Meeting with OFT

Former_MSE_Wendy · 17 September 2007 at 1:02PM

Hi all

Martin is going to meet the OFT later this week to discuss the bank charges situation.

Although he probably won't have time to ask them all, does anyone have any particular questions they think he should ask?

Any ideas please reply below. Thanks.

southernscouser · 17 September 2007 at 1:06PM

What came first? The chicken or the egg? :think:

Elise1309 · 17 September 2007 at 1:13PM

I'd like to ask why 'stays' are being granted so glibly.

Many people have posted stories of financial hardship that don't seem to have taken into consideration by courts, and there are also cases (including my own) that have circumstances not covered by the test case - eg fees deducted erroneously, fees taken from customers on benefits (illegal!), account mismanagement leading directly to accumulation of fees in the first place.

Banks should have to demonstrate that cases come ENTIRELY under the umbrella of the test case before they get awarded a stay.

Due process has gone A over T when consumers have to jump through so many hoops to get legitimate cases heard.

Stokey125 · 17 September 2007 at 1:16PM

MSE_Wendy wrote: »

Hi all

Martin is going to meet the OFT later this week to discuss the bank charges situation.

Although he probably won't have time to ask them all, does anyone have any particular questions they think he should ask?

Any ideas please reply below. Thanks.

Couple of things firstly can we have clarification of the story last week that the OFT may settle the case. The starting of the case has put a large number of cases back by months. If the case is now settled these cases will take longer to settle than if the OFT had not started the proceedings. If they are going to settle how do they propose that the people who have been adversely affected by the unwarranted delay including people who have had to withdraw cases because they could no longer afford the financial burden and extra expense they had incurrd directly resulting from the OFT case.

Secondly, it is now clear that the banks have misrepresented the true position. In order to obtain stays the banks have been saying that the OFT case wil be dealing with all the issues when in fact it will be dealing with one very narrow issue. In the circumstances would the OFT agree to a joint letter to the Master of the Rolls clarifying the scope of the case and asking to reconsider the necessity of stays being in place.

Finally as it is clear that the banks are not willingly going to disclose the information relating to how much it costs to return unpaid items will the OFT put its own calculations into the public domain so that if needed it can be used.

grayclose31 · 17 September 2007 at 1:22PM

Please ask them what are they going to do to stop people like me throwing themselves off the pier head.

Our 3 claims have been stayed on direction from the CC Judge WHY? We are in serious debt due to these charges and all we want is them returned minus the appropriate charge.

If the banks have not been overcharging why have they paid out so much?

Most of all HOW LONG IS THIS GOING TO TAKE? We are all fed up of the banks waisting time and our money.

Badger_Lady · 17 September 2007 at 1:22PM

Whether they agree that the banks should ethically "stay" making further charges on overdrawn accounts until the decision is made.

Norfolk_Shot · 17 September 2007 at 1:46PM

Why have they done this cosy little deal that protects the Banks while the Consumer continues to get shafted??

suzialwaysbroke · 17 September 2007 at 1:48PM

Agree with Badger-Lady - surely the banks should be made to "stay" all charges relating to excess o/d fees until case is decided.

Anyone else feel rather disillusioned that OFT seems to be on the side of the banks over all this?

novelli · 17 September 2007 at 1:52PM

Yes please!!!!

Ask for clarification of hardship cases.

AND
what happens when the bank dont honour this!!!! AND the FOS also just seems to ignore the cases!!!!!
I am told by the FSA that the bank are wrong and that they must deal with hardship cases, but they are not doing so!!! their advice is to contact the FOS, done that but they too busy apparently to deal with anything anytime soon!!!

its all very well stating that the banks should do this and do that but the simple fact is they are not adhering to the waiver and there seems to be nothing the poor consumer can do about it!!!!!!!!!!!!!

Palerie-head · 17 September 2007 at 4:15PM

MSE_Wendy wrote: »

Hi all

Martin is going to meet the OFT later this week to discuss the bank charges situation.

Although he probably won't have time to ask them all, does anyone have any particular questions they think he should ask?

Any ideas please reply below. Thanks.

For me it would be clarification from them about any case that had been given judgement pre 27/7. HSBC/their solicitors have said that they are not going to pay out on my claim which was given judgement on 25/7 due to no defence being entered because of the announcement of 27/7. I am going to argue in court that they cannot rely on an announcement made 2 days after my judgement was given - but I'd be really interested to hear what the OFT think about the bank's position on this.

Also- if they are really impartial and acting fairly, why did they not suspend the charges in the interim whilst this was all investigated. I guess if they had done that we would have a resolution a hell of a lot quicker than we will just now.

Thanks!

TANZARELLI · 18 September 2007 at 10:20AM

My question is simple:

Why is it that the OFT have stated that they agree with many of the banks claims that charges are not penalties when they are without a doubt just that?

Also

What does the OFT actually think they will acheive if they are likely to withdrawl from the case if the banks alter their charges level?

Get Martin to show this pathetic response at charge reduction from LTSB: http://www.lloydstsb.com/media/lloydstsb2004/pdfs/rac.pdf

www.penaltyactiongroup.co.uk_Aqua wrote:

Despite being hailed as a breakthrough on bank charges, as the facts become apparent, it appears that the news is far from good.

What is clear is that if you have a small unauthorised overdrat with Lloyds as of 2nd November, you could end up paying 66% PER DAY!!!

Yep.. forget your APR's or even % Per Month, this is the equivalent rate PER DAY.

For example:

If your account exceeds it's overdraft limit by £25.00 for 10 days, here are the charges that will be inflicted upon you..

Monthly Overdraft Charge: £ 15.00

Daily Overdraft Charge: £ 15.00

So, your total charges for borrowing £25.00 over 10 days will be £165.00.

Here is the equation...

165 * 100 / 25 = 660 Percent.... Yep... that's 660% charges over 10 days, which equals... 66% PER DAY!!!

Or, if you remained £25.00 over your limit for 12 months, then the annual percentage rate of charges would be 7,920%..

There is the reality folks... for being just £25.00 over your limit for 12 months, you will be charged a staggering £1,980.00.

Oh... and you'll still owe them the £25.00..

Meeting with OFT

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