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

deedee2665

krisskross wrote:

Just a couple of small points and I know accusations of being pedantic will follow. The site is actually called MoneySAVINGexpert. It looks as if it will be costing me money not saving me any. The charges the banks have been making have been deemed to be unlawful not illegal. There is a difference.

Lol, ok krisskross, I stand corrected, so replace illegal with unlawful.:rotfl:

I don't see how you think this site will cost you money though. I take it you mean in the form of free banking being scrapped? I think you and I will have to agree to disagree on that point, I don't think this spells the end for free banking for the reasons I stated above.

I agree with what Mark7799 said about educating people in good financial management, but lets face it, everyone makes mistakes (even Gordon Brown has admitted getting his sums wrong :rotfl: ) . It's those mistakes that end up snowballing and so when you hear of someone paying more than £4k in charges it's not right to slag them off without knowing their full circumstances. Some people are just not good with money, others are very bad. There is a difference.

Deedee's other half.

viktory

deedee2665 wrote:

Lol, ok krisskross, I stand corrected, so replace illegal with unlawful.:rotfl:

I don't see how you think this site will cost you money though. I take it you mean in the form of free banking being scrapped? I think you and I will have to agree to disagree on that point, I don't think this spells the end for free banking for the reasons I stated above.

I agree with what Mark7799 said about educating people in good financial management, but lets face it, everyone makes mistakes (even Gordon Brown has admitted getting his sums wrong :rotfl: ) . It's those mistakes that end up snowballing and so when you hear of someone paying more than £4k in charges it's not right to slag them off without knowing their full circumstances. Some people are just not good with money, others are very bad. There is a difference.

Deedee's other half.

Yes, one mistake. Multiple mistakes??? Come on.

Jim11_2

i agree trying to claim more bank charges is totally unacceptable and it does go against people who are just trying to make thre first claim like myself!!

YorkshireBoy

duncans-mum wrote:

Although I don't relish the fact that I would have to pay a fee, if faced with the choice, I would rather pay that in the safe knowledge if I did get in trouble again (through no willing fault of my own) that a smaller charge would be applied to me instead of monies that can make an already bad situation a million times worse.

I think you underestimate the power of the banks, and their resolve to maintain profits at their current level without losing customers (which they will if they bring in monthly fees).

Following the OFT's review (due in March I believe), it's likely that the charges will be reduced to £12 - the same as they are with credit cards. I believe that, since the banks have still not disclosed (and nor will they) what their true costs are, then people will continue to challenge these using the template letters and MCOL process.

So, in response to this, I believe we may see another approach by the banks. It's thought that the actual cost to the banks for each 'offence' is around £4.50. Assuming the banks have a 40% (complete guess) gross profit margin on their activities, they will simply charge £6.30 per transgression. "That's OK" I here you say. However, they will then remove the 'maximum 3 per day' conditions they have now - the result being that some will pay both a monthly fee and monthly charges bordering on what they were before.

Therefore, the profits will continue to be derived from (largely) the same customer base as before - plus, and this is the unfortunate bit, some people who were previously borderline, ie poor credit ratings but managing their debts.

All of this means that the fortunate/wealthy/organised will to continue to enjoy free banking.

rockinjules

I haven't ready everyone's post on this thread because my attention span is crap. I read the first page and the last page, and am fairly confident that I've got the 'gist'.

Those people who have voiced concerns about the adverse affects that many who are reclaiming their bank charges will have on them personally is fair enough. Although unfortunately in some cases the manner in which this has been put across has been somewhat wanting to say the least. In blunt plain english it's been 'bang out of order'.

To say that people who go overdrawn and incur bank charges are totally irresponsible and deserve to lose their job, house etc. is just downright nasty.

Don't get me wrong, there are a lot of people who will have found Martin's website and will think 'Brilliant!' will reclaim their charges, win, and then do it all over again. Exactly the same as the 'going bankrupt' scenario - I have heard of people who deliberately run up debt having every intention of doing that.

However, I am confident (I hope I'm not being too naive) that most people, like me, will have found Martin's website and take his advice in order to change for the better.

I'm with Barclays, and I've been incurring charges for the last 10 months. It started with be becoming overdrawn about 4 days before my wages went in - that incurred a £90 charge - for being 3 days in a row being overdrawin in a month - I only received ONE LETTER! So that's not £30 for a letter, that's £90 for a letter.

Obviously, as each month went on, because of the bank charges, it got worse. If the bank had charged me £4.50 (or whatever) I could have easily put myself right.

Don't get me wrong, it was my fault for being overdrawn in the first place and I freely admit that, and I am now taking positive steps to sort it out.

One of those steps is to reclaim my bank charges. And I am going to do it with a free conscience.

They overcharged me.

They took my money without asking.

I want it back.

End of.

YorkshireBoy

I agree we are where we are because of the banks' greed, but...

rockinjules wrote:

They took my money without asking.

...would you agree that you did (or attempted to do) the same to them to initiate the charges in the first place?

Mrs_Optimist

I think it is imperative that children are taught at a very early age in Schools about finances, APR's, credit etc.

I should imagine that there are certain elements of society who are in debt because of the live for today - pay for tomorrow mentality. There are also members of society who are in debt due to unforeseen circumstances and also those that just cannot manage money.

The Banks charges are unlawful, Had the Banks not been so greedy this would not have come about.

Good Luck to those who are reclaiming their Bank charges. I hope you have a successful outcome and that you learn from your mistake and don't go down the same road again.

There will also be those that (as have already been stated) are reclaiming their second lot of bank charges. The Banks are not helping themselves here. But it has to be said that those people are not helping themselves either.

I hope that the government does something pretty damn quick about educating our children in Schools about finances and managing a household budget as a staple part of their education. I as a parent am doing what I can with my own two children but not everyone is money savvy and those people who are not DO need our help and support, provided they heed the advice given.

whambamboo

I have to say that when banks are charging monthly fees for their accounts, that will be the point at which I say - this was wrong. Unintended consequences, but if this happens Martin will not be at the top of my Christmas card list...

System

This is an interesting thread :think:

And I have to say I agree to some extent with both viewpoints.

It is true that people should be in control of their own finances and accept some sort of consequence if they fail to.

A few years ago I got into financial difficulty entirely of my own making and it quickly snowballed out of control and I accrued ALOT of charges. To give all dues to the bank they did help me out by consolidating all I owed into a personal loan (of course they made interest out of me, so not complete kindness!) and restricted my account so I couldn't get into the same mess again - and it worked. I got myself out of my financial hole, learned my lesson, have been solvent ever since and have earned the right to have my full banking facilities back. For me that kick up the backside was all I needed.

I also agree with people that have posted saying that anyone who claims and racks up more charges whilst or after claiming are quite frankly a bit stupid!! Learn your lesson for God's sake!!

I have made a claim for my charges, and got my money back from my bank, after all if you're told you can get back in excess of £2k who, in all honesty, wouldn't??

I think in summary that banks are profit hungry, their charges are too high and they should do all they can to help people in difficulty. But there also needs to be a deterrant for people who persistantly offend. I think banks should first withdraw the facilities that allow overspending i.e. debit cards, chq guarantee cards etc (as they did with me), show a little flexibility initially at the same time warning people that if they continue offending they will be shut down. If people choose not to heed the warning then you get shut down, that's fair.

So by all means claim back what you've racked up in the past, learn your lesson and don't take free banking for granted.

feedering

trademark wrote:

So those of us who adhere to our banks terms and conditions and build a good working relationship with our banks over a prolonged period will now have to carry those who dont.

And you all know the truth ...yes the banks make billions, but they have targets and they will keep them .... how ? by reducing or delaying interest, providing less attractive incentives ....... cutting staffing levels, or their availbility on the customer front line.

Those who spend and basically steal the banks money without permission ... and yes it is theft, will not get their money back ...and who will pay for it.

you guessed it ... as always ...those of us with the money, hard earned money i might add.

I agree that those who are few pounds overdrawn at the end of the month should not be rewarded with a £35 letter, and in most cases the bank ignore a few pounds so no problem, but thousands of pounds in charges are caused by those who ignore the banks, take from them and then disregard their advice.

martin you are no better than carol vorderman, i wonder how big your house and bank balance are, brilliant website but you've lost it this time.

What the banks do is unlawful, thats the end of it. I cant believe that you condone the banks actions. I suggest you actually read the law regarding penalty charges.