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Bank charges not unfair. Bank wins first court case
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Leon_W
Posts: 1,813 Forumite
Sorry it's a little off topic but this question does rear its head quite often on the mortgage board so I thought I'd post it here.
Specifically it relates to Lloyds who have today become the first bank to win a court case after being sued for £2545 "unfair" charges by a customer.
link here to full story http://news.bbc.co.uk/1/hi/business/6657025.stm
Although it doesn't set a precedent you can certainly bet it will be brought up by any bank defending a case !
Specifically it relates to Lloyds who have today become the first bank to win a court case after being sued for £2545 "unfair" charges by a customer.
link here to full story http://news.bbc.co.uk/1/hi/business/6657025.stm
Although it doesn't set a precedent you can certainly bet it will be brought up by any bank defending a case !
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I'm pleased for Lloyds TSB, about time someone took a stand. I bet he never had to pay the court costs though, and will now be fleecing the system for an appeal.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Good result finally for all those that run their accounts within the rules and never pay a penny in charges.
Let's hope it starts a trend in other court cases.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
finally a common sense decision!
its about time these people were told "YOU WERE CHARGED FOR SOMETHING YOU HAD AGREED TO WHEN OPENING YOUR ACCOUNT, IT IS YOUR FAULT FOR BEING FINANCIALLY INEPT"
now i know Martin is going to make a big song and dance about this, particularly if one or two further cases come to the same conclusion, but the fact remains that 95% of claimants are simply trying to get their money back as a reward for the ineptitude more than anything else.
IMO very few cases have a genuine case against the banks.0 -
Wow! I wonder if this will mean more banks will defend in court? I've been very worried about whats happening in the banking industryI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
it was my understanding that there has been losses in court before0
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I think ur comment is a bit harsh! People get into financial trouble for many reasons, it's not always their fault.Good result finally for all those that run their accounts within the rules and never pay a penny in charges.
Let's hope it starts a trend in other court cases.
No one is saying that the charges themselves are unfair, if u go over an agreed overdraft, u deserve to be charged. BUT how can the banks justify charging someone £35 for something that costs the £3ish to administer!?! And these charges, more often than not, push people further into trouble.
As an Mortgage advisor, I'm sure ur advice is gratefully recieved. Your judgement of others however, is not!
And no, I have never paid a bank charge, and I never will.
There, 'nough said.'We are all in the gutter, but some of us are looking at the stars' - Oscar Wilde0 -
SarahNeedle1872 wrote: »I think ur comment is a bit harsh! People get into financial trouble for many reasons, it's not always their fault.
No one is saying that the charges themselves are unfair, if u go over an agreed overdraft, u deserve to be charged. BUT how can the banks justify charging someone £35 for something that costs the £3ish to administer!?! And these charges, more often than not, push people further into trouble.
As an Mortgage advisor, I'm sure ur advice is gratefully recieved. Your judgement of others however, is not!
And no, I have never paid a bank charge, and I never will.
There, 'nough said.
Rubbish!
It's about time some common sense prevailed in this compensation culture that is Britain today.
Great decision IMO!
And no, I've never paid a bank charge in my life either. :T0 -
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