claimingf bank charges??? explain please

stopthespends

ive been having a read on here about claiming back charges but i dont really understand... what constituates a bank cahrge?? etc

sorry to be thick but could you go through it with me?

thanks

mountainofdebt

Basically it's the charge that the Banks make for a dd that they haven't paid due to insufficient funds being in your account or a cheque that has bounced.

Becuase the banks charge something like £30 for providing this 'service' the charge has been deemed unlawful as the charge made doesn't reflect the true cost to the banks.


If you go to https://www.consumeractiongroup.com you'll get all the info you need.

CLAPTON

it works like this..suppose you open a bank a/c and are allowed an overdraft of (say) 500.
this means that you are allowed to spend up to £500 more from your a/c than you put in. in exchange for lending you the money, the bank will charge you interest on the amount you are overdrawn. so far so good.

however suppose you try to spend more than the agreed 500 limit.
then the bank may level charges (say) £25 for going being over the agreed overdraft limit and may charge a very high rate of interest. It is this charge that is considered unenforceable in UK law because it is a penalty unrelated to the actual cost to the bank.

for more details i would suggest you read this forum:

http://www.consumeractiongroup.co.uk/forum/

Sweety83

If you have any bank charges that are deemed unfair I would definitely advise trying to get them back. I have just successfully claimed back just over £2000 from HSBC. So go for it and good luck if you decide to!!!

mollyjak

I can follow the bank charges but how does the credit card charges come into it please?
What can you claim back from them?
Also we have sent off to the bank for statements (they returned our £10) say they will send statements what sort of time scale did it take from start to receiving the cheque/money back??

mountainofdebt

are those that are levied for late/non payment of the monthly repayment.

As for timescale for return of funds I think it depends how far the banks want to take it......if it's a small amount then the banks seem to be paying up farily quickly - if its a larger amount then they seem to be dragging their feet and people (including myself) have down done quite a long way down the road before the banks have repaid the charges.

However - and this is important - you mst understand that it COULD GO TO COURT. I think I am right in saying that the banks have repaid every claim before it gets that far BUT you never know, your claim could be the one that they decide to go all the way with.

I don't mean to frighten you or put you off, I just want you to know of what you are getting involved in.

mollyjak

Yes mountainofdebt thanks for the advice and warning
Knowing our luck then ours would be the one they decide to go all the way with.
But you still have to give it a go - well we do
Does it also mean that we COULD back out also at any time prior to the court case but then lose out the fees paid to take it to court?
Just thinking about a get out clause if needed

mountainofdebt

ie you could back down but in a way the process is like a game of poker......starts off with a bit of banter on both sides, and then as the stakes get higher, its a case of who blinks first.


As yet the banks are blinking away!!!

Also I would recommend you go to https://www.consumeractiongroup.com which is a web site dedicated to helping you through this process.

mollyjak

I hope they keep blinking as well!!!!

Hubbie has been on that site and logged us in that's where he got the letter he sent off to begin with.
But thanks again as we may not have known about it
The help on this forum is brilliant

stopthespends

thanks everyone...

can i just ask if the dd sends you over funds available and the bank authorise it but charge you £30 can you claim these?

CLAPTON

yes you can reclaim charges for DD taking you over the overdraft limit and them penalising you with a £30 charge