Hold on reclaiming expires today

soop2

What's going on? ANy news? Does that mean I can get my money back now?

LilacPixie

No news yet. I would imagine they will extend the hold tho.

soop2

Damn it!!

Orford

It was extended last week till July 09:
http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/014.shtml#

soop2

RRGGHH... Thanks Orford.

So this is slightly ridiculous. I have to say, I had my concerns that the financial crisis would provide an excuse for the banks not to pay out, but with the FSA just extending the freeze every six months... whose side are they on?!?

The kicker is, I have a loan with my bank for about the same amount as they owe me. So not only are they earning interest on my money, they're also earing interest from letting me borrow it back!

Nate

I feel this is very underhanded of the banks/legal system, surely what they are doing by putting a hold on everyones cash IS illegal in some way.

Just shows that those that make decisions are probably getting some kind of reward!!

When the Banks do something like this, it really does make you feel like ripping them off for a change, instead of it being the other way. The only thing is, every other person that banks with them are the ones that it is put upon.

Is there a limit where the legal system says "Enough is enough, you have to go to court".

I took court action against Abbey just before the hold was put on, Moneyclaim has had my money and is earning interest on it as well, what happens with this ?

Really is getting to me now, the way the Banks are stringing this out !!

mitchb

While not condoning the delay and agreeing it is a ridiculous length of time this has taken i have a theory why this maybe happening.

The banks dont have the money at the moment to refund charges due to the economic climate. If refunds do happen it could lead to banks going bankrupt and the goverment having to bail them out, or worse the country going bankrupt as the banking system collapses.

Imagine being repaid your charges and then taxes going up to reclaim the additional funds the goverment has put into the banks to pay them out in the first place

Greg1974

mitchb wrote: »

The banks don't have the money at the moment to refund charges due to the economic climate.

Hmmm ... well, Barclays are expecting their pre-tax profits for 2008 to be £5.3m, so I'm fairly
certain they won't have too much of a problem finding the money if they were forced to
repay at least some of the unfair bank charges back to their customers!

bublygum

I recently requested a copy of my bank statements for the past 6 yrs only to be sent somebody else's statements. Still waiting for mine and don't know who's got them as they have, according to my local branch of natwest been sent out. Any ideas as to what i should do!!!

Confused of wiltshire:mad:

soop2

What they've done there is not only illegal, but also very, very bad.

I'd definitely threaten to take them to the financial ombudsman..

krisskross

Nate wrote: »

I feel this is very underhanded of the banks/legal system, surely what they are doing by putting a hold on everyones cash IS illegal in some way.

It has not yet been decided whose cash it is. The banks could win the case you know.