CitiCard (merged)

Thor92

Someone has to know what to do, plz?

megan34

Citigroup made a profit of $18.2m (£9.96m) on 2 August, 2004, after selling a large cash position in government bonds and the later buying back of bonds at a lower price.

The £13.96m FSA penalty is made up of two parts - Citigroup must relinquish the £9.86m profit it made on the sale and pay a £4m penalty.

Citigroup is committed to maintaining the highest standards of business ethics

Charles Prince, chief executive of Citigroup

While the fine is the largest imposed by the FSA on a financial firm it is not its highest - oil giant Shell was fined a record £17m for overstating its oil reserves in breach of listing rules.

But, it was not Citigroup's first run-in with regulators.

The group was forced to close its Japanese private bank after repeatedly breaking local rules. It also agreed to pay $2bn to settle a lawsuit brought by shareholders of collapsed energy trading firm Enron earlier this month.

Last year, it settled a $2.6bn lawsuit brought by investors in failed telecoms firm WorldCom, and had to put aside double that amount to cover future legal action.

...............
Think we are all in for a long fight to get money back from these.

harrysmum03_2

sent off request for refund on 1/5/07 received reply this morning stating.......
On wednesday 5th april 2006 the oft issued a statement regarding the default charges levied on customers for breaches of contract blah blah blah.
within this statement the oft has stated it believes that those charges are too high and has recommended credit card companies review thieir position with a view to reducing their respective charges to a maximum of £12 unless there are exceptional reasons blah blah blah.
Although not a party to the oft investigation that led to its report citicards is aware of the report and have undertaken to reconcider our charges in light of the statement.
in order to remain cometitive blah blah and from 28th june have lowered our charges to the recommended rate of £12. this change is not retrospective in effect.
in over a dozen recent court cases involving citi we have successfully argued the fairness of the above policy and of the £12 charges. the cases have all resulted in the claims being dissmissed and the courts have implicitly held that the police is fair and charges reasonable, being inline with both the oft guidence and common law principles of damage of breach of conmtract.

i understand that this is not the outcome you would have hoped for and if you would like an independant review of this you may refer to the finanmce and leasing assoc. blah blah blah

signed Mark Clibbens office of the cheif executive.

Where do i go from here with regards to demanding a refund????

nickmack

harrysmum03 wrote: »

Where do i go from here with regards to demanding a refund????

Follow the procedure in the Step by Step article.

Citi are particularly aggressve at defending claims and you may find some of their tactics intimidating. Do a search for 'citi' in this forum for some other experiences.

tatty_ted_2

Hi don't know if I'm doing this the right way , but can any one help as citicards have cashed cheque (was for statements) and used it to pay 43p off account so in credit with card ,no response to e-mails thanks

Leaf

tatty_ted wrote: »

Hi don't know if I'm doing this the right way , but can any one help as citicards have cashed cheque (was for statements) and used it to pay 43p off account so in credit with card ,no response to e-mails thanks

If it is any encouragement I rang CitiCards this evening as I had requested my information, they cashed the cheque almost immediately and the 40 days was up today. No statements. I checked the ICO site and have the info to lodge a complaint. Phoned Citi and spoke with a lovely person who seemed quite perturbed the info had not been received. Politely told her the law had been breached and that I would give a further 24 hours before lodging my complaint to ICO.
Letter printed, support info printed. Wait and see!

Leaf

Leaf

No phone call. Letter of complaint went to ICO today.
Watch this space ;-)
Leaf

megan34

Same here - I rang after 40 days to be told the 40 days starts from the day they receive the cheque - this still took them over the 40 days at which point they start with --lots of requests blah blah ....working as fast as they can blah..blah.. you will have the statements in the next 4-6 weeks. I put the phone down and wrote to them posted the same day( friday) telling them they have until the following wednesday to send them or they are in breach and I will report them. Next wednesday I recived the statements by recorded delivery. My husband got a letter the same day full of "sorry for delay..blah..blah.. lots of requests for statements etc ..will get yours in next 4-6 weeks. I again posted another letter saying you have 5 days to send them otherwise you are in breach and I will report you - they arrived on the 5th day by recorded delivery. They will stall and take it to the limit every time. I have given them 7 days to refund my money - which is up on saturday so on monday - I put it into court.:T

megan34

Just been on phone to citicards - they say they didnt receive my letter giving them 7 days to send my refund of default charges - but would I kindly fax it over - so I have done just that - incase anyone wants the fax number this is it: its much quicker than writing cos they get it immediately!.

citi cards fax number - : 0870 9050720:money:

megan34

Have many people actaully got refunds from CITICARDS? every post I have read is long and drawn out - up until the court dat ,then they say they will let us know the outcome but in each case there are no further posts.So who has actually taken CITI CARDS on and won their money back and did it get into court or not?:money: