Martin on Telly/Bank Charges

System

LesD wrote:

I'm just suggesting that this is not the way to run an economy! Those that want the service (overdraft) should pay for it. Those that don't need it shouldn't have to pay for it.

Also, as I've just said, pension funds and other savings are way short of what is needed in this country.

Anyone who's ever studied economics will remember the simple equation SAVINGS = INVESTMENT!

Why is the UK short of investment? Because there is not enough incentive to save. Anything which increases the cost of SPENDING will have an automatic offsetting effect by increasing savings.

Les,

I can understand and agree that people who want overdraughts, should ultimatly be preppared to pay for them.

However the banks use overdraughts in a very devisive <sp> way. For example, I have an account with Barclays and run a large overdraught ie ~£2K. However there were times when I knew i was going to go over my limit, usually only by £10 or £20 for a few days before payday.

So a few days before I would ring up and ask if they could increase my limit by £30, just for 3 days ! The answer was usually no followed by "Would you like a Barclayloan" BS Now to my mind, they KNEW I was going over and they deliberatly said no, so they could get their £75 penalty fees. It wasnt that I was a bad credit risk or unknown quantity, as I had been with them for 10 years !!!!!!.

Thats when it becomes us against them, when they purporsly refuse to help so that they can rake in their fees, which as we all admit bare no relation to actual cost incurred to them or change the banks exposure to any signficant degree.

Molanole

southernscouser wrote:

I know its selfish but I didn't want that program to air until my claim had been paid up just in case! :doh:

Me neither . But I'm a long way off doing a claim as I owe them too much on my loan if they close my accounts! The legislation will all have changed no doubt by the time I can get round it.

tesuhoha

LesD wrote:

I'm just suggesting that this is not the way to run an economy! Those that want the service (overdraft) should pay for it. Those that don't need it shouldn't have to pay for it.

Also, as I've just said, pension funds and other savings are way short of what is needed in this country.

Anyone who's ever studied economics will remember the simple equation SAVINGS = INVESTMENT!

Why is the UK short of investment? Because there is not enough incentive to save. Anything which increases the cost of SPENDING will have an automatic offsetting effect by increasing savings.

Most people are not in debt out of choice, they would love to be savers like you but due to unfortunate circumstances beyond their control find themselves in this position. A lot of the time it is just down to luck in life whether you are in debt or not.

System

Molanole wrote:

Me neither . But I'm a long way off doing a claim as I owe them too much on my loan if they close my accounts! The legislation will all have changed no doubt by the time I can get round it.

and me too. Worried i wont get all my cash now

hostie

I sent my letter to the royal bank of scotland, worked out that I had been charged over £600 in 'referral charges'. There were only a few occasions when they DIDN'T pay cover things.
Whether they covered things or not they charged me. My question is whether or not I can re-claim the referral charges. I see the logic that it doesn't cost anything to refuse to pay a direct debit but what if they actually DID pay it (and then charged me £20 plus more for going over my overdraft limit) can I still reclaim this?
Any help I'd be SO grateful. There seem to be people from banks and with Economics behind them tonight. so please help!!!

nearlyrich

LesD wrote:

Can someone explain to me why people WITHOUT debt should have to pay more to allow people WITH debt to pay less?

Presumably the banks will reclaim money lost through this action elsewhere. e.g. charges for basic banking.

How about a petition to get the banks to charge MORE to those in debt? that may encourage them to get out of debt quicker!

This is definately not the right place for your post, there but for the grace....go most of us, I don't have debt now but I have been there and I will always remember how hard it is to drag yourself out.

Please remember that this board is a place of mutual support for people in debt.:)

bookworm1363

southernscouser wrote:

Anyone know what the veiwing figures are for Tongiht with Ronald McDonald?

According to one of the researchers of the programme: as low as 4 million viewers, as high as 7. Usually round the 5 million mark.

bookworm1363

razorbladekisses wrote:

Perhaps I won't bother to write a letter now. Seems like everyone will be doing the same and I can't see the banks giving everyone various charges back.

Well, it's not like they're going to have much of a choice!

They can pay up or see us in court... Like they always could... So far, they haven't been rushing to the court steps!!!

bookworm1363

Molanole wrote:

Me neither . But I'm a long way off doing a claim as I owe them too much on my loan if they close my accounts! The legislation will all have changed no doubt by the time I can get round it.

The legislation can not be changed so easily. It would take an Act of Parliament to change this (these) particular law. The unlawfulness of penalty charges is enshrined in Common Law, going as far back as 1896, reinforced by various High Court decisions in 1915 and onwards, right up to a case and its appeal in 2004 and 2005, which, even though the decision was overturned, still reinforced the penalty charges unlawfulness concept.

This baby ain't going anywhere for a while.

bookworm1363

hostie wrote:

I sent my letter to the royal bank of scotland, worked out that I had been charged over £600 in 'referral charges'. There were only a few occasions when they DIDN'T pay cover things.
Whether they covered things or not they charged me. My question is whether or not I can re-claim the referral charges. I see the logic that it doesn't cost anything to refuse to pay a direct debit but what if they actually DID pay it (and then charged me £20 plus more for going over my overdraft limit) can I still reclaim this?
Any help I'd be SO grateful. There seem to be people from banks and with Economics behind them tonight. so please help!!!

Long and short of it: Yes. The lot.