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

krisskross

Bad_Boo wrote:

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

Of course people choose to get in debt. No one forces us to take on a mortgage, get a car on finance, use credit cards. It is how you deal with your debts that is the key. A huge percentage of the people who have problem debt will be because they have simply not lived within their means. I agree that there are people who have had life changing episodes in their lives that has resulted in debt, I think these will be in the minority though.

sarah1975uk

krisskross wrote:

Of course people choose to get in debt. No one forces us to take on a mortgage, get a car on finance, use credit cards. It is how you deal with your debts that is the key. A huge percentage of the people who have problem debt will be because they have simply not lived within their means. I agree that there are people who have had life changing episodes in their lives that has resulted in debt, I think these will be in the minority though.

Then isnt it time the banks were more responsible in who they lend money too, rather than just gambling with peoples needs and wants just to gain higher profit margins. People do choose debt in different forms of debt whether is for mortgage or cost of living expenses BUT there are also a huge amount of people whom dont chose the dept and are thrust into deep debt through no fault of their own due to family circumstances or other reasons beyond their control, to tarnish everyone with the same brush isnt fair as everyones story on here is different. Dont kick a dog when its down! its about arming people with the best knowledge , they say knowledge is power. its all too easy for people in the public eye to promote a lifestyle that seems lavish easy and carefree but the reality is everyone has worries and troubles that can be hard to handle no matter who you are!

chrissyfp1

From what i've seen on this thread some people seem to believe that because they always have money in their accounts and because they run them perfectly they should, on top of the interest they recieve from the bank for being such a lovely customer by allowing the bank to use their money for investments, that they should be able to use any facilities that the bank provides for free, ie.statements, dd payments, cashpoint facilities etc. Some people actually seem to be having a go at the people who are trying to reclaim some of the charges that they have been unlawfully deprived of, because then they might have to start paying a fee to use the facilities the bank provides them with. Why shouldn't you have to pay? Why should the person who's just gone overdrawn by £3 have to pay for you to have free banking? The person who has gone overdrawn already has to pay interest on the amount they are overdrawn by and if it's un-authorised then it costs more.
I don't believe that most of these people who have been slapped with ridiculous bank charges on top of the interest that they have already paid, which is then compounded month after month if you cant get out of the cycle, do so because of greed. Or as someone put it 'basic theft'! i would imagine that most people in the situation got there because of unforeseen circumstances. People that live on benefits do not normally have enough money each week to be able to put aside some money for a rainy day and even if they are lucky enough to have an emergency fund set aside that doesn't mean there will be enough to cover the unforeseen circumstance.
If you are one of those people that don't have to worry about not having enough money to cover the dd's coming from ur acc and you get paid interest monthly from and have shares in the companys that are taking the money unlawfully, from the people who are the ones, that in most circumstances, need it the most. I do hope that you are proud of your ethical investment choice. Please bear in mind that you also get rewarded by your bank for your good behaviour and financial stability by getting preferential loan rates etc, those who have been 'bad' get charged more for their past behaviour. However much some say that the banks profits mainly are not from the front line banking. The fact of the matter some are, and a large majority of that money comes from adding penalty charges to customers accounts that are way beyond any amount that the bank may have had to pay, to send out the letter or bounce the dd. If people reclaiming their money means that you poor people will have to pay for the services that you use, instead of them, then so be it.

oldwiring

Bad_Boo wrote:

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

Perhaps the word debt is the emotive one. I agree that no one chooses to go in to dent, the unolanned variety that is, but some do decide to go in to overdraft, or do that without agreement. If that is a choice they make then they must be prepared to pay the cost. Those types get up the noses of people who control their finances,

Cagey

At the moment I am reasonably well off but I married quite young & had 2 kids & in all that time I have never been in debt. If I couldn`t afford it I didn`t buy it. Nobody forces you to get into debt. Why is it that most people that get charges exceed their overdraft. The overdaft is your monthly safety net ,it doesnt mean you have an extra £400 a month to spend.
I agree with trademark on this one. The bank charges are a bit steep but why should the majority that stay in credit most of the time now pay for banking because a few abuse the system.

I do think Martin has gone over the score this time. It is money saving forum but I think he has got carried away with his new found fame & has become involved in something that will harm most money savers.

chrissyfp1

Cagey wrote:

At the moment I am reasonably well off but I married quite young & had 2 kids & in all that time I have never been in debt. If I couldn`t afford it I didn`t buy it. Nobody forces you to get into debt. Why is it that most people that get charges exceed their overdraft. The overdaft is your monthly safety net ,it doesnt mean you have an extra £400 a month to spend.
I agree with trademark on this one. The bank charges are a bit steep but why should the majority that stay in credit most of the time now pay for banking because a few abuse the system.

I do think Martin has gone over the score this time. It is money saving forum but I think he has got carried away with his new found fame & has become involved in something that will harm most money savers.

Let me get this correct...... you are saying that YOU shouldn't have to pay the bank to use their facilities but the people who for whatever reason end up paying a penalty charge should pay for YOU instead???? Please also remember that not everyone has that '£400 safety net', so when they go overdrawn accidently by £3 they're going to get charged £35 for it. But i guess thats ok with you because then you wont have to pay to use your banking facilities...... well as long as you are alright, i would've thought that by being reasonably well off you appreciate that fact that nothing in this life comes for free, even YOUR banking facilities!

nickmack

Wow, this thread has gone mad since I saw a couple of posts last night! Teach me to get up so late that I missed most of the juicy arguments.

The only reason I can see that some people are opposed to reclaming bank charges is they're concerned they will suffer as a result.

I'm disappointed but unsuprised at some of the selfish comments. The attitude from many of those opposing is they don't mind what the banks do as long as it doesn't inconvenience their finances.

For those who use the argument that it was clearly stated in the T&C's let's put this one to bed please. Under the Unfair Terms in Consumer Contracts Regulations, it makes the penalty charge contract term unfair and contrary to the law. If you don't like the consumer being protected in this way, I suggest you take it up with the government.

I'm yet to be convnced that anyone reads in full every contract they sign and as a layman, you would not be expected to understand every word and impact of every term. This law is to protect the consumer and those currently standing on their pedestal may need and be glad of it's protection one day.

Although I don't deny banks will want to recover their profits somehow, only 2 banks so far have made their position be known regarding account charges. First Direct have started charging some customers who don't pay in regularly and Alliance and Leicester have said they will remain fee free in this respect.

I don't have a problem with fair and lawful charges being made on accounts, what is not acceptable is the behaviour of banks regarding penalty charges. They know they've been 'getting away with it' for a while and now they've been found out, they still continue to take the customer for a ride trying every trick to stop them getting the money back.

Bad_Boo

Cagey wrote:

At the moment I am reasonably well off but I married quite young & had 2 kids & in all that time I have never been in debt. If I couldn`t afford it I didn`t buy it. Nobody forces you to get into debt. Why is it that most people that get charges exceed their overdraft. The overdaft is your monthly safety net ,it doesnt mean you have an extra £400 a month to spend.
I agree with trademark on this one. The bank charges are a bit steep but why should the majority that stay in credit most of the time now pay for banking because a few abuse the system.

I do think Martin has gone over the score this time. It is money saving forum but I think he has got carried away with his new found fame & has become involved in something that will harm most money savers.

I cant believe you actually have posted this I disagree with everything you say and the fact that you are well off does not give you the right to say anything. The banks have made huge profits Barclays in particular £7.1billion why dont you ask them why you have to pay?

Bad_Boo

oldwiring wrote:

Perhaps the word debt is the emotive one. I agree that no one chooses to go in to dent, the unolanned variety that is, but some do decide to go in to overdraft, or do that without agreement. If that is a choice they make then they must be prepared to pay the cost. Those types get up the noses of people who control their finances,

I am willing to pay the cost, though not at £35.00 a time!!!

IvanOpinion

sarah1975uk wrote:

Then isnt it time the banks were more responsible in who they lend money too,

This would mean going back to the days when banks scrutinised your lifestyle, no more postal or phone applications and having to call in and talk to your bank manager (plus of course hefty arrangement fees for doing so). No credit facilities, if you try to spend money you do not have then your credit and debit cards will be refused (and of course you could go to prison for writing a fraudulent cheque).

What about a 3-strikes rule should ... if something happens a couple of times then give a small slap on the wrist .. if it happens a 3rd time then the gloves are off and all sympathy is lost. Credit is a privilege if you abuse that privilege then you should lose it ... no more credit until you prove you are responsible ... home is repossessed immediately, car is taken off you etc. ... this will force people to live within their means and will ensure that they do not receive 'unfair' charges.

I am not convinced that this is in the general interest of the public and could force the most needy into the arms of friendly loan sharks ... after all we leave in a me-me-me-me society that can not survive without the latest gadget. Credit in the UK is out of control .. why do other countries not have the same problems.

ivan