Open Letter To David Cameron - 25 AUG REPONSE NOW IN

Goodtimesahead

Proposed Civil Law Reform Bill (to be published later this year) to cut the standard limitation period for unsecured lending from 6 years to 3 years.

http://www.callcredit.co.uk/industryminute.aspx

the_g_bomb

My concern is that by the time, this all gets cleared up, i.e. banks get made to face up to their unfair treatment, they will pull out the we can't afford it card and look to the government, whoever they are at the time for more bailouts or just end up stopping free banking and not repaying what the fatcats have hoovered up.

natweststaffmember

the_g_bomb wrote: »

My concern is that by the time, this all gets cleared up, i.e. banks get made to face up to their unfair treatment, they will pull out the we can't afford it card and look to the government, whoever they are at the time for more bailouts or just end up stopping free banking and not repaying what the fatcats have hoovered up.

One bank RBS Group insured over £250 billion worth of debt earlier this year. Bank charges are unlikely to be this amount.

Sev_3

Wonderfully expressed Martin, you are the Robin Hood of our times!

It is a very sad plight for so many people. We are owed a couple of hundred quid from when my husband had cancer and couldn't work, and it brings back painful memories of being hit hard when it hurts the most. (Thank goodness for Macmillan) I know its not much for us to reclaim, I know people who are owed far more, but its the principle now and it causes so much distress for all when they get the letter through the post saying 'you have gone over your limit..'


We have recently accidentally gone over the limit (after many months of being in credit!!) and been slammed with £60 fines (A &L) Takes the mickey. Lets hope we all get our money back that has been stolen from our accounts!!!!!

Sev_3

CROWN wrote: »

Too late by 3 years!! If you hadn't noticed the Tories are not in power and cannot do F all about this. Stop whining at the Tories and take aim at this useless government in POWER NOW. While you are on your crusade to end free banking for those who stick to their banking agreements, stick your 'people needed your help' line up Gordon Brown's passage as he is the muppet who sat by and watched and did nothing apart from borrow and spend my tax money.

You appear to have failed to notice that Martin was infact responding to a comment made by DAVID CAMERON

Some people...............!!

DENMAN_3

It still annoys me that even though there is a test case and consumers are barred from claiming charges until it is concluded,banks are still allowed to take these charges.Surely if we cant claim,they cant charge!!!

solflower

I just want to say this is brilliant, but also one more thing! Why can't we go back to the old system of branches and branch managers instead of all this centralisation and managers moving around so no-one knows you. And computer led decisions! I'm only 40 but I remember it well. 11 years ago I had a problem where my salary did not get paid in one month and I did not realise I was overdrawn. I incurred nearly 300 pounds worth of bank charges before I realised. I called the manager and explained and he asked me to write a letter and refunded all the charges. This year I stupidly went 130 overdrawn because I forgot about a direct debit going into a savings account with the same bank! I had lots of money in other accounts with this bank but my current account was overdrawn for 5 days, incurring 75 pounds of charges with interest. I've been with this bank for over 20 years and this is the second time I have gone overdrawn by mistake. Unlike the previous time, despite my strong history, despite that the bank is sitting with my money, I am told there is nothing that can be done. It's quite ridiculous!

laalaa41

The phrase "responsible lending" is repeated ad nauseum. How about "responsible banking" - different emphasis. Many hard-working people have never fallen foul of any creditor for say 30 years (like me) but suddenly the goalposts have been moved through no fault of our own and banks add insult to injury by making things even WORSE! When things are cut so fine, and like me, you have variable direct debits with, say, power companies and out of the blue they slap an increase on you?

The Direct Debit Guarantee is as much use as a chocolate fire-guard. So if (say the local council debits your council tax three times in error, which they did to me) - you can get that back but what about the effect that has on your account? You can NEVER get your reputation back! I havent, Ive tried!

So because debits have been taken in error, you're £13.99 into an overdraft you never needed, never wanted, never asked for and wham £38 is stolen from your pocket. That could be a week's food for the family! Then they bounce all your other bills at £38 a pop and you're £500 out of pocket and cant feed your family for a MONTH! So what do you do, pay the loan, or feed the family - hmmm. Tough call. You're then black marked for what 5 years for "mis-managing" your finances? Even if you notice this has all gone wrong within hours of it happening, it takes weeks to fix because they have to "investigate". Meanwhile, the debits just keep on coming.

Then the plans you had to card tart dont happen because no-one will look at you so you're suddenly paying interest Shylock would be proud of. Its a horrible spiral. The only legal solution appears to be an IVA/Bankruptcy.

No conversations with banks, creditors or any one else makes any difference - a person who could make an informed decision based on your individual circumstances (as once was the case) because its a COMPUTER that decides to mess up your life - even if you have a good job with a future of continued earning potential, creditors would much rather steal your house, car (and then you lose your job because you've no way of getting about) and anything else they can lay their hands on. The bailiffs (in England) make threatening visits to your home so you live with the curtains closed and afraid - really afraid - to answer the door.

Surely it would make more sense to make life easier for the short-term challenged businesses and individuals than throw us all onto the bread-line? What IS better for the economy? Ah I am naive, they don't care about the economy - they don't care about YOU - all they care about is their bonuses. Time for jail sentences I think. I mean if someone messes up your life; steals your money, trashes your reputation across the whole financial sector - you have some legal redress?

Finally, I have an ongoing case with the FSA against Egg PPI. The FSA advise that although that money came from my pocket, if they decide for me, any money will be paid into the Egg account - ie they get it right back again, just in a different column on their balance sheet - I get NOTHING. So Im sitting here with £10 in my purse and dont get paid till Tuesday. Ive been practically a hermit since this all started in January 2008 and DONT call it bad luck - its a catalogue of incompetence by others - the ones who have me all the power.

Widelats

laalaa41 wrote: »

The phrase "responsible lending" is repeated ad nauseum. How about "responsible banking" - different emphasis. Many hard-working people have never fallen foul of any creditor for say 30 years (like me) but suddenly the goalposts have been moved through no fault of our own and banks add insult to injury by making things even WORSE! When things are cut so fine, and like me, you have variable direct debits with, say, power companies and out of the blue they slap an increase on you?

The Direct Debit Guarantee is as much use as a chocolate fire-guard. So if (say the local council debits your council tax three times in error, which they did to me) - you can get that back but what about the effect that has on your account? You can NEVER get your reputation back! I havent, Ive tried!

So because debits have been taken in error, you're £13.99 into an overdraft you never needed, never wanted, never asked for and wham £38 is stolen from your pocket. That could be a week's food for the family! Then they bounce all your other bills at £38 a pop and you're £500 out of pocket and cant feed your family for a MONTH! So what do you do, pay the loan, or feed the family - hmmm. Tough call. You're then black marked for what 5 years for "mis-managing" your finances? Even if you notice this has all gone wrong within hours of it happening, it takes weeks to fix because they have to "investigate". Meanwhile, the debits just keep on coming.

Then the plans you had to card tart dont happen because no-one will look at you so you're suddenly paying interest Shylock would be proud of. Its a horrible spiral. The only legal solution appears to be an IVA/Bankruptcy.

No conversations with banks, creditors or any one else makes any difference - a person who could make an informed decision based on your individual circumstances (as once was the case) because its a COMPUTER that decides to mess up your life - even if you have a good job with a future of continued earning potential, creditors would much rather steal your house, car (and then you lose your job because you've no way of getting about) and anything else they can lay their hands on. The bailiffs (in England) make threatening visits to your home so you live with the curtains closed and afraid - really afraid - to answer the door.

Surely it would make more sense to make life easier for the short-term challenged businesses and individuals than throw us all onto the bread-line? What IS better for the economy? Ah I am naive, they don't care about the economy - they don't care about YOU - all they care about is their bonuses. Time for jail sentences I think. I mean if someone messes up your life; steals your money, trashes your reputation across the whole financial sector - you have some legal redress?

Finally, I have an ongoing case with the FSA against Egg PPI. The FSA advise that although that money came from my pocket, if they decide for me, any money will be paid into the Egg account - ie they get it right back again, just in a different column on their balance sheet - I get NOTHING. So Im sitting here with £10 in my purse and dont get paid till Tuesday. Ive been practically a hermit since this all started in January 2008 and DONT call it bad luck - its a catalogue of incompetence by others - the ones who have me all the power.

It is no hard decision for me - pay a loan or pay for food and essential items, Mmmm, within a second my mind is made up and the loan can go to hell along with the banks and its bonus schemes for its managers who think this stuff up in the first place.

I don't get paid till Tuesday either

natweststaffmember

laalaa41 wrote: »

The phrase "responsible lending" is repeated ad nauseum. How about "responsible banking" - different emphasis. Many hard-working people have never fallen foul of any creditor for say 30 years (like me) but suddenly the goalposts have been moved through no fault of our own and banks add insult to injury by making things even WORSE! When things are cut so fine, and like me, you have variable direct debits with, say, power companies and out of the blue they slap an increase on you?

The Direct Debit Guarantee is as much use as a chocolate fire-guard. So if (say the local council debits your council tax three times in error, which they did to me) - you can get that back but what about the effect that has on your account? You can NEVER get your reputation back! I havent, Ive tried!
If the funds have been PAID and the council have admitted it is an error then any consequences ie below means that the council should seek to redreess the situation and offer compensation to you. If it was PAID the bank should be refunding the amount on the same day.
So because debits have been taken in error, you're £13.99 into an overdraft you never needed, never wanted, never asked for and wham £38 is stolen from your pocket. That could be a week's food for the family! Then they bounce all your other bills at £38 a pop and you're £500 out of pocket and cant feed your family for a MONTH! So what do you do, pay the loan, or feed the family - hmmm. Tough call. You're then black marked for what 5 years for "mis-managing" your finances? Even if you notice this has all gone wrong within hours of it happening, it takes weeks to fix because they have to "investigate". Meanwhile, the debits just keep on coming.
There is no such thing as a black mark because a credit rating can get better and can get worse depending on circumstances.It does take weeks to sort out as you have said.
Then the plans you had to card tart dont happen because no-one will look at you so you're suddenly paying interest Shylock would be proud of. Its a horrible spiral. The only legal solution appears to be an IVA/Bankruptcy.
Bankruptcy loses you the chance to go back for the money.
No conversations with banks, creditors or any one else makes any difference - a person who could make an informed decision based on your individual circumstances (as once was the case) because its a COMPUTER that decides to mess up your life - even if you have a good job with a future of continued earning potential, creditors would much rather steal your house, car (and then you lose your job because you've no way of getting about) and anything else they can lay their hands on. The bailiffs (in England) make threatening visits to your home so you live with the curtains closed and afraid - really afraid - to answer the door.
Bailiffs need a court order to visit you, and debt collection agencies need an undisputed debt or they breach OFT guidelines on debt collection.
Surely it would make more sense to make life easier for the short-term challenged businesses and individuals than throw us all onto the bread-line? What IS better for the economy? Ah I am naive, they don't care about the economy - they don't care about YOU - all they care about is their bonuses. Time for jail sentences I think. I mean if someone messes up your life; steals your money, trashes your reputation across the whole financial sector - you have some legal redress?
Bank charges are not about bonuses but I do agree with you in sentiment.
Finally, I have an ongoing case with the FSA against Egg PPI. The FSA advise that although that money came from my pocket, if they decide for me, any money will be paid into the Egg account - ie they get it right back again, just in a different column on their balance sheet - I get NOTHING. So Im sitting here with £10 in my purse and dont get paid till Tuesday. Ive been practically a hermit since this all started in January 2008 and DONT call it bad luck - its a catalogue of incompetence by others - the ones who have me all the power.

FWIW, my understanding on refunding PPI that is missold is that the bank can refund you by cheque UNLESS there is arrears on the loan which means that they can take the arrears and you should get the cheque.
If you PM Di3004, she is a bit more clued up than I am on PPI and refunds.