What impact will the OFT have?

Twinkly

Chrysalis

Martin has stated already in two posts in this thread that customers will still be able to claim after the ruling. Check with different banks what they will offer after 6 months using a basic account only. My bog standard basic account upped my grotty little electron card to a debit card after 6 months use. Just a suggestion

feedering

Chrysalis wrote: »

Martin so you think customers will still be able to claim after the ruling? Do you expect their to be a ruling blocking account closures as well as the main thing stopping me claiming is no bank will offer me a debit card meaning I cant risk losing the one I have.

The closing of your account would be a retalitory action and thus not allowed. I advise you to reclaim your charges, should the bank threaten closure there are actions you can take.

Bakeybadoo

Sorry if it's already been asked but when the OFT reports back as expected in April, will existing claims then only be allowed to claim the difference or will that apply to new claims only?

I've left it rather late to start the process and so am wondering if b/c my claim has started before the ruling, I'll still be allowed to proceed claiming for the full amount.

Also, is this ruling definitely due in April or is there a possibility that it'll come in later than expected?

PATMONEY_2

In process of getting bank statements from Natwest but have been informed by Mother in Law that you only have until April to be able to get this information. Is this true?

Edinburghlass_2

Better to read Martin's posts above than listen to the MIL

JRMat

MSE_Martin wrote: »

The reason Jamalfatty is while the credit card announcement was the OFT in a less high profile light. My sources tell me the bank charge opinion will be a compromise with the banks, and thus its quite possible we'll see automated reclaim systems set up; which didn't happen with credit card charges. And that if you're trying to go round that, the banks will push back with more force.

It's also worth remembering that the link between CC charges and Bank charges, meant that the banks fighting it in court court risk a ruling on Bank charges with a read across, yet now both are in the open changing the game.

Hi there

I rec'd an offer from HSBC last Thursday for £4160 against £4866. I have excepted this offer and posted back my acceptance form on Friday, via special delivery. The cover letter sent by HSBC with the offer stated that if I accepted the offer, the money will be credited to my account within 7 days. Given the OFT ruling, are HSBC bound to this now? Or could they stall longer and no pay out? Or pay out less should I say....?

Thanks,

billy_boy_5

As suggested I have begun to act before the OFT ruling by sending the first template letter to my bank with a cheque for ten pounds. If the OFT ruling is made before they have replied will I be paid under the 'current precedent' or do you think I would be paid under the £35 - £15 formula? i.e If I, and many people are part way through a request for a payout when the OFT decision is made, under which 'formula' will we be hopefully paid?

oldwiring

feedering wrote: »

The closing of your account would be a retalitory action and thus not allowed. I advise you to reclaim your charges, should the bank threaten closure there are actions you can take.

I wonder, if some folk ( other than feedering of course) are thinking that a bank claimed upon will never be able to close their accounts. Allow say six months, a continued history of unauthrised excesses and unpaid items, all charged at lower rates than now current, and watch what happens.:rotfl:

Chrysalis

Twinkly wrote: »

Chrysalis

Martin has stated already in two posts in this thread that customers will still be able to claim after the ruling. Check with different banks what they will offer after 6 months using a basic account only. My bog standard basic account upped my grotty little electron card to a debit card after 6 months use. Just a suggestion

problem is I cant have a 6 month gap.

Chrysalis

feedering wrote: »

The closing of your account would be a retalitory action and thus not allowed. I advise you to reclaim your charges, should the bank threaten closure there are actions you can take.

this hasnt stopped them so far tho, unless the OFT ruled on it I cant assume otherwise.