My bank told me claims were on hold due to the OFT tect case. Can I/Should I reclaim?

I wonder if a moderator might make this sticky to save answering this question 10 times a day. Add/edit if necessary..

The OFT test case is in full swing now. Since it was announced the vast majority of claims have been stayed (put on hold) by the courts until the case is over, whenever that might be.

When you send your first letter to your bank asking for a refund, you may be told "we do not pay out anymore" or "all claims are on hold, you cannot claim until the test case is over" something along those lines.

However, you can and should continue the reclaiming process regardless. When you begin the court claim, it will be stayed along with all the others, but it will be accepted. There are good reasons to get your claim in now rather than sit & wait for the test case to run its course.

1. If you have charges close to 6 years old, they could become statute barred if you begin the claim after the test case if, as expected it goes on well into next year due to appeals. If you begin the claim now, charges over 6 years by the end of the test case will not become statute barred because the claim was started within the 6 year limit.

2. Your claim will start to accrue interest from the date you begin the court claim and continue to accrue interest up until the date of settlement. For claims that run into hundreds or thousands, this could be quite a lot of money!

There may be other things to consider, but thats about it in a nutshell. Now I can just paste this link instead of the typing same thing over & over