MSE News: Bank charges result next week

mangle101

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.

I have a question in regards to the writing in bold above -

If the banks only hold documents for a 6 year period how are you to find out what charges ( If any ) you had for the period between 01/01/1995 - 27/07/2001?

natweststaffmember

mangle101 wrote: »

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.

I have a question in regards to the writing in bold above -

If the banks only hold documents for a 6 year period how are you to find out what charges ( If any ) you had for the period between 01/01/1995 - 27/07/2001?

I know NatWest will hold data going back to 1991/92 so it is highly unlikely that banks would not hold that data going that far back.

natweststaffmember

MsNoviceMoneySavr wrote: »

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.

Can I ask you to explain the "fixed overdraft" thing?

mangle101

I know NatWest will hold data going back to 1991/92 so it is highly unlikely that banks would not hold that data going that far back.

So a SAR will require the bank to supply all of the statements since the inception of the account?

natweststaffmember

mangle101 wrote: »

I know NatWest will hold data going back to 1991/92 so it is highly unlikely that banks would not hold that data going that far back.

So a SAR will require the bank to supply all of the statements since the inception of the account?

It should require them and it should mean that if they do not hold them that they prove to you that they do not hold them. However, I would wait for next weeks decision.

Matt_Watkinson

I'm cautiously optimistic about his but am not holding my breath. I am in hardship, according to all the tests but so far, Abbey's returned around £1,500 of the almost £10,000 I'm claiming, telling me "It's a gesture of good will." Jim Royle, do you have an apt comment?
I'm unemplyed and the (Sh)Abbey takes my meagre JobSeeker's Allowance to pay my unfair charges. The FOS is working to help me but it has no real power and is in many way, a token gesture by the Government. The people who work there are tremendous, given the constraints. But can you imagine if the banks were ordered to pay it all back, immediately? Exactly...the economy would dive even further, so I doubt Wednesday's decision will help any of us except the banks. Write to Brown, Cameron & Clegg now! And good luck to us all...

natweststaffmember

Matt_Watkinson wrote: »

I'm cautiously optimistic about his but am not holding my breath. I am in hardship, according to all the tests but so far, Abbey's returned around £1,500 of the almost £10,000 I'm claiming, telling me "It's a gesture of good will." Jim Royle, do you have an apt comment?
I'm unemplyed and the (Sh)Abbey takes my meagre JobSeeker's Allowance to pay my unfair charges. The FOS is working to help me but it has no real power and is in many way, a token gesture by the Government. The people who work there are tremendous, given the constraints. But can you imagine if the banks were ordered to pay it all back, immediately? Exactly...the economy would dive even further, so I doubt Wednesday's decision will help any of us except the banks. Write to Brown, Cameron & Clegg now! And good luck to us all...

Did you accept the amount of £1500? If not why not?

Already_a_ghost

natweststaffmember wrote: »

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

Without interest the charges add up to just over £3,000.

I've claimed financial hardship and HSBC accepted that I was in hardship and offered me £550. Since then my priority debts have risen to over £3,000.

What would you suggest that I do?

Already_a_ghost

I didn't accept the offer as according to Martin's guide once the FOS got to the stage of investigating HSBC would offer me close to the full amount as a "goodwill payment".

natweststaffmember

Already_a_ghost wrote: »

I didn't accept the offer as according to Martin's guide once the FOS got to the stage of investigating HSBC would offer me close to the full amount as a "goodwill payment".

The guide is WRONG if that is what you have read it as. NEVER reject an offer but negotiate based on your circumstances because it is unlikely they will increase or be made by the FOS if you don't argue for a higher amount.
That is very frustrating to read because very few people get offers from HSBC and you rejected it.