MSE News: Bank charges round two: a new legal hope

Former_MSE_Guy

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

"OFT urged to continue bank charges fight after a new legal argument comes to light ..."

Read the full story:
Bank charges round two: a new legal hope

Noz

Hope would seem to be the key word.

~Brock~

God it sounds like another episode of Star Wars!

marcharrison1979

LOL! Bring it on! never ever ever give up on this, justice will prevail.

david.l_4

This article doesnt mean anything where are the template letters and instrutions on how to go forward?

natweststaffmember

A quick question on the legal argument. Was section 140 changed at all when the CCA was updated in 2006?
Can I ask why you are seeking to go back to July 2001 when all the banks can go back further than that date?
I have to say that having read BCOBS and the lending code over the weekend I am unconvinced that there is an argument for going back 8 years under financial hardship.
The Lending Code (part 9) specifically puts the onus on YOU the customer to try and take proactive steps. Furthermore, the Financial hardship letter HAS to be changed because if currently has or did have about the FSA waiver that has gone. It's a good start but work needs doing on the financial hardship aspect to it.

pingchris

Yet the banks' main case, and the technicality they won on, means that bank charges are part of the 'price' of an account.

this is hilarious,the price of running your account is however much they want to charge you,thats like asda putting up prices on tins of beans to £39.00 a tin and saying sorry britain but the price of paper for the labels has just gone up,or am i wrong ?
its not a great example but the banks argument for charges is in lala land,quite clever really as they are difficult to unwind to find the truth,i dont know many courts that fully understand lala land very well,what next from the banks when they lose,sorry your honour the plea is now insanity,i can just imagine mr banker thinking aloud"hmmn can we get off on that one"

natweststaffmember

A number of court cases were stayed pending the OFT Test case conclusion. Can I ask what will happen to them since many of them stated that a decision needed to be made 28 days after the conclusion?
The questions and answers do not address this and it is very important that it is as a number of people have until next Wednesday to contact the courts with their responses. What should they do?

orc_2

Martin

Encouraging.

Can I ask a couple of questions please?

• Has this been discussed with the other reclaim sites and what was their view please?
• What were the views of the QC on the possibility of a class action?
• What was the QC's opinion on the FSA starting to investigate the issue? (particularly re historic charges and conditions?) What have the FSA said on the matter and importantly, what has the OFT said about this possibility?

One might ask why the FSA have never done this previously and it could be said that them getting involved would substantially delay the whole process.

Alpine_Star

david.l wrote: »

This article doesnt mean anything where are the template letters and instrutions on how to go forward?

Any template letters and instructions will be dependent on what the OFT will announce.

david.l_4

Alpine star so really this article is a waste of time as nothing has changed