End the bank charges hold now, Martin Lewis urges regulator

Former_MSE_Guy

This thread is to discuss the following news story:

End the bank charges hold now, Martin Lewis urges regulator

natweststaffmember

The only issue I would have with this is that the hold in the county courts is there courtesy of the deputy master of the rolls which is Moore-Blick. Furthermore, whilst the banks' have admitted the "free if in credit" model of charging(I am not so sure this is anything new to be honest), the actual specific terms that are unfair have yet to be decided as yet. The Substantive Issues will deal with the four main charges and there is no decision made that every single one of them will be assessed as being unfair.

Personally I think you should be putting pressure on the FSA Waiver for more clearer guidelines to consumers. This is where people's hopes are raised far higher than perhaps is needed. Let's wait for a decision and the Substantive Issues.

esmerellda

for what its worth I agree with Nattie.


Thing is if they do it right and get the substantive issues sorted properly it will all be clear cut and to prevent an onslaught of litigation the FSA/OFT/bba/banks need to come up with a PROPER way to handle refunds/restitution/interest/credit record fixing etc get the legalitys sorted in court properly first .... personally I would much rather see the waiver continue and stays remain until everything is sorted out - ie the issues in the original proposed group litigation see the FSA enforce the waiver properly especially with regards to debt collection and financial difficulty, than lift it after this initial stage for everyone to fight it out amongst themselves.

Also lifting the stays/waiver before the issue is judged upon opens people to costs if it did by any chance go the other way. Look at whats happening with business accounts.

BigNige

esmerellda wrote: »

Look at whats happening with business accounts.

What is happening with business accounts?

esmerellda

some are still paying up as 'goodwill' although barclays are applying to get peoples stays lifted and asking for a strike out and costs, and getting them (£500 costs and claim struck out this week).

Argument is the penalties charges judgment in the high Court applies to business accounts too as the terms relating to charges are materially the same.

BigNige

thats interesting, I have around £6000 in charges from my HSBC business account that I did not think I could claim back anything as I thought they were not covered under consumer law.

Do you think I should try to get the charges reclaimed? They know the business is in financial hardship because they have just restructured our loan and are in a payment arrangement with them.

Your advice would be appreciated!

esmerellda

You can try a letter to them but i can not advise any one takes any business claim to court.

if you do want to try you need to look at the exact terms looked at of HsBCs in the test case (Annex 2 of oft Poc) that were deemed not capable of being penal, and compare those to the same dates business accounts terms, and they need to be materially different.

will find link to annex 2.

esmerellda

here its schedule A/B not annex 2 doh@me

Amended Particulars of Claim (278 kb)
Schedule A to OFT's particulars of claim (Excel 156 kb)
Schedule B to OFT's particulars of claim (Excel 586 kb)

this link http://www.oft.gov.uk/advice_and_resources/resource_base/market-studies/current/personal/personal-test-case/personal-documents

BigNige

Thank you so much for this. Really appreciated.

esmerellda

No worries

flam147

but the banks should be stopped from making charges balance the hold