Yeh Nice One Martin .......... Not

mussgo

Bad_Boo wrote:

Secondly I was absolutely appalled to see messages from people that were disagreeing with people reclaiming their bank charges. Obviously these people have never had to worry about money in their entire lives unlike me and many others who have had to watch the pennies. These people dont realise just how easy it is to get in to debt and when you are facing the choice between paying a bill and eating for a week then you can justify to this forum that is unfair we are reclaiming back OUR MONEY from the banks.

I am not disagreeingwoth you in principle however there are folk amoungst us who chose not to get in to debt in the first place ..... they didn't get new tv. car, go on holiday but lived within thier means now matter how low thier income, and should a situation arise that needeed financially addressing saw to it, via loan or whatever whilst STILL living in within thier means. Probably cutting back on other things to do so! So therefore I dont think you can judge people sweepingly ..... in my experience its the ones who watch the pennies (even those on the lowest incomes) who dont get into debt and those that dont keep a keeneye on theier personal finances can get caught up with the debt cycle.

Personally speaking I could not afford debt , I found this out years ago, I think I was lucky to find that out then!!

refundmeplze!

I would NEVER feed my kids weetabix for dinner several days in a row if i had money put aside. I would of thought that feeding kids weetabix for several days would have been a valid reason to spend some of it.

oldwiring

MSE_Martin wrote:

While I'm not going to enter in this fully a few salient points

1. The increase alone in UK banking profits is more than the amount taken in fees (4bn in fees, profits this year 38bn last year 33bn).
.

Sorry Martin, IMO The increase in profits does not add to your argument, if the global profts are made principally from sources other than UK personal banking.

krisskross

refundmeplze! wrote:

I would NEVER feed my kids weetabix for dinner several days in a row if i had money put aside. I would of thought that feeding kids weetabix for several days would have been a valid reason to spend some of it.

When I did that i didn't have any money at all. I was demonsrating that I knew what it was like to be that poor and would never allow it to happen again. Sorry if that wasn't clear.
PS It was over 40 years ago...pre benefit days and pre credit card days.

oldwiring

sarah1975uk wrote:

Understand that it does cost something but for years they never charged ...so how was paid for before the new system of paying to withdaw cash ?? i assume the big fat cats in the banking world somehow incorporated their charges in interest rates etc.

Interbank charging for other banks' customers' use of cash machines IMO could be a near zeo sum activity. A charges B and B chaeges A and so on. Another factor is that, at least in my time, cash in tills ( a cash dispenser is a till) was regarded as a burden, because it was not interest earning for the bank. It was got rid of to the BofE as p.d.q. as possible to increase the interest earning balances and lending abilty.

DropDebtFred

MSE_Martin wrote:

While I'm not going to enter in this fully a few salient points

1. The increase alone in UK banking profits is more than the amount taken in fees (4bn in fees, profits this year 38bn last year 33bn).
2. Bank charges and debt are not synonomous. The best way to avoid charges is not to have them, as I've stated. Yet when you do they are designed to be penal, not just the £35, but the fact his is per transaction, allowing a few pounds over the limit to lead to £100s in charges, then the inability to repay that quickly leading to snowballed charges in the £1,000s
Bank charges are not always 'someones fault' go read my blog about the woman caring for her autistic son, who budgetted well, but the state missed out her benefits payment (as an aside its much cheaper for all our taxes for her to be caring for him than to send him away for care) the bank slapped charges on for unpaid DDs, and two years later was £3,000 of charges, without ever doing anything wrong or overspending.
3. Of course people must manage their money, debt is all about responsible borrowing, yet we live in a confusion marketing world.
4. The banks are acting unlawfully - those who say 'what im doing' is wrong, should actually be saying the banks shouldn't have done this in the first place. This is correcting an error - not causing a problem
5. The UK banking market is very competitive, and the most profitable in Europe. Any bank who introduces fees on current accounts will lose enormous business as was seen with first direct (which actually put fees on because of dormant accounts not bank charge reclaims). Some banks, e.g. alliance and leicester have already pledged to stay completely fees free. If any major bank charges fees it will bleed customes.
6. Trademark your argument stems from the 'I behaved well why should I be punished for all the others'. Actually you're the least likely to be impacted if there is any change, you're a desirable customer in a competitive market who stays within product rules - this is where the market is most competitive.
7. Thus if there is a change it will be with the very people who have reclaimed charges. Yet it is my hope a. many will have learned to be more wary of the banks and b. the payout will reduce the debts back to more appropriate levels (ie the cost of what was borrowed and the interest) and thus enable people to manage their finances more appropriately and work within their limits.
8. Am I ashamed, no I'm bloody proud. This site is about helping everyone. I remind you of what it says on the front page "

<TABLE cellSpacing=0 cellPadding=0 width=150 border=0><TBODY><TR bgColor=#faecd3><TD style="FONT-SIZE: 12px" align=left width=140 bgColor=#faecd3 colSpan=3>MoneySaving is about cutting bills not cutting back. It's about being a sassy consumer. Companies try to screw us for profits. MoneySaving shows you how to screw them back.</TD><TD width=5></TD></TR></TBODY></TABLE>
"
I feel I'm acting in a way that is consistent with that. And as this site and I are doing what it says on the tin, if you don't like it, i suggest you lump it.
9. Remember the banks spend billions in marketing, advertising, teaching their staff to sell. The fact that consumers are finally redressing that balance means a more competitive and open society which should benefit all. I spoke at the Economic Research Council the other day and this was a widely held view. So if you want to support the banks, feel free, but when you complain that consumers getting their money back from banks using unlawful and unfair tactics is a bad thing; perhaps you should be blaming the banks for using those tactics in the first place?

Just a little food for thought.

Martin

PS And do I profit from this. Damn right I do. I profit in the form of a huge smile slapped bang in the middle of my face each time I read of a reported success and someone who's eyes are being opened, has stood up for themselves and who's got back money rightfully taken.

I thought from watching the program that time was running out to get my charges back, i've only just sent my letters requesting charges, I really feel as though I might have missed the boat on this, as the OFT report could/should have been published by the time I am claiming from the banks. Martin, what do you think?

Bad_Boo

mussgo wrote:

I am not disagreeingwoth you in principle however there are folk amoungst us who chose not to get in to debt in the first place .....

Nobody chooses to get into debt it just depends on their circumstances.

sarah1975uk

DropDebtFred wrote:

I thought from watching the program that time was running out to get my charges back, i've only just sent my letters requesting charges, I really feel as though I might have missed the boat on this, as the OFT report could/should have been published by the time I am claiming from the banks. Martin, what do you think?

i do hope were not too late in claiming my letter is in the post as we speak by registered post!!

AdamB

To all the people that are opposed to reclaiming the bank charges. I am just using this this as a hypothetical example. If you were to get some work done on your house. You get it done and they builder/plumber/electrician etc charges you £1000. You receive the invoice and then pay it. If you later found that something on the invoice to the sum of £100 was unlawfaul, would you want that £100 back?

sarah1975uk

perhaps the banks should club together and put some of their profits into a pot and offer consumers who are in debt, an interest free loan to pay off their debts would suggest that people are only given the one chance of having the interest free loan to stop some people abusing the system to get a free loan. Just an idea!