Bank charges

Pcksn

Wonder if anyone can help, I am in a war with my bank over reclaiming ridiculously high bank charges of £6200 over 6 years, I have proved that I am currently in financial hardship and are struggling to meet rent and council tax payments and yet my bank have only offered me a "goodwill" payment of £120? What do I do now??

Meadows

Bank charges are ridiculous maybe be set out to see. If you don't spend what you don't have you don't get charges!
Banks are in business because those that stay in credit get free banking and those in debt pay for the privilege.

Wywth

Pcksn wrote: »

Wonder if anyone can help, I am in a war with my bank over reclaiming ridiculously high bank charges of £6200 over 6 years, I have proved that I am currently in financial hardship and are struggling to meet rent and council tax payments and yet my bank have only offered me a "goodwill" payment of £120? What do I do now??

Grab it with both hands!

Banks are not obligated to refund even one penny of bank charges correctly applied, even if the customer is in financial hardship.

If you are in the financial hardship you claim, then think about how much food £120 could put on the table.

meer53

Accept their offer. They aren't obliged to refund anything really.

lippy1923

As above, grab it with both hands.
Also contact them and try to sort out some sort of payment plan, to get yourself out of debt and pay the rest that you owe.

Visit the debt free board and post an SOA for advice on how to reduce your outgoings and start living within your means!

maxzorin_2

I'd only accept their offer as part payment. Definately not in Full & final settlement - not with a figure that high.

lippy1923

maxzorin wrote: »

I'd only accept their offer as part payment. Definately not in Full & final settlement - not with a figure that high.

But the bank doesn't have to give the OP anything. Why should they refund for something over 6years ago, when the OP spent more than they would afford? They are being sympathetic and offering some good will money, so personally I would take it and not be greedy.

It was all in the T&C's what the charges were. If people think they are ridiculous then don't use them.

maxzorin_2

The bankers are the greedy ones, £120 is a pathetic offer.

I thought the courts ruled they couldn't be assessed for fairness, not that they WERE fair? Please correct me if I am wrong.

Its not as simple as saying someone spent more than they could afford - that is a very big Generalisation. Some people accidentally go over their balance due to an unforseen circumstance, such as emergency car repair, being out the country & not monitoring all transactions, moving house etc.

They may not trust internet banking for some strange reason & not monitoring all transactions each & every week, then they go their limit by a few pounds, a direct debit is due to go out, it gets returned plus they get charged £25 - 35 by the bank for refusing to pay a direct debit of a simular value - how is that fair or right?

There are still avenues the other person could explore such as BCOBS. What do you think about BCOBS?

lippy1923

Its an offer nonetheless. What would you prefer? £120 or nothing?

No I think your right, but either way the banks won the case. People can say they are unfair all they like, but it's not a legit argument for claiming.

Again, it doesn't matter how the person got into the debt, whether it being they did spend more than they could afford, they neglected their statements, didn't check balances.... it's still the same outcome. They get charged. As per the T&C's I'm afraid.

Its fair/right because thats what the customer signed up to happen, if they took money they didn't have. Its a harsh lesson to learn.

dunstonh

I thought the courts ruled they couldn't be assessed for fairness, not that they WERE fair? Please correct me if I am wrong.

They have never been classed as unfair and as the OFT gave up after the loss, complaints on unfair bank charges ended. Even the FOS wont take on complaints about unfair bank charges any more and will not force a bank to refund.

The bank will only refund as a goodwill gesture. With current financial hardship cases some will only go back 6-12 months. Some further. It all depends on the individual case.

They may not trust internet banking for some strange reason & not monitoring all transactions each & every week, then they go their limit by a few pounds, a direct debit is due to go out, it gets returned plus they get charged £25 - 35 by the bank for refusing to pay a direct debit of a simular value - how is that fair or right?

It is their own fault then for not keeping track of their balance. Most people manage it fine and did so, often better, before the internet was about.

There are still avenues the other person could explore such as BCOBS. What do you think about BCOBS?

Irrelevant.

maxzorin_2

lippy1923 wrote: »

Its an offer nonetheless. What would you prefer? £120 or nothing?

I would prefer to go to the FOS, there are many success stories of people getting thousands back who are in hardship (the official MSE guide even references them) plus the original post said charges over 6 years (not 6 years ago) so for all we know many of these charges were in the last 6-12 months & Dunston said some go back 12 months or further.

I know FOS takes ages but surely this is the better option for this person than calling it a day at £130 woudn't you say?

Surprisingly not all people know about the FOS route & no one has mentioned it yet in this thread. Cheers