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MSE News: CONFIRMED - OFT gives up bank charges battle

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  • orc_2
    orc_2 Posts: 563 Forumite
    Premier wrote: »
    Can't you organise a text vote GG? :D

    I'll vote for the fully fed and watered pig that is going to zoom over Premier.
    Please ignore those people who post on this forum who deliberately try to misinform you. Don't be bullied by them, don't be blamed by them. You know who I mean.
    You come here for advice, help and support- thats what I and like minded others will try to do.
  • Premier_2
    Premier_2 Posts: 15,141 Forumite
    10,000 Posts Combo Breaker
    esmerellda wrote: »
    As of May 2009 1.2 million had made complaints about unfair charges (FACT) this will have risen since then obviously but I dont have more recent figures to hand. 12 million incurred an average of £240 charges in 2006. (FACT) 54 million active accounts in 2006.

    :confused:
    The numbers don't appear to add up compared to what Which? state:
    Up to 12 million people have been hit by unfair bank charges since 2001 with 63% of them having yet to ask for their money back...
    http://www.myfinances.co.uk/savings/news/up-to-12-million-people-have-been-hit-by-unfair-bank-charges-claims-which--$1342356.htm

    That implies that 37% asked for money back, equating to some 4.44m people

    I think the answer lies in the first two words "Up to", a bit like those 75% off sale signs in the shops.
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
  • Premier_2
    Premier_2 Posts: 15,141 Forumite
    10,000 Posts Combo Breaker
    orc wrote: »
    That is old news from FOS Premier and you are being mischevious in posting it. Why search for old news??


    The item was published on 16 December and was in advance of todays decision by the OFT.

    As it happens, the FOS would be prepared to look at new POC's. They have difficulty with some of the claims submitted which relate to fairness issues as covered by SC decision.
    Old news? :confused:

    The decision by the OFT (mentioned in the article) was only published less than 8 hours ago! :rolleyes:
    ... and since this thread is about that OFT announcement, I thought it appropriate to post here.
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
  • kittiej
    kittiej Posts: 2,564 Forumite
    Part of the Furniture Combo Breaker
    So Ridicully, what will happen to your friends if they lose their less than national average income, or the benefits system cocks up?

    Not unpleasant for everyone, just for some
    Karma - the consequences of ones acts."It's OK to falter otherwise how will you know what success feels like?"1 debt v 100 days £2000
  • orc_2
    orc_2 Posts: 563 Forumite
    Premier wrote: »
    Old news? :confused:

    The decision by the OFT (mentioned in the article) was only published less than 8 hours ago! :rolleyes:

    Yes, we are all aware of when the OFT announcement was made.



    You are being evasive Premier and you know I am referring to the FOS link which is old news, as I said in my post, which I shall copy for info



    "That is old news from FOS Premier and you are being mischevious in posting it. Why search for old news??"
    Please ignore those people who post on this forum who deliberately try to misinform you. Don't be bullied by them, don't be blamed by them. You know who I mean.
    You come here for advice, help and support- thats what I and like minded others will try to do.
  • Spiggle
    Spiggle Posts: 1,787 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Tozer wrote: »
    What a total insult to the British troops who have fought and are fighting in Iraq and Afghanistan. It is not a case of "billions spent on killing people". It is spending a huge amount of money buying equipment for our armed forces to fight a war.

    If you don't like it, vote for a change. But our troops are not "killing people" in the gung-ho manner you imply.

    I mean no insult to the troops fighting in Iraq and Afghanistan and mourn their loss and injury just as I mourn the loss of and injury to all human life in a cynical, pointless, politically and economically motivated war. The troops signed up to defend the state and the state uses them as pawns.

    To stay on topic, my point is that no matter what we vote in the representative democracy we have makes no difference to the decisions the politicians take, in this case bailing out banks with obscene amounts of money that taxpayers will need to repay (it may have come from investment and venture capitalists but its our taxes that will rise to make the payments) while the banks and the senior staff/high risk takers laugh all the way with huge bonus payments. Meanwhile, those who can least afford it continue to suffer unprotected by the Office of Fair Trading that has already declared the charges unfair!

    I related to the occupation of Iraq and Afghanistan only as a response to comments about making mass demonstration, as the occupation drew the largest public opposition both in the UK and globally ever seen and yet the politicians and the military industrial complex that benefits from such conflict just ignored the people.

    We have a representative democracy which means we have power for only one day once every four or five years and look at how it is used. The system of bank charges is just one part of a whole system that enures we remain powerless and 'little' for the majority of the time. It is certainly not a system for justice but is a systme for profit (usually for the few).
    Mortgage Free October 2013 :T
  • Premier_2
    Premier_2 Posts: 15,141 Forumite
    10,000 Posts Combo Breaker
    orc wrote: »
    Yes, we are all aware of when the OFT announcement was made.



    You are being evasive Premier and you know I am referring to the FOS link which is old news, as I said in my post, which I shall copy for info



    "That is old news from FOS Premier and you are being mischevious in posting it. Why search for old news??"
    How can it be old news when the article/link I posted about refers to the recent OFT announcement??? :confused::confused::confused:
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
  • andy12345
    andy12345 Posts: 28 Forumite
    Just a thought but did anyone ever really think that the "system" as we know it was ever going to make a judgement that would force the banks to pay out billions of pounds?


    As soon as it all went on hold I thought "it's just a set-up, it will drag on and on"

    What I never expected was that a decision would be brought out near to christmas, guaranteeing a nice depressive effect for christmas yeah!!!!

    Still, that's a common occurrence when companies shut down or re-structure regarding job losses.


    I just think it's all part of the "let them eat cake" defiance of those who rule our sorry asses. ie, "we're in charge, and you lot can just shut your mouths or moan if you want (like I am now.........) to your heart's content until you run out of steam...when you run out of steam, get back to work you sorry non-elite losers.


    So far in the last ten years, I have not seen anyone at the top, accused of a serious crime and get really punished for it.

    I think we all had better get used to being clamped down and be good citizens.

    Happy cashmas!

    Yes, I am cynical, yes I am depressed.

    However, in 14 years of credit/debit card ownership and bank account ownership I had a tiny amount of late charges.

    When the world collapsed 2 years ago.. (aka credit crunch starting) the banks all started raising interest rates on cards. My payments went up 20% on the minimums and that was it.............snowball oblivion.

    Now, my credit history is smashed beyond repair.
    The strange thing is that most of my money was to pay interest, it was not as if I was buying goodies....... how weird.

    Certainly the banks machines offered increased credit limits without fail, so I took it.

    I will disclose that I did not really have an action plan on how to pay the spiralling debt back..........bad news and it's not something I'm proud to have failed on.. It turns out I may just a particular depressive psychology which I never understood as I never spoke about these things...to anyone as I was "defensive" to say the least...



    At the end of the day, everyone needs to learn to take responsibilty, BUT,
    if the top dogs are always closing ranks, getting away with murder, breaching all social boundaries, where will the younger generation get their morality from?

    When the banks got propped up by taxpayers, without much fallout, and then had fun with bonuses, I ended going from a "I will pay eventually" approach to what the hell? Should I just bankrupt and be done with it?
    Not done it yet......

    If I actually had not been a single man and owned a car, god knows, I would not have survived as long as I did with the unexpected costs of maintenance, rent/mortgage, unknowns, children omg epic........

    Now, credit card rates are still 20% ish and the banks can borrow at 1%.....is that still correct?

    So , summing up

    IF there is one thing for sure, the amount they are chasing me for, is no way near reality....anyway, that's another story.


    Also, I think the most important thing is health, love etc.

    All those gadgets, not that I had a great many, really do detract from the human social aspects of life.

    Anyway....................if you got this far, hopefully it was not "too" ranty lol.
  • Premier_2
    Premier_2 Posts: 15,141 Forumite
    10,000 Posts Combo Breaker
    blind-as-a-bat wrote: »
    No it was updated, according to google cache quotes the origanel was last updated 03/12/2009;)

    So not exactly just published, more a work in progress:p


    Last updated 22/12/2009 ;)
    http://www.financial-ombudsman.org.uk/faq/bank-charges.html
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
  • orc_2
    orc_2 Posts: 563 Forumite
    edited 22 December 2009 at 4:21PM
    Premier, you said
    Premier wrote: »
    Following on from the announcement by the OFT, it appears the Financial Ombudsman Service has also thrown in the towel over many of the existing 1.2 million claims ;)

    http://www.financial-ombudsman.org.uk/faq/bank-charges.html

    The link goes onto give some advice to those in financial hardship
    (my highlighting, original highlighted text was in italics)

    You are being obtuse now. Your original post implies and states that "following on (your words) from the OFT announcement" it appears the FOS have decided to throw in towel."

    That is not the case.

    FOS have made no comment since the OFT announcement today.

    The FOS link which you referred to and provided dates from 16 December, perhaps published earlier. It refers to the SC decision not the OFT decision today.

    Will you admit please that you were wrong?
    Please ignore those people who post on this forum who deliberately try to misinform you. Don't be bullied by them, don't be blamed by them. You know who I mean.
    You come here for advice, help and support- thats what I and like minded others will try to do.
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