cash withdrawal charges
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Obviously the aim in the future is to stop incurring these charges in the first place
That sounds like an excellent plan. I once had a fairly minor gambling problem (fruit machines) which I managed to sort out on my own but if you're struggling with that then I hope that you're able to get some help from the likes of gamcare.I hate verisimilitude.0 -
Malcnascar wrote: »11/10 says yes you will get them back, 5/1 on says you won't. I don't gamble but even I know these odds are stacked in favour of the Banks.
I'll have £10,000 on get them back.
And £3,500 on not get them back.0 -
Thanks for the friendly advice regarding Gamcare etc and I accept that I'm responsible for my own actions and that I have made poor choices. Having said that I'm not a big fan of the banks (bailouts, bonuses etc) and they've made a lot of money out of me over the years so I wouldn't feel too bad if some of the charges were deemed to be unfair and were refunded. I accept this is highly unlikely though and appreciate finding this out now so that I don't waste my time writing to the banks. Just to add I have tried lots of things to stop gambling in the past and I will eventually break the habit.0
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Thanks Anthorn for the reply and link to the 'Reclaiming unfair credit card charges' article. It looks like charges relating to 'late payment or missed payments or exceeding credit limits' are sometimes refunded then but there's no mention of charges relating to cash withdrawals. I rarely go over my credit card limits or miss payments (juggle 0% credit cards and now have a lot of them!) so it's the credit card cash withdrawal charges and bank account arranged overdraft charges that really mount up for me. Obviously the aim in the future is to stop incurring these charges in the first place
You said it yourself, cash advance fees and interest rates are not covered by the OFT ruling. Basically if you don't like the fees don't get a cash advance and/or gamble in the first place.0 -
We in the U.K. have already been through the charges on credit cards and the OFT ruled that credit card charges were excessive and came up with a acceptable charge of £12 which most card issuers now charge. So you're out of luck unless each of your charges are more than £12 or possibly you had excessive charges levied prior to 2006. Probably doesn't apply to cash advance fees and interest.
https://www.moneyadviceservice.org.uk/en/articles/reclaiming-unfair-credit-card-chargesYou said it yourself, cash advance fees and interest rates are not covered by the OFT ruling.
Yes.
The distinction is that cash advance fees are simply fees for a service freely purchased. You are allowed to obtain cash advances and this is a feature promoted. The fee is a charge for accessing that service.
Late payment fees (etc) are "liquidated damages". It is a breach of the terms and conditions to pay late or go over limit. CC contracts used to put in a charge of as much as £30 into their T+Cs for such a breach. However under the Unfair Terms in Consumer Contracts Regulations 1999 (which applied at the time), such fees must be a fair reflection of the cost to the injured party of the breach. I believe the original challenge was by a law student, but the case was continued by the OFT (the regulator at the time). They found that the maximum enforceable fee would depend on each case. They said that if CCs had a flat charge of more than £12, then they would intervene to investigate. They specifically said that £12 would not always be legally enforceable - sometimes more would be appropriate, sometimes less. Despite this, £12 has become a de-facto charge.
So in conclusion:
1) You can challenge penalties for breaches of T+Cs if you think that the penalty charged exceeds what it cost the CC to deal with the breach.
2) You cannot challenge "fees" for services, unless you can find some other legislation that has been missed by somebody.
In the case of current account charges, it was ruled that in the main, overdraft fees were not penalties and not reclaimable under the UTCCR1999.0 -
Thanks chattychappy, that explains everything I wanted to know about bank account and credit card charges!0
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