MSE News: Bank charges result next week

Already_a_ghost

natweststaffmember wrote: »

let's go one step back, do you have priority debt arrears(mortgage or rent, council tax, utilities)?

I have rent arrears of £1,500. i have university fee arrears of around £1,500 again. I have an overdraft of £1,400.

These three amounts add up to more than the total amount of charges and interest that I am trying to claim back.

natweststaffmember

Already_a_ghost wrote: »

I have rent arrears of £1,500. i have university fee arrears of around £1,500 again. I have an overdraft of £1,400.

These three amounts add up to more than the total amount of charges and interest that I am trying to claim back.

excluding interest how much is it?
Have you claimed financial hardship?

leereni

I submitted one claim to Halifax over 2 years ago for about £500 and another to LloydsTSB 2 months ago for about £1800.

These two claims included interest at the standard 8%.

Based on the fact we've had to wait this time, if the OFT win and eventually banks have to refund charges, will I need to resubmit new claims with an update on interest?

Col83

Hi, I've been a reader of this site for quite some time now, but only just signed up.
I have one question that I am hoping can be answered by someone.

I've read that the bank charge 'clock' stopped some time in 2007. Does this mean that I can't put in a claim for anything after that date? I have about £1000 worth of overdraft charges AFTER the date, and hardly any before
Does this mean I can't reclaim them? This is why I haven't proceeded to get my claim in yet.

Thanks

Orford

omcornwall wrote: »

Based on the fact we've had to wait this time, if the OFT win and eventually banks have to refund charges, will I need to resubmit new claims with an update on interest?

In theory no, but in practice, it would be a good idea

Orford

Col83 wrote: »

I've read that the bank charge 'clock' stopped some time in 2007. Does this mean that I can't put in a claim for anything after that date? I have about £1000 worth of overdraft charges AFTER the date, and hardly any before
Does this mean I can't reclaim them?

No you can claim all charges from July 2001 to the present day

Col83

Ah that's really good to hear.
Is it worth me starting the process now then? With the date so close and all, I'm sure there will be a huge amount of claims being sent after that.

Orford

Col83 wrote: »

Ah that's really good to hear.
Is it worth me starting the process now then? .

Yes, the Supreme Court judgement is not going to mean that the banks are going to start blanket refunds anytime in the immediate future.

Alpine_Star

Col83 wrote: »

Hi, I've been a reader of this site for quite some time now, but only just signed up.
I have one question that I am hoping can be answered by someone.

I've read that the bank charge 'clock' stopped some time in 2007. Does this mean that I can't put in a claim for anything after that date? I have about £1000 worth of overdraft charges AFTER the date, and hardly any before
Does this mean I can't reclaim them? This is why I haven't proceeded to get my claim in yet.

Thanks

The 'stopped clock' refers to 6 year limitation that you can claim back to. This means that you can claim for charges that were incurred from 27 July 2001 onwards until the test case is finished.

This is assuming that the Limitations Act applies to bank charge claims and there is a legal argument (yet to be proved) that it doesn't and that you could claim for charges dating back to 1 January 1995 and I would reccomend that you claim for any charges that were incurred from that date.

MsNoviceMoneySavr

Hi all
This is just an interesting aside on the bank charges issue. I had a letter from Nationwide yesterday about my overdraft and it said it understood I had an outstanding claim for bank charges to be returned. I rang the bank to re-arrange my overdraft and rather than the reducing overdraft I've been on, they put me on a fixed overdraft - to be reviewed when the bank charges case is concluded.
Very interesting as they owe me a couple of hundred pounds more than my overdraft.