MSE News: OFT 'to drop' bank charges case

Premier_2

natweststaffmember wrote: »

I'm still interested to see what THEIR view is and what the view of MSE is as well.

I understood that MSE's view is that if the OFT won't take on the case, then MSE will publish the template letters drafted in conjunction with the QC they hired so that individuals can file new claims or amend existing ones and carry on the good fight

...if the OFT chooses not to follow this action, we have template letters prepared and will publish them so people can try themselves and we'll also look at getting involved in a group legal action ...

...Then there is both the initial court fee and a fee of roughly £75 for amending the court claim. Plus the very small risk that if the case were moved from the small claims court and the banks won, costs could be awarded....

...
Another option we're looking at is co-ordinating a group legal action – a bit like a class action in the US. This is where we take a sample number of test cases and others ‘register an interest' which leaves their court cases on hold.
The problem here again is this is a huge undertaking and expense; it is likely to cost in the low millions – and the only way to fund that would be to ask individuals for money to join the register, or work with ‘no-win, no-fee' agents – again a situation we would prefer to avoid but will consider if necessary....

http://www.moneysavingexpert.com/reclaim/bank-charges

marcharrison1979

natweststaffmember wrote: »

It is true, London will host the Olympic Games in 2012

Shame that only bankers and MP's (on expenses) will be able to afford the tickets though.

natweststaffmember

Premier wrote: »

I understood that MSE's view is that if the OFT won't take on the case, then MSE will publish the template letters drafted in conjunction with the QC they hired so that individuals can file new claims or amend existing ones and carry on the good fight

http://www.moneysavingexpert.com/reclaim/bank-charges

Thanks for that, I generally don't necessarily read the blurb :o:o

You do realise though, that if that is the case then the OFT doing nothing now will mean that eventually their hand may well be forced by the numbers of consumers reclaiming. I do understand that they are in a difficult position but IF and I do mean IF they do nothing tomorrow then it's popcorn time and wait for the announcement of another OFT test case either next year or 2011.....ah well, it'll keep us busy for another 12 months

marcharrison1979

Well looks like it's over for the OFT. What do they stand for again? oh "nothing" that's it.
I don't know how the OFT are funded but I think they should pull the plug on them, they clearly are completely useless. I vote for a new champagne, forget the banks, down with the OFT and FSA.

natweststaffmember

marcharrison1979 wrote: »

Well looks like it's over for the OFT. What do they stand for again? oh "nothing" that's it.
I don't know how the OFT are funded(then do some research cos that is what I could do for you so here you go: http://oft.gov.uk/about/) but I think they should pull the plug on them, they clearly are completely useless. I vote for a new champagne, forget the banks, down with the OFT and FSA.

We haven't heard what they have said yet so perhaps we could wait and then make a decision based on what we have actually read from them directly.

Alpine_Star

MrLeeLee wrote: »

Lets not forget even after the slip came out about the OFT making a statement on Tuesday, they were still denying it!

Pathetic, just totally pathetic.

They never denied it.

marcharrison1979

"We know the OFT thinks charges are unfair, because it provisionally said so. The only issue is finding a law that allows the OFT to make a judgment on fairness."

If the OFT cannot judge what is fair, then who can? Is there any power in the land that can tell the banks how to behave? The answer is a clear NO, even the state owned banks push the government around. We might as well save tax payers money by sacking all of Englands MP's, sell the houses of Parliament and number 10 to Mcdonalds and let the banks rule the country. I'd be much much happier with that.

natweststaffmember

For MSE Guy, the PA took their report from Sky News directly
http://news.sky.com/skynews/Home/Business/Office-Of-Fair-Trading-To-Drop-Case-Against-Banks-Regarding-Overdraft-Fees/Article/200912315505806?lpos=Business_First_Buisness_Article_Teaser_Region_0&lid=ARTICLE_15505806_Office_Of_Fair_Trading_To_Drop_Case_Against_Banks_Regarding_Overdraft_Fees

marcharrison1979

natweststaffmember wrote: »

We haven't heard what they have said yet so perhaps we could wait and then make a decision based on what we have actually read from them directly.

So the OFT are funded by the tax payer, so they cannot take further action against the banks because the government are skint becuase they've given all of the tax payers money to the banks. Gotta love the irony!

natweststaffmember

marcharrison1979 wrote: »

So the OFT are funded by the tax payer, so they cannot take further action against the banks because the government are skint becuase they've given all of the tax payers money to the banks. Gotta love the irony!

What did they say at 7am tomorrow morning?