How will reclaiming bank charges impact banking discussion

borgbaiter

hi

liquidate and ascertained damages cannot include profit as it would be unjust enrichment.

http://en.wikipedia.org/wiki/Liquidated_damages

Borgbaiter

Tozer

Nothing was said about profit but there is no reason why loss of profit could not be included as the basis of contractual damages is to put the party in the position it would have been in had the contract been performed correctly. Robophone Facilities Limited v. Blank [1966] - LD's can avoid the risk of undercompensation whre the rules of remoteness in general contractual damages may not cover consequential (and loss of profit is the key head when considering consequential losses), indirect or idiosyncratic losses.

borgbaiter

hi

loss of profit is a loss, all be it potential. profit or unjust enrichment is not related to any loss.


Borgbaiter

Tozer

Sorry don't understand what you are saying. If you are saying that loss of profit can be part of the genuine pre-estimate of loss calculations then I fully agree as that is the established legal principle.

TANZARELLI

You cannot profit from a penalty only claim liquidated losses. Service charges are different profits can be made from these.

This is why the banks are trying to adapt the T&Cs to suit the service charge arguement.

DTarry_2

What none of you seem to realise is that EVERYONE will be worse off if the decision delcares their charges unfair. The point is that the Banks won't suffer and all they'll do is to make EVERYONE pay for everything!

Each cheque, each direct debit, each debit card, monthly admin fee and so on and so on - tell me I'm wrong in 12 months time, because believe me, the Banks will not have their profits slashed by this.

Hurrah for you? I don't think so.

The_Affs

Dornoch_Guy wrote: »

Like everyone else, I can not wait to hear the outcome.
I have had a claim in with HBOS since last july, with £6812 at stake for me, with about another £1200 in charges since then!

It could be a very nice holiday in 2009 as I am sure they wont pay out before then.

Good luck to everyone, lets hope the tide has turned!!!

I cannot believe that you can rack up those amount of charges and then expect them back! You must have grossly abused your account to do this.

Everyone seems to forget that Banks are businesses not charities. When you sign up for your account you agree to pay these charges if you abuse your account.

Imagine if there was another ruling, but the other way round where it was decided Council Tax charges weren't high enough, everyone in the country would be up in arms if forced to pay more. This is potentially what Banks are being asked to do, pay back money in a way that is not previously budgeted for. Customers will then be the first to complain when their bank goes the same way as Northern Rock.

Utterly ridiculous - here's a revelation - I have never incurred Bank charges as I manage my account responsibly. Try doing that rather than moaning on about things not being fair.

The people of this country should be ashamed and need to start taking responsibility for their own actions.

sjat81

The_Affs wrote: »

I cannot believe that you can rack up those amount of charges and then expect them back! You must have grossly abused your account to do this.

Everyone seems to forget that Banks are businesses not charities. When you sign up for your account you agree to pay these charges if you abuse your account.

Imagine if there was another ruling, but the other way round where it was decided Council Tax charges weren't high enough, everyone in the country would be up in arms if forced to pay more. This is potentially what Banks are being asked to do, pay back money in a way that is not previously budgeted for. Customers will then be the first to complain when their bank goes the same way as Northern Rock.

Utterly ridiculous - here's a revelation - I have never incurred Bank charges as I manage my account responsibly. Try doing that rather than moaning on about things not being fair.

The people of this country should be ashamed and need to start taking responsibility for their own actions.

Urm ok point taken about abuse of accounts but what people are angry about is the actual amount that we are charged if we do go over overdraft's, miss DD's etc and the fact that it is a penalty which by law is illegal due to the fact only costs can be recovered by the banks, also that banks can charge these extortionate charges which can put people in trouble and then keep them in trouble by adding more and more leading to a downward spiral for the customer, with banks knowing that peoples wages are paid into their account they can take the money whenever they see fit, no other companies can do this without taking you to court so why can banks? and because all banks add these ridiculous charges to peoples account people have no choice but to sign up for an account with one of them.

The_Affs

But not all banks charge the same. When you sign up for an account, pick a bank that charges less.

OR DON'T ABUSE YOUR ACCOUNT IN THE FIRST PLACE!!!!!!!!!!!!!!!

m.colak

Hmmmm to be perfect. The_affs i find it quite amazing that you have never had a fee in any way shape or form. Most people have had at least one charge in their life and most find them extortiant. The system the banks have is if they have charged you once they will charge you twice for going over your limit and therefore its unfair practice.

My job doesn't allow me to monitor my bank account daily/weekly and in some case's monthly so to say that its peoples fault that this occurs is pure ignorance as it doesn't take into account peoples situations or external events. You must be in a very privilged position where you can do this and therefore you shouldn't be abusive to others whom can't.