MSE News: Bank charges result next week

Former_MSE_Wendy

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

"The Supreme Court will reveal the result in the latest stage of the bank charges legal saga on Wednesday week, it announced today ..."

Read the full story:
Bank charges result next week

leemrobinson

About time too !!

natweststaffmember

We will not have automatic refunds of charges so please remember everyone that if you are waiting until the result, DON'T and keep putting claims in because if you expect a speedy settlement, there isn't one. The Banks' will argue on every point with regards to the fairness of charging terms. Politicians, keep out of the process. Their promises were based on ALL OFT test case issues being resolved and this judgement is not ALL issues.

jillie1974

finally.
wonder what will happen then if bank charges are deemed unfair?
will there be an automatic payout?---- their bonuses should cover some of it lol!!

natweststaffmember

jillie1974 wrote: »

finally.
wonder what will happen then if bank charges are deemed unfair?
will there be an automatic payout?---- their bonuses should cover some of it lol!!

The Supreme Court are deciding if the terms that allows the banks to charge can be assessed for fairness. They are not deciding on the fairness of the charges.
This is the half way mark in the OFT test case issues. I would expect further advice by the Master of the Rolls to the County Courts.

orc_2

natweststaffmember wrote: »

Politicians, keep out of the process.

Martin Lewis appears keen that politicians intervene.....................

Martin Lewis, MoneySavingExpert.com founder, says: "After two and a half years, it looks like we're about to get a firm result.
"The High Court and Court of Appeal have ruled and it's to be hoped the Supreme Court continues to stick up for the million-plus people with reclaims on hold.
"Yet there's currently nothing stopping the banks challenging any OFT decision in court and dragging the whole thing on for years.
"The real hope of a quick solution is for political intervention after this result.
"I've had letters from Messrs Brown, Cameron and Clegg all effectively committing to that and MoneySavingExpert.com, with its 8 million users a month, will try and ensure they stick to their promise."

loveangel88

If the bank charges are deemed unfair, if you have already put a claim in (i put my claim in about 6months ago and was told to wait until the results of test case), will the charges be automatically refunded?

natweststaffmember

orc wrote: »

Martin Lewis appears keen that politicians intervene.....................

Martin Lewis, MoneySavingExpert.com founder, says: "After two and a half years, it looks like we're about to get a firm result.
"The High Court and Court of Appeal have ruled and it's to be hoped the Supreme Court continues to stick up for the million-plus people with reclaims on hold.
"Yet there's currently nothing stopping the banks challenging any OFT decision in court and dragging the whole thing on for years.
"The real hope of a quick solution is for political intervention after this result.
"I've had letters from Messrs Brown, Cameron and Clegg all effectively committing to that and MoneySavingExpert.com, with its 8 million users a month, will try and ensure they stick to their promise."

Which shows that Martin Lewis and ME do not necessarily agree on everything but have the same goal at the end of the day which is the refund of bank charges and a fairer system of bank charges.
If Politicians get involved then they are being irrational since the Supreme Court are deciding if Bank Charges terms are assessable under UTCCR 1999. They aren't deciding which terms are fair/unfair so politicians should butt out for the time being.

natweststaffmember

loveangel88 wrote: »

If the bank charges are deemed unfair, if you have already put a claim in (i put my claim in about 6months ago and was told to wait until the results of test case), will the charges be automatically refunded?

They are NOT deciding if bank charges are fair or unfair. The Supreme Court is deciding if Bank Charges terms ie the wording that causes the charges can be assessed under the Unfair Terms in Consumer Contract Regulations 1999.

orc_2

loveangel88 wrote: »

If the bank charges are deemed unfair, if you have already put a claim in (i put my claim in about 6months ago and was told to wait until the results of test case), will the charges be automatically refunded?

The short answer is no, unfortunately.

Alpine_Star

loveangel88 wrote: »

If the bank charges are deemed unfair, if you have already put a claim in (i put my claim in about 6months ago and was told to wait until the results of test case), will the charges be automatically refunded?

The judgment next Wednesday only deals with whether the charges can be assessed for fairness but if they are subsequently found to be unfair then your claim will absolutely be refunded automatically.