We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

MSE news: Hold on bank charges claims extended until 2010

This is the discussion thread for the following MSE News Story:

"Banks have been given a further six months to sit on bank charges claims pending the outcome of the test case to determine the fairness of charges, the Financial Services Authority announced today.

Yet in the meantime banks can continue to levy charges of up to £39 a time for going just a penny over your overdraft limit ..."

«134

Comments

  • Money is power. If these 6.1 million people (including myself) owed the banks we wouldn't have a hold of 3yrs+, so why should an institution who can afford to pay have extra time?

    Will this hold be considered when they calculate the interest? I submitted my claim in January, so that's five months I could've included, even worse for people who submitted years ago.
  • The figure is actually 1.125 million(figures obtained under the Freedom of Information from Legal Beagles site--link below)
    http://www.legalbeagles.info/forums/showthread.php?t=18152
    I have not worked for NatWest Bank since February 2009

    This username is no longer active.
  • chriszzz
    chriszzz Posts: 879 Forumite
    I have had my re-claim in with the halifax since last october. Am appalled that the banks can drag it out as long as they have.

    I personally dont like the fact that they are in control of our money, I would be more than happy to have my wages in a pay packet and use the post office to pay my bills, even if i have to pay for it!!.

    I think I and other ppl who are claiming back bank charges have every right not to only charge interest but to charge £12 a month late payment fee, whats good for them to do is good for the consumer. :j
  • chriszzz wrote: »
    I have had my re-claim in with the halifax since last october. Am appalled that the banks can drag it out as long as they have.

    I personally dont like the fact that they are in control of our money, I would be more than happy to have my wages in a pay packet and use the post office to pay my bills, even if i have to pay for it!!.

    I think I and other ppl who are claiming back bank charges have every right not to only charge interest but to charge £12 a month late payment fee, whats good for them to do is good for the consumer. :j

    I have lost my house through bank charges as to date they owe me £8000.00. I am totally disgusted by the bank and the governments attitude towards these charges
  • chriszzz
    chriszzz Posts: 879 Forumite
    Sorry to hear that you have lost your home due to the banks!! I think for what the banks have done to this country is an absolutely disgrace and to add insult to injury, us the tax payer have bailed them out, and they have a cheek to want to charge us £39 for going over by 1p, they should be grateful to us for helping them out!!!
    I have really got no trust in any of the banks i think there greedy fat cats, not just the banks but all your other household utilities they are all ripping us off but thats for another thread!
    I hope you can recover from your loss and wish you luck!!
  • The banks are evil <insert expletive of your choice>. Why are the FSA allowing the banks to have the waiver extended, and the OFT not appealing it. Why can the OFT, not apply for charges not to be applied against accounts until there is a final outcome. I seriously think the banks' next move (after they lose) will be to claim they cannot refund the unlawful charges because of 'the recession'. Lets hope they don't try to play that one, and if they do, that it is pointed out to them, that when the first of these claims were put on hold under the waiver that they had insisted on; there was not a recession at that time.
  • just seen that BNZ, in New Zealand, have stoped charging compleatly ! wow !
    they are showing us the way ! how long will it take for UK banks to follow ????
    Maybe HSBC, the 'world bank' could start the 'ball rolling' ??
    just lets see, it only takes one !
  • I put in a claim in June 2008 but did not add interest thinking that this would make things simpler and quicker. With the banks' ongoing prevarication I'd like to resubmit my claim and add interest. Does anyone know if this is acceptable?
  • Matt_Watkinson
    Matt_Watkinson Posts: 12 Forumite
    edited 29 July 2009 at 10:14AM
    I was on the Fourth Plinth on Sunday night, highlighting mental ill health, one cause of which is financial hardship. I'm still trying to reclaim almost ten grand - £10,000 and the Abbey says even though I earn (now) just £100 a week, I'm not in hardship. The FOS is pressing my case and Abbey gave me almost £500, reducing me to zero credit again, it claimed. That seems to be the limit of its responsibility. However, being £2,000 overdrawn, all it really did was reduce me to a minus zero credit. I didn't name them when I was on the Plinth but I wish I had done. Horrible, unkind, uncaring and yet their boss sponsors Lewis Hamilton in his racing car and buys art like it's going out of fashion. I'd wanted to be his one hour piece of art last Sunday but I'm too decent. Or at least, I was...
    My mental health has suffered so much some days I can barely move for the pain the anxiety causes me. Well done, Abbey!
  • Harry_Powell
    Harry_Powell Posts: 2,089 Forumite
    What makes it worse is that there is a statute of limitiations on financial claims that allows people to only go back 6 years. If the banks had any sense they would have changed their policy on bank charges when the court case started, so that when the decision is finally made (possibly after a couple of year's deliberation), they would only have to pay back 4 year's worth of bank charges instead of 6.

    If they managed to tie it up for 6 years, then they wouldn't have to pay back a penny. Quite a clever scam, really.
    "I can hear you whisperin', children, so I know you're down there. I can feel myself gettin' awful mad. I'm out of patience, children. I'm coming to find you now." - Harry Powell, Night of the Hunter, 1955.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.2K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.8K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.