesses" if not known?

Thanks

Twinkly · 16 March 2007 at 2:35PM

markymoomoo wrote: »

am just wondering what impact the OFT report will have on any claims mid way through...?

or any "best Guesses" if not known?

Thanks

Best guess - none

susank · 16 March 2007 at 8:32PM

Letter and leaflets from the CLydesdale Bank to-day to say new charges from end of April will be £25 if you go over £25 overdrawn over your overdraft or if you have no overdraft and this can be levied every day but only once daily for each transaction that takes you more overdrawn! This is quite a lot compared to what it costs them is it not?

zombie · 17 March 2007 at 2:28AM

I understand that the OFT/FOS/FSA will prublish a report that all Banks must cap their referral charges/late fees/letters etc to £12.00 in future as they have done in the case of credit cards.

Currently the whole of the referral charge amount can be reclaimed in full. However, as I understand it, as from the date that this report will be published it will become law and we can only claim the difference back and not the whole of the charge. So for example, if your Bank charges you a referral fee of £20 you would only be entitled to claim back £8.

This report is due out on 12th April 2007 so I assume all claims must be submitted before this date to reclaim the whole of these unlawful charges. If this is the case and would like to throw this open to the forum, then as a matter of urgency your claims must be submitted ASAP before the April 12 deadline to reclaim your entitlement in full.

Zombie

nickmack · 17 March 2007 at 9:48AM

zombie wrote: »

I understand that the OFT/FOS/FSA will prublish a report that all Banks must cap their referral charges/late fees/letters etc to £12.00 in future as they have done in the case of credit cards.

The OFT will publish the findings for their investigation into bank charges. They will most likely set a threshold, below which they will not take any action against banks. This could be higher than £12 as the costing structure for an organisation such as a bank is different to credit card companies.

However, as I understand it, as from the date that this report will be published it will become law and we can only claim the difference back and not the whole of the charge. So for example, if your Bank charges you a referral fee of £20 you would only be entitled to claim back £8.

The OFT report WILL NOT become law. You may still continue to claim for the whole amount, however as Martin says, it may change the banks tactics slightly with regard to how they handle claims and make offers. Read his posts on this thread to be clear on his view.

This report is due out on 12th April 2007 so I assume all claims must be submitted before this date to reclaim the whole of these unlawful charges. If this is the case and would like to throw this open to the forum, then as a matter of urgency your claims must be submitted ASAP before the April 12 deadline to reclaim your entitlement in full.

I'm not sure where you got this information from, but to reiterate, claims DO NOT NEED to be submitted before this date to get a full refund. This is not what has been stated by Martin. Again, please read his posts on this subject so you are clear on what has been actually said.

ukmonkey · 18 March 2007 at 2:39AM

zombie wrote: »

I understand that the OFT/FOS/FSA will prublish a report that all Banks must cap their referral charges/late fees/letters etc to £12.00 in future as they have done in the case of credit cards.

Currently the whole of the referral charge amount can be reclaimed in full. However, as I understand it, as from the date that this report will be published it will become law and we can only claim the difference back and not the whole of the charge. So for example, if your Bank charges you a referral fee of £20 you would only be entitled to claim back £8.

This report is due out on 12th April 2007 so I assume all claims must be submitted before this date to reclaim the whole of these unlawful charges. If this is the case and would like to throw this open to the forum, then as a matter of urgency your claims must be submitted ASAP before the April 12 deadline to reclaim your entitlement in full.

Zombie

Point proven I do believe Martin...!

Hmmm...I wonder what, or should I say whom, put this idea into Zombie's head?

feedering · 18 March 2007 at 9:55AM

I'm not sure where you got this information from, but to reiterate, claims DO NOT NEED to be submitted before this date to get a full refund. This is not what has been stated by Martin. Again, please read his posts on this subject so you are clear on what has been actually said.

Martin did state that the banks would change their tactics. Why and how?
The OFT report only comes into effect if a bank does not lower their charges to that or a lower amount.

Can I have a specific thing that the bank will or are likely to do? Evidence please.

Nothing at all has changed for the consumer who is reclaiming charges, and the advice on this particular issue has been amended a few times shall we say

Specific miss information was given on the Tonight Show and on the Wright Stuff. Whilst I agree Martin can not be held accountable for every quote he has some responsibility.

JMO

turtle_3 · 18 March 2007 at 2:41PM

Specific miss information was given on the Tonight Show and on the Wright Stuff. Whilst I agree Martin can not be held accountable for every quote he has some responsability

especially when it comes straight out of his mouth ... as it did on both these programmes :rolleyes:

The OFT will publish the findings for their investigation into bank charges. They will most likely set a threshold, below which they will not take any action against banks. This could be higher than £12 as the costing structure for an organisation such as a bank is different to credit card companies.

that is word for word to what bookworm said on another thread .. glad to see the board guides are listening to her .. I thought we are suppose to show they are quotes ?

MSE_Martin · 18 March 2007 at 8:07PM

Dear me, can we stop this now. This bickering and constant sniping really is unappealing and unhelpful. This thread is now getting unproductive, and confusing for those reading it. It isn't helpful and its damaging to those trying to reclam.

To the small minority who seem to constantly be bringing this thread back to what I have or haven't said; apart from finding the accusations purile, hurtful and upsetting - let me state my aim is constantly to give the best possible information in a way that's understandable. Of course things change (I even state that in the guide) for example at first my best guess was the OFTs figure was £12, then info fed through from leaks that is is likely to be higher, so now I say £15; I dont consider my original statement was misinformation.

So let me say.... to those few people who won't let go. I have tried to respond to you, but as stated, I really don't have the time to go over the same point again and again and again. You've made your point - and while I don't agree with most of it - i have read it - heard your arguments - and tried where possible to take them on board - there is nothing left to be said.

If you feel you need to continue to keep repeat them and drag this off track - then I'm afraid you need to understand that this is my site, and I carry the can for the opinin on it - good or bad its my responsibility. While of course I could've simply deleted your views, I haven't I try and keep things open; even when some of the comments have been personally insulting. Yet if you continue to rehash and rehash its time for me to suggest that you may be more comfortable using a different site to this one.

Martin

Chrysalis · 19 March 2007 at 1:53AM

Twinkly wrote: »

This and other posts suggest you are really wary of reclaiming your charges. I appreciate you are and I am sorry that you cannot be encouraged by others experiences and action you can take to defend against anything the banks may or may not do in retaliation.

Just out of curiosity, do you really have no alternative at all to using a debit card ? I havent used mine yet, probably wont and cant think of an instance where it would be mandatory for me to do so.

debit card is essential for me, my charges are around £500 which whilst useful to me having a debit card is worth more then £500.

-edit-

Ok had a rethink and getting a prepay mastercard whilst expensive to use I can understand would still cost alot less then £500 and would be acceptable for me so I may now just go ahead with my claiming and use the prepay mastercard as fallback if my account is closed.

What impact will the OFT have?

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