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Bank Charges Reclaiming Guide discussion - Page 168

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Bank Charges Reclaiming Guide discussion

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  • -taff-taff Forumite
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    You only stand a realistic chance of getting anythng back [in one of three forms - refund/cessation of interest/suspension of charges] if you are in CURRENT FINANCIAL HARDSHIP.
    Historic hardship complaints are unlikely to succeed.
  • dunstonhdunstonh Forumite
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    Okay, so I was just going off the "reclaim your bank charges" (step 3 - I can't post the link) where it says: "When you receive your transaction list, go through with a highlighter and find all the relevant charges. You should also be able to note what the charge was for and decide why you think it was unfair." - just trying to be thorough!

    unfair bank charges reclaims ended in 2009. You are reading an old article from that period. if you are making a claim under CURRENT financial hardship, you must not, under any circumstances, say the charges are unfair. Otherwise, you will get the automatic response quoting the supreme court outcome.
    I am also aware of the 2009 court case, however since I do meet the criteria for consideration it would be prudent to ask, even if there's a risk of not getting anything back.

    There is a difference between asking the bank for a goodwill gesture under CURRENT financial hardship and making a claim for unfair bank charges. The letter is dead. The former is ok.
    So, what now - just explain to the banks why I think the charges might be unreasonable, then contact the Ombudsman? Does that still apply?

    The ombudsman no longer takes on complaints about unfair bank charges. You must not refer to the bank charges as unreasonable unless you want to fail at the first hurdle.

    You need to make the bank aware that you are in current financial hardship. Let them know what arrears/defaults etc you currently have and how the current charges are preventing you from basic living. i.e. how you are in hardship and how you are suffering.

    The bank will then look at your spending habits to see what you are buying. Mainly to make sure you are in hardship. e.g. large mobile phone bills, M&S Sandwiches, shopping at NEXT, Dining out, Cinemas etc. They will usually ask for a meeting over the phone to discuss your current finances. After all that, the bank decides what it will do. It may refund nothing. It may refund some or all of the last 12 months worth of charges. In most cases where hardship is confirmed, no more than 12 months is the typical outcome. In extreme current hardship cases, they have done more. They may look to put you on a debt management plan going forward and suspend charges. Rather than a refund. The FOS has no ability to force the bank to do anything other than to consider your case fairly.

    Are you actually in current financial hardship or is this historic?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • [Deleted User][Deleted User]
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    malinkey wrote: »
    I do meet the criteria for consideration
    What criteria are you referring to? You need to be able show the Bank that you are in current financial hardship. Are you behind with essential payments? Are you regularly living in your overdraft just to pay for those essentials?

    Realise that the Bank will want to look in depth at your spending to judge whether you are in current financial hardship. Your Sky subscription will have to be cancelled for a start https://forums.moneysavingexpert.com/showthread.php?p=66610688
    malinkey wrote: »
    I realise I am rather late to the party with this one. A lot of life stuff got in the way in the meantime and I have a *lot* of catching up to do. Still, better late than never.
    If you are trying to get a refund of historical bank charges, you really are wasting your time. If the Bank agrees you are in current financial hardship, the most they will do is refund (some) recent charges. They may not refund at all, choosing instead to suspend interest for a period. They may also insist that you agree to some form of debt management on your account.
    malinkey wrote: »
    Okay, so I was just going off the "reclaim your bank charges"
    That article needs to be deleted or completely re-written.


    Finally, don't even bother to write to any Bank which you are no longer a customer of.
  • A few days ago, I replied to a sponsored advertisement on, I think it was, the MSN newsfeed, which turned out to be from a company called Allay, saying that people were still being paid out large sums of money from mis-sold PPI payments.

    I had tried this before with another company, whose name I don't remember, and been rejected because the amount of money I still owed to the banks (from loans and credit cards I had taken out more than 10 years ago) was more than the payout would be.

    When I spoke to Allay on the phone, I mentioned this and was told that this didn't matter and it wouldn't stop me from making a claim but I am worried that the banks might make a payment but insist that it be paid back as part of the debt I owe them and that, in that case, Allay might still charge me their 24% charge, although they claim to operate on a No Win/No Fee basis.

    On the other hand, if I approach the banks myself directly, I am worried that they may also refuse to make a payment on the grounds that I still owe them money.

    I would be grateful for any advice anyone could give me as to what I would be best to do in this situation.
  • zx81zx81 Forumite
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    If you want to make a mis selling complaint, do it yourself. Redress will go to any debts will owed to the lender.

    Use a company and you will need to pay them out of your own pocket.
  • NasqueronNasqueron Forumite
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    casement wrote: »
    A few days ago, I replied to a sponsored advertisement on, I think it was, the MSN newsfeed, which turned out to be from a company called Allay, saying that people were still being paid out large sums of money from mis-sold PPI payments.

    I had tried this before with another company, whose name I don't remember, and been rejected because the amount of money I still owed to the banks (from loans and credit cards I had taken out more than 10 years ago) was more than the payout would be.

    When I spoke to Allay on the phone, I mentioned this and was told that this didn't matter and it wouldn't stop me from making a claim but I am worried that the banks might make a payment but insist that it be paid back as part of the debt I owe them and that, in that case, Allay might still charge me their 24% charge, although they claim to operate on a No Win/No Fee basis.

    On the other hand, if I approach the banks myself directly, I am worried that they may also refuse to make a payment on the grounds that I still owe them money.

    I would be grateful for any advice anyone could give me as to what I would be best to do in this situation.

    If you use a claims firm and get a PPI payout which is then offset against unpaid debts you will end up with nothing and the CMC will bill you for their "share" of the refund even though you didn't get any. Any firm that is taking on your business knowing this will happen should be reported to the Legal Ombudsman as it's a disgrace.

    That said, you borrowed money and didn't pay it back. The banks are obviously not going to give you a further payout of cash when you still owe them money and no matter what way you try and approach it this will not change - you will not get any PPI refund unless it's any excess after your debts are cleared.
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  • Hi,

    I have read this article and I am a bit confused if I can apply or not. I have a £1500 arranged overdraft and due to certain circumstances I have lived in this for the past 4 years.

    Over these years I have accumulated £333.39 in interest, £282 in arranged overdraft fees and £24 in unarranged overdraft fees. A total of £639.39
    I have credit cards with debt of £7k which I am paying off.

    Am I eligible to attempt to get this money back?

    Thanks
    Zoe
  • zx81zx81 Forumite
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    No. But if you are in hardship, you can ask your bank for help.
  • [Deleted User][Deleted User]
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    Zoey_39 wrote: »
    Am I eligible to attempt to get this money back?
    You've read the article, now read this thread. It explains in some considerable detail that Bank charges haven't been reclaimable since the Banks won their 2009 court case. So detailing exactly how much interest and fees you've paid has been a waste of your time.

    However, if you can show the Bank you are currently in financial hardship the Bank may decide to refund (some) charges, typically those from the last six months.
    Note, though, that any such refund will be goodwill on the part of the bank and will be subject to scrutiny of your account. If you have an expensive mobile phone contract, payTV subscription and other such luxuries you won't be deemed in hardship.
  • Hello. I've read the article and wondering if I can go to my bank to ask if they'd look at the charges they'd given me each month for only making minimum payments each month.

    I was in a situation where my finances snowballed. My ex (fianc! at the time) had used me to pay for two car finances over a couple of years that my salary only just covered and foolishly he was a second card holder on my credit card and kept it maxed out and I had to keep asking him to help pay for it, so he only gave me a minimal amount that helped cover the minimum payment which resulted in ~£45 a month fee for almost 2 years!
    He was earning more than twice I was and left me up s*** creek without a paddle!
    Thankfully I've now got my head above the water and debt free, but he'd also left with all of my life savings too!

    Would I be able to approach my bank to ask for the credit card charges back, or do I not have a case as I'd foolishly allowed my ex to manipulate my finances?

    Many thanks
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