Trying to help parents

Bella54

Afternoon all,

My parents, who are 70, have got themselves into a big mess money wise.

To get to were they are there must have been unfair charges and late payment fees etc on numerous credt card accounts and bank accounts. I dont really know where to start. They keep no paperwork or account numbers. My idea was to SAR these companies and take it from there. Anyone able to tell me if this is my first step? Do i need to do this or could i just write and ask them to refund? They live in Scotland. Is there a time limit on this?

Thanks
Bella

dunstonh

To get to were they are there must have been unfair charges and late payment fees etc on numerous credt card accounts and bank accounts.

What makes them unfair? The banks won the court case on bank charges.

Do i need to do this or could i just write and ask them to refund?

You could ask for a refund. Banks often refund on first time errors. However, don't go mentioning unfair as that will lead to an instant rejection stating that they won the court case.

Are you parents in current financial hardship (arrears, defaults, unable to pay bills etc)?

Bella54

Thanks for the reply.

I thought that all charges above £16 could be challenged. Is this not the case?

They are in hardship. Long story which i dont have all the details as they are slowly emerging but it looks like loans going back years from blackhorse and credit cards and finally a huge loan with a sub prime secured on their house. If we dont help out then they will lose it.

I guess i am just trying to see if there is anything we could get back from them. Its very sad to see the situation they have got themselves into.

JuicyJesus

Bella54 wrote: »

Thanks for the reply.

I thought that all charges above £16 could be challenged. Is this not the case?

No. There was an OFT judgment which related to credit cards, but current account charges were well out of scope for this and there is currently no method for claiming them back as being "unfair" solely based on the amount.

I guess i am just trying to see if there is anything we could get back from them. Its very sad to see the situation they have got themselves into.

They can speak to the bank about financial hardship. Any remedy that they provide may or may not involve refunding charges, and it does not have to. Either way they can try and get your parents on a better footing, refund or no.

Atidi

Bella54 wrote: »

Afternoon all,

My parents, who are 70, have got themselves into a big mess money wise.

To get to were they are there must have been unfair charges and late payment fees etc on numerous credt card accounts and bank accounts. I dont really know where to start. They keep no paperwork or account numbers. My idea was to SAR these companies and take it from there. Anyone able to tell me if this is my first step? Do i need to do this or could i just write and ask them to refund? They live in Scotland. Is there a time limit on this?

Thanks
Bella

So your parents financial mess was nothing to do with them spending money they didn't have and then defaulting on the credit agreements they entered into? :huh:

Anyway, best place to start on your mission is to read the MSE guide to reclaiming credit card charges.
http://www.moneysavingexpert.com/reclaim/credit-card-charges

and reclaiming bank charges:
http://www.moneysavingexpert.com/reclaim/bank-charges