OFT makes 'putting it on hold' announcement

Nathan_Spleen

dchurch24 wrote: »

In all the cases I have seen the monies have been offered back as a *full and FINAL settlement* - the matter is settled - end of story.

They themselves said it was final. They'd have a pretty difficult job getting that money back in the very unlikely event that they could actually go to court and prove that it really does cost £35> to do nothing.

Even if they did win in a county court (or indeed a claimant winning in a county court) no legal precident would be set - so really, it would make little difference in any case.

The Brennan case will not set a precident either, unless it gets allocated to a higher court. It's my opinion that unless he is very lucky, that his case is ill fated.

Remember Stephen Hone anyone? He tried a very similar thing - in the public interest (as Brennan is claiming) - and was just bloody lucky that the judge had a sense of humour and didn't award costs against him when the claim was struck out.

Hopefully I'm wrong though.

To say a precident cannot be set in county court is not true.

In the brennan case, regardless of what court it is held in, a ruling on the lawfulness of the charges by a judge is binding until it is overturned. A precedent will be set as far as natwest are concerned and they will land up handing out refunds like confetti at Liz Hurley's wedding. This is why the case is so significant.

mustrum_ridcully

The Office of Fair Trading are to launch a probe into bank charges that could mean the loss of free banking for everyone
http://news.bbc.co.uk/1/hi/business/6594483.stm

:mad:

tinkershake

Hi there just a quick question,
Now that the office of fair trading has launched an investigation into bank charges and the report should be out by the end of the year.
Do you think it will effect any claims made at this time like stalling tatics to try and wait for the report to come out as i have just sent my first letter to the bank. Also if the office of fair trading find that the charges were fair in the first place could the banks try and recoup any money they have paid out already to other customers.
Thanks for your time.

Kurt_Hamster

"Free banking" is an oxymoron.

hfordy

I saw something on the news this morning about the fact that since lots of people have been claiming back bank charges, that the banks might start introducing charges just to have a current account, even if you don't go overdrawn or have any other debts on the account. Does this mean that the re-claiming bank charges has backfired slightly?

Beate

http://uk.news.yahoo.com/rtrs/20070426/tuk-uk-britain-banking-fa6b408.html

mustrum_ridcully

hfordy - it could do, big time. I think the group that would be worst hit are pensioners as they often have very limited incomes and a more likely to fall into the "never borrower or lender be" catergory then to make it even worse in a couple of years time their state pensions will have to paid into a bank account - oh dear.

However, ~25% of the population is over 60 and they are more likely to vote so the political parties will take them seriously if they start to complain - so I can easily imagine pensioners being given free banking whilst everyone else pays fees.