Report Bank Charges successes and failures

Keya9

Nasqueron wrote: »

Consolidation loans IN THEORY do that but there is a mass of anecdotal evidence that people take the loan and waste it or just run up the cards again meaning they do borrow more money. One of the biggest issues I feel was the likes of Ocean finance doing TV adverts suggesting people could save all this money on repayments and then go on holiday etc! A consolidation loan for someone who is determined to fix their finance is a good idea but that must be accompanied by changing spending habits, cutting up the credit cards, cancelling accounts etc and so many people do not do it. You only need to look at the debt parts of this forum to see people who did a consolidation and then just ran up the debts again giving twice as much debt.

A financial hardship case to the bank will result in some help such as stopping charges or freezing interest allowing you to get back into a position of stability but this has to come with an attitude change of the person and a willingness to cut back.

A bank now HAS to be a responsible lender. If you have say a salary of 25k and 12.5k of unsecured debt on cards/OD then giving you a 12.5k loan gives you (in theory) 25k debt as there is no guarantee you won't spend the loan elsewhere - signing a disclaimer means very little!

Once again the Human Rights Act does not cover lending you money or extending credit.

@ Nasqueron - I like your reply and totally agree with you. Having worked in Banks I realise how people do afford to consolidate and then revert back to using the credit cards etc. The Bank I worked for was a responsible lender and would immediately contact their own card services and cancel the credit cards as well as reducing the overdraft limit.

Structures should be in place to allow a centralised system that offers a facility for all banks to work with each other when consolidation of this manner is done. From experience, a number of these clients faced hardship due to a lack of financial understanding and I would help them understand their income and expenditure habits to resolve this matter going forward. As an industry in Financial Services this should be a solution that is implemented as even the banks are incurring unnecessary charges and losses when it comes to trying to get their money back.

tomtontom

Keya9 wrote: »

@ Dunstonh - I really appreciate your constructive replies. The point I am trying to make is that in reality Banks also have a responsibility to ensure that credit card debt is repayable and are just accountable for this as they would be for the loan.

You must admit that it is clearly bad business for them to shift the debt and lose interest.

I have worked in Banks (Management) and currently work as an advisor.

P.s. I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.

In which case please add the appropriate signature to your posts, as per forum guidelines.

Keya9

@Moneyineptitude - Read the post, I am not an independent advisor and I am not hear to give advice!

Your bringing up my question relating to Sentinal now clearly shows that you should not be on such forums. Nice to see that you wasted your time researching this. I never thought I would find a stalker on a Forum!

I do not have to justify my credentials to you and asking the question as to whether I advise clients about their human rights, Well!.....

This is my first forum, therefore I am new to this. You are obviously an expert who has time to criticise others when challenged. I respect the other peoples comments on this forum as they clearly have the credentials to be here, this is justified by the manner in which they are responding.

I would be grateful if you do not reply to this post as I stay clear of negative people both in my personal and professional life. Happy Reading

Keya9

@ Moneyineptitude - Thanks again, you just helped me reach my first ten posts LOL

P.s. Your right, I did ignore that part of your post and going forward it's only going to get worse for you as I am going to be ignoring all of your posts. (Human Rights - (tongue in cheek))

Bye Bye.

justjo71

I have just received some PPI back which was a nice suprise, but it has made me aware of a couple of Bank accounts I had long since forgotten about.
I can remember having to have a "gone away" marker on these accounts as at one point the charges were crippling me, I was a single mum at the time with 3 kids and was going through the transition of 2 incomes into the account down to one.
I ended up having everything go through an old account I had when I was a teenager so when my money went in, it didnt get swallowed up by these charges.
Anyway, this has just made me think am i still able to claim back bank charges, or has this ship sailed already??

[Deleted User]

justjo71 wrote: »

Anyway, this has just made me think am i still able to claim back bank charges, or has this ship sailed already??

Banks won their court case on bank charges in 2009. No one receives refunds of historical charges these days.

Plenty of in-depth information already posted on this thread, so I'm not about to repeat it.

You also asked about bank charges four years ago:
https://forums.moneysavingexpert.com/discussion/comment/50280739#Comment_50280739

ClaireCox_2

I have followed the advice and used the templlate letters for a packaged Royalties bank account I was mis sold by RBS. The only response from RBS showed my complaint was clearly not looked into properly and they just rejected my claim as I had held a fee free account in the past. I took my case to the ombudsman who have said they cant look into my case as the account, which is now closed, was opened more than 6yrs ago. Ive been trying to find a timeline for complaints to be made and havent found anything, but surely the ombudsman is correct. I have a case, but am out of time for it to be looked into. Is this correct?

dunstonh

ClaireCox wrote: »

I have followed the advice and used the templlate letters for a packaged Royalties bank account I was mis sold by RBS. The only response from RBS showed my complaint was clearly not looked into properly and they just rejected my claim as I had held a fee free account in the past. I took my case to the ombudsman who have said they cant look into my case as the account, which is now closed, was opened more than 6yrs ago. Ive been trying to find a timeline for complaints to be made and havent found anything, but surely the ombudsman is correct. I have a case, but am out of time for it to be looked into. Is this correct?

This thread is not about packaged bank accounts.

However, in your case, you appear to be hitting the timebar which is 6 years from date of sale or 3 years from being reasonably aware of an issue. That will be 6 years from the date you opened the account and three years from closure. Both rules have to be satisfied for it to be time barred.

The bank are correct and the FOS are verifying that it is correct. You are timebarred.

chicqa

Hello All,
It has been some time since I posted on here, but I am having some issues with Natwest bank and I need to get some experienced advise please?
I have been fighting for charges since 2009 as well as the PPI, Natwest have admitted the money is owed and have agreed to pay both on the proviso that they are applied back to the bank account that was originally with them. I did not agree and left this. I entered into an IVA in 2007 when I was in financial difficulty- this is now cleared and complete.
I reopened the case in January 2014 on completion and Natwest advised that their stance had not changed so I referred to the Ombudsman who upheld Natwest side on 13.04.15.
I have revisited my old bank statements looking for other information for another account and I discovered that the figure Natwest were agreeing to pay for the Bank charges to the sum of £3k had already been paid back into the account in 2007- the year I entered into my IVA and also 2 years before my claim!!
I need help to find out how best to proceed in light of this information. Is there anyway to make a successful claim or can I escalate this higher up for the bank charges?
I approached Natwest on 2 occasions when I was in financial hardship and they would not even consider my circumstances.
Any help would be greatly appreciated.

Thank you

[Deleted User]

If the Ombudsman ruled in the bank's favour, your complaint is already over.