📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

OFT and Banks to decide on "fair charge"

magicmadam
magicmadam Posts: 70 Forumite
in Reclaim bank & credit card charges
Hi, I have just copied this from another forum I was reading.


Hello all. Just heard on the news that the Office of Fair Trading is to sue the banks over unfair charges. Sounds good, but it also means that anyone currently trying to claim their bank charges back, will not now recieve any rebates until after the OTT have had a thorough investigation and the law courts have decided on an outcome.
Sorry for anyone currently hoping for some money back ... plain.gif

Do you know if it is true? MM
«134567…28

Comments

  • woodhouseian
    woodhouseian Posts: 43 Forumite
    Apparently some banks and the OFT have agreed to some sort of test case going to court:

    http://news.bbc.co.uk/1/hi/business/6918140.stm

    Do we know yet how this fits in with the general strategy, eg is there going to be legal representation for the MoneySaving community? I hope some of the available legal defence funds can be devoted to this. I would be a bit nervous of something like the credit card fee saga from a while ago, ie a so-called 'reasonable' fee which is actually way above the banks' true costs.
    I didn't study anything at school. They studied me.
    (Woody Allen)
  • Crabman
    Crabman Posts: 9,942 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    http://news.bbc.co.uk/1/hi/business/6918140.stm

    Just heard about this and can't seem to find it on here, so here it is... the banks and the Office of Fair Trading have agreed to a test case for overdraft charges to determine what exactly a 'fair charge' is.

    I get the feeling this test case isn't good news for us... :o

    Apologies if this has already been posted, I did try to search :beer:

    Crabman :D
  • techspec
    techspec Posts: 4,464 Forumite
    Just seen it on the news. It looks like D-Day is upon us.

    I am glad most of my claims have been settled, as this could go either way.

    But Martin, and the CAG, aswell as the OFT, agree that the fees are illegal, so we will just have to hope they are right.
  • Crabman
    Crabman Posts: 9,942 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    techspec wrote: »
    Just seen it on the news. It looks like D-Day is upon us.

    I am glad most of my claims have been settled, as this could go either way.

    But Martin, and the CAG, aswell as the OFT, agree that the fees are illegal, so we will just have to hope they are right.

    The problem is that if/when a "fair amount" is decided, people asking for a full refund of charges may only be offered the difference between what they were charged, and what they would be charged under a "fair amount". :o
  • Edinburghlass_2
    Edinburghlass_2 Posts: 32,680 Forumite
    10,000 Posts Combo Breaker
    techspec wrote: »
    Just seen it on the news. It looks like D-Day is upon us.

    I am glad most of my claims have been settled, as this could go either way.

    But Martin, and the CAG, aswell as the OFT, agree that the fees are illegal, so we will just have to hope they are right.

    Just a legal point techspec but no-one agrees the fees are illegal, but the amount charged is unlawful.
  • techspec
    techspec Posts: 4,464 Forumite
    Looking forward to a statement from Martin, when he finally calms down, as i bet he is bursting with excitement at the moment.
  • cyberman_3
    cyberman_3 Posts: 230 Forumite
    LATEST NEWS
    http://news.bbc.co.uk/1/hi/business/6918140.stm

    It seems the pressure is on from the OFT

    There are a few banks that seem to want a test case.

    You must remember that the law as it stands now is clear, Banks cannot charge above their costs. It will be interesting to read what the lawyers of these banks have to say. Regardless of what they say, the law remains until it is changed. Any government that changes this law could possibly destroy itself.
    The Winner Takes it All
  • chris1huk
    chris1huk Posts: 66 Forumite
    on channel 4 now they said something about suspending all claims?
    how will this affect my court proceedings i have started anyone know? :|
  • chris1huk
    chris1huk Posts: 66 Forumite
    martin on channel 4 now!!!
  • yambretta007
    yambretta007 Posts: 4 Newbie
    Just saw this which is a bit of a upset as this is the route I wished to take.

    http://www.financial-ombudsman.org.uk/faq/bank-charges.html

    Have got my statements and was going to send my 1st letter tomorrow asking for reclaim of over £4000 in charges from 2 accounts.

    Does anyone know if I've missed my chance now and if not what plan of action. :confused:

    thx Yam'
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.2K Work, Benefits & Business
  • 599.4K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture