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Nick Clegg & David Cameron reply to Bank Charges open letter

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  • Natalie6999
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    I wonder how long it will take for Gordon Brown to reply?

    It alright for posters to complain that this issue is being used to win votes in the next election, but have they forgotten that to many of the people waiting for the decision on the appeal the result could be life changing or at least improve the quality of life for many who are on or below the poverty line?

    I am a carer, mother & sole breadwinner for my family, if the OFT win this case & I get my bank charges returned it would mean that we would be able to plan for a future instead of existing from day to day.

    If the banks hadn't robbed us in the first place then this situation would not have arisen, surely if anyone is only working part time & getting the rest of their income from benefits the banks can see that they cannot afford to pay bank charges, they see what comes in & what goes out of these accounts.

    Isn't it time that Gordon Brown put his money where his mouth is?
  • Widelats
    Widelats Posts: 3,773 Forumite
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    Good news, i think its good they replied to the letters.

    Now we just have to wait for the courts to get their act together.
    Owed out = lots. :cool:
  • sackcloth
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    I think Mr Brown has got a bit more to think about at the moment so let's cut him some slack. He's just got back off his hols and I bet you lot don't go round commenting about your work load while you're away?

    Surely the person who should be commenting is the Chancellor? And the head of the Bank of England? Don't they deal with the finances in this country?

    Anyway, all very well for Mr Cameron to say that the charges should be paid back but he's very cautious about it. Reading his email I note that he is going to wait for the court case to be decided BEFORE he agrees to review the situation.

    Great bit of spin because basically he's saying that he'll let someone else make the decision about whether the charges are fair or not! And he MIGHT think about getting it paid back quickly. What about all those people who've had accounts closed because they complained? How are they going to get their money and their accounts back?

    And who is the Shadow Finance person anyway?
    Sackcloth.

    PS. Well done Martin for trying to remain neutral though...
    Passing it on 24/7... while wearing stylish and confidence building heels!

    Weeks until Christmas - 7, yes, I'm already counting...
  • philrad
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    Well now we appear to have both main opposition parties agreeing, that the charges are wrong.
    You say the cost would be £10 Billion, this figure is now a drop in the ocean compared to the money that the tax payer has plowed into the banks to keep them operating. So repaying these charges for them will just be another write off as they did with all of the bad debt from the sub prime mortgage debacle, or am I reading it wrong.

    As you say only got to convince the government now of how wrong it is and we are sick and tired of living in a country were we are RIPPED OFF time and again.

    Before you ask yes I am one of a dying bred a native born Brit. .
  • joycey2cool
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    On the back of Nick Clegg & David Camerons support I have a question.

    I had two bank accounts. One with Yorkshire Bank and one with LLoyds TSB. Once upon a time I moved to spain and forgot to cancel my Direct Debits on these accounts. 6 months or so later on my return to the UK I received letters saying I owed both banks a couple of hundred pounds. As I had no job I was unable to pay.

    Since then these debts have been sold to debt collection agencies who have been chasing me ever since. I have never paid them due to the bank reclaiming case I heard about.

    Anyway my question is If the case if won and any bank charges ever charged are to be refunded will my debts also count even though they have been sold on to these agencies?

    Because of these problems I have received defaults and numerous charges. Would these also be reversed?

    If anyone can help it would be very appreciated.

    Thank you

    :-)
  • ujb_98
    ujb_98 Posts: 37 Forumite
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    I am one of the many people in the country who stays within my agreed overdraft facility and believes that if I go over my limit without prior arrangement then the bank is within its rights to charge me.

    My point is, if these geniuses agree to refund all bank charges why should my hard earned taxes be used to repay bank charges to Lloyds Group and RBS customers because that is what is going to happen.

    The repayment funds are not going to come out of a special time traveller account going back to 1990 but are going to taken out of the banks profits in the current year and as these 2 banking groups are tax payer subsidised then why should my ££ be given to Lloyds & RBS customers for mistakes or abuses.

    There are far too many people out there abusing the legal challenge process and it is disgraceful that certain quarters are advising people to tell their bank they are in financial hardship just to get money back. Take it on the chin and accept that if you went over your agreed limit then you will get charged. If you don't like it them move banks or better yet keep your money in a shoe box under your bed, I'm sure that's what Martin does!
  • Widelats
    Widelats Posts: 3,773 Forumite
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    ujb_98 wrote: »
    I am one of the many people in the country who stays within my agreed overdraft facility and believes that if I go over my limit without prior arrangement then the bank is within its rights to charge me.

    My point is, if these geniuses agree to refund all bank charges why should my hard earned taxes be used to repay bank charges to Lloyds Group and RBS customers because that is what is going to happen.

    The repayment funds are not going to come out of a special time traveller account going back to 1990 but are going to taken out of the banks profits in the current year and as these 2 banking groups are tax payer subsidised then why should my ££ be given to Lloyds & RBS customers for mistakes or abuses.

    There are far too many people out there abusing the legal challenge process and it is disgraceful that certain quarters are advising people to tell their bank they are in financial hardship just to get money back. Take it on the chin and accept that if you went over your agreed limit then you will get charged. If you don't like it them move banks or better yet keep your money in a shoe box under your bed, I'm sure that's what Martin does!

    So if someones wages go in late, its ok to charge that person? This was ok back in 1988 there was money from loans all over the place people were partying like there was no tomorrow, now though, when people are honestly starving and can not make ends meet for the life in them, the last thing they agree to is a bank charge, your a bit in a time machine yourself and stuck back there in 1988, press the warp button and come back to 2009 LOL
    Owed out = lots. :cool:
  • Natalie6999
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    ujb_98 wrote: »
    I am one of the many people in the country who stays within my agreed overdraft facility and believes that if I go over my limit without prior arrangement then the bank is within its rights to charge me.

    My point is, if these geniuses agree to refund all bank charges why should my hard earned taxes be used to repay bank charges to Lloyds Group and RBS customers because that is what is going to happen.

    The repayment funds are not going to come out of a special time traveller account going back to 1990 but are going to taken out of the banks profits in the current year and as these 2 banking groups are tax payer subsidised then why should my ££ be given to Lloyds & RBS customers for mistakes or abuses.

    There are far too many people out there abusing the legal challenge process and it is disgraceful that certain quarters are advising people to tell their bank they are in financial hardship just to get money back. Take it on the chin and accept that if you went over your agreed limit then you will get charged. If you don't like it them move banks or better yet keep your money in a shoe box under your bed, I'm sure that's what Martin does!

    What option do we have when most employers & the benefits agencies insist on paying into a bank account?

    When I opened my joint account it was £6 per day if you went over your overdraft, now it is £25 & £35 to bounce a cheque or a direct debit, how can the banks justify these charges as being fair, surely it doesn't cost that much to reject a payment or send out a computer generated letter that you are overdrawn.

    All we are wanting is some fairness & sense in these matters, most businesses openly show how much they charge for a service, banks don't.
  • Brennon
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    Won't the banks just reintroduce charges for every transaction just like the good old bad old days????????
  • natweststaffmember
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    oakhouse13 wrote: »
    From a purely selfish point of view, neither party backing MSE's campaign is considering my interests. I have always managed my bank account within the terms and never paid bank charges. I would guess that given there are 100 million plus current accounts in the UK and according to BBC News 973,000 complaints in your campaign with 27,000 stayed in the UK courts, I am the silent majority.
    And rising daily which usually means that behind one complaint is a person/family and some of those families are suffering financial hardship which means they could lose their homes.
    Don't think that I object that I will pay more for my bank account. Which? has said banks are planning to end free banking if they loose their landmark battle over charges with the Office of Fair Trading. Having watched Martin Lewis on Channel 4 News strike a bet with Jon Snow (Snow agreed with Which?), that charges would not go up, I think Lewis has lost his bet, and I will pay more. Not that I mind. The fact that the OFT has exposed that banks have subsidised my free banking by very high charges on the few, is clearly wrong.
    Let's not kid ourselves because the terminology is "free if in credit".
    What I do object to is the idea that MSE advertises in its email, on TV, in the newspapers, that we should take out credit cards purely for the freebies and once we have our free CD or DVD, or flights or shopping voucher, ditch the card. If 10 million people have followed your advice, which is very possible given the mllions of emails you send promoting credit card deals, and taking into account that APACS estimates that setting up a new customer costs credit card companies £100 per person, MSE has rather selfishly in my view created huge amounts of costs, huge amounts of churning, and contrary to your mantra that this is all free, it will be paid for in higher charges by those same poorer customers in credit card debt that you say you represent in your bank charges campaign.
    The offers MSE sends out is called the weekly email which includes the pitfalls as welll as the perks. It is for the individual to decide IF they want to take part and usually it will be those who have a good credit record. Credit card charges were reduced yet they have never been tested in a court of law.
    I also wondered about this website's motives when I read Martin Lewis' column earlier this year in the Daily Mirror and he recommended bank accounts that were criticised by Treasury Select Committee chairman John McFall for not being transparent over charges. Lewis recommended the Halifax Reward Current Account for its monthly £5 pay-out if customers pay in £1,000 each month. The article had a hyped up headline about beating the banks, but this same account was criticised by consumer groups because if a customer goes overdrawn, even with a prior agreement, it will cost them £5 a day for an unauthorised overdraft, and McFall backed that criticism.
    There is a thread to have a pop or dig or rant at Martin on(I can get you the link if you want to do so?)
    It seems to me that you create the very thing you are campaigning against and that you don't stand for fairness any more than banks or credit card companies do. I do however support your campaign on bank charges and welcome fairer charging for bank accounts if that is what the OFT achieves through the courts.
    I don't follow the logic but you can take a pop at Martin on one thread and he will respond accordingly. FWIW, I think Martin has done a good job in what he has done. If it benefits one person then he has achieved something. Please remember that with the email it is a snapshot, and there are threads on the forum which will make you aware of some of the pitfalls.
    I have not worked for NatWest Bank since February 2009

    This username is no longer active.
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