MSE News: Bank charges result next week

mackers8923

natweststaffmember wrote: »

If the Government use legislation only aimed at banks then what about loan companies, catalogue firms. You cannot simply discriminate one business from another. Politicians should keep their noses out of the legal process.

I think that these other companies better look out because they are all at it. Its not unusual now to be charged for not setting up a direct debit, when you set it up the company generally won't allow you to choose the date (This helps the banks more) then you get nailed again and again unless the bank are nice and contact you (unlikely) or you catch on to it quick enough and stop it.

I'm now considering if the hit I would take on paying everything manually would be cheaper than paying the bank charges.

As for Wednesday who knows, Natwest would have us be patient and he/she is probably right but I would personally like to think that a lot of what has yet to happen has actually been taking place during the current hold. ie Agreed levels of charges already done, repayment terms agreed over a time scale etc etc

However the other side of my head tells me 2015 would be a likely year but I hope I'm wrong.....

neilthegooner

mackers8923 wrote: »

I'm now considering if the hit I would take on paying everything manually would be cheaper than paying the bank charges.

Thats what I did, saves me a fortune every month. I just pay bills as and when I can, I used to get charged for a failed dd on a Thursday only to be paid on a Friday:mad:. It's easy with online banking.

Assuming this does go our way on Wednesday will there be any chance of repayment before christmas?

natweststaffmember

neilthegooner wrote: »

Thats what I did, saves me a fortune every month. I just pay bills as and when I can, I used to get charged for a failed dd on a Thursday only to be paid on a Friday:mad:. It's easy with online banking.

Assuming this does go our way on Wednesday will there be any chance of repayment before christmas?

None whatsoever.

natweststaffmember

mackers8923 wrote: »

I think that these other companies better look out because they are all at it. Its not unusual now to be charged for not setting up a direct debit, when you set it up the company generally won't allow you to choose the date (This helps the banks more) then you get nailed again and again unless the bank are nice and contact you (unlikely) or you catch on to it quick enough and stop it.

I'm now considering if the hit I would take on paying everything manually would be cheaper than paying the bank charges.

As for Wednesday who knows, Natwest would have us be patient and he/she is probably right but I would personally like to think that a lot of what has yet to happen has actually been taking place during the current hold. ie Agreed levels of charges already done, repayment terms agreed over a time scale etc etc

However the other side of my head tells me 2015 would be a likely year but I hope I'm wrong.....

You know you should stop reading the BBC website on the date of a final conclusion to all the issues involved

pingchris

spoke to banker via radio 5 live tonight and put the question of why a missed direct debit is charged at £39.00 a time and guess what,he dodged the question,typical hiding the truth yet again.

wednesday 25th november i will be glued to the radio.:money:

pingchris

If the banks get away with this charges lark ,i think it will be the end of any trust the public had for them and along with it a financial collapse bigger than anyone can expect,the banks pay up and begin treating customers with respect and maybe they can restore some sort of connection with the public,long term it would be wise financially for banks to pay back its customers,if its a short term fix they want then we are all screwed as they will be proving there in it to win it at any cost,unfortunately this is one of those that if they win they lose,i dont see they have a hope in hell of getting out of this one.:money:

natweststaffmember

On Wednesday 25th November, NO ONE WILL BE GETTING NEWS OF WHEN THE CHARGES WILL BE REFUNDED.
The case at the moment is not about that issue.

orc_2

mackers8923 wrote: »

Natwest would have us be patient and he/she is probably right but I would personally like to think that a lot of what has yet to happen has actually been taking place during the current hold. ie Agreed levels of charges already done, repayment terms agreed over a time scale etc etc

Natwest is correct.

Whilst speculation by everyone is inevitable given what the whole process means for so many, we need to concentrate on firm facts, what we know already and what the legal process is and what the role of the OFT is.

The 25th will be another piece of the jigsaw and hopefully, another step forward.

natweststaffmember

Absolutely right, Orc. We reach either the end of the line on refunds or we reach the half way mark in the process in which refunds will be given.

pingchris

well im sticking my neck out here so its likely to get cut off,i think this is the end of the line for the banks defence,if they go on any further it would be folly and there solicitors would be getting paid knowing they have lost but they carry on acting on instruction from the banks,i think thats been going on for a while now anyway,the banks are at a crossroads now,do they push on and fight some more,or do they consolidate,repair and move on,the latter would be the wise decision,but going by there decisions over the past 5 years or so,i wonder if they are able to draw this conclusion.:money: