OFT and Banks to decide on "fair charge"

magicmadam

Hi, I have just copied this from another forum I was reading.


Hello all. Just heard on the news that the Office of Fair Trading is to sue the banks over unfair charges. Sounds good, but it also means that anyone currently trying to claim their bank charges back, will not now recieve any rebates until after the OTT have had a thorough investigation and the law courts have decided on an outcome.
Sorry for anyone currently hoping for some money back ...

Do you know if it is true? MM

woodhouseian

Apparently some banks and the OFT have agreed to some sort of test case going to court:

http://news.bbc.co.uk/1/hi/business/6918140.stm

Do we know yet how this fits in with the general strategy, eg is there going to be legal representation for the MoneySaving community? I hope some of the available legal defence funds can be devoted to this. I would be a bit nervous of something like the credit card fee saga from a while ago, ie a so-called 'reasonable' fee which is actually way above the banks' true costs.

Crabman

http://news.bbc.co.uk/1/hi/business/6918140.stm

Just heard about this and can't seem to find it on here, so here it is... the banks and the Office of Fair Trading have agreed to a test case for overdraft charges to determine what exactly a 'fair charge' is.

I get the feeling this test case isn't good news for us...

Apologies if this has already been posted, I did try to search :beer:

Crabman

techspec

Just seen it on the news. It looks like D-Day is upon us.

I am glad most of my claims have been settled, as this could go either way.

But Martin, and the CAG, aswell as the OFT, agree that the fees are illegal, so we will just have to hope they are right.

Crabman

techspec wrote: »

Just seen it on the news. It looks like D-Day is upon us.

I am glad most of my claims have been settled, as this could go either way.

But Martin, and the CAG, aswell as the OFT, agree that the fees are illegal, so we will just have to hope they are right.

The problem is that if/when a "fair amount" is decided, people asking for a full refund of charges may only be offered the difference between what they were charged, and what they would be charged under a "fair amount".

Edinburghlass_2

techspec wrote: »

Just seen it on the news. It looks like D-Day is upon us.

I am glad most of my claims have been settled, as this could go either way.

But Martin, and the CAG, aswell as the OFT, agree that the fees are illegal, so we will just have to hope they are right.

Just a legal point techspec but no-one agrees the fees are illegal, but the amount charged is unlawful.

techspec

Looking forward to a statement from Martin, when he finally calms down, as i bet he is bursting with excitement at the moment.

cyberman_3

LATEST NEWS
http://news.bbc.co.uk/1/hi/business/6918140.stm

It seems the pressure is on from the OFT

There are a few banks that seem to want a test case.

You must remember that the law as it stands now is clear, Banks cannot charge above their costs. It will be interesting to read what the lawyers of these banks have to say. Regardless of what they say, the law remains until it is changed. Any government that changes this law could possibly destroy itself.

chris1huk

on channel 4 now they said something about suspending all claims?
how will this affect my court proceedings i have started anyone know?

chris1huk

martin on channel 4 now!!!

yambretta007

Just saw this which is a bit of a upset as this is the route I wished to take.

http://www.financial-ombudsman.org.uk/faq/bank-charges.html

Have got my statements and was going to send my 1st letter tomorrow asking for reclaim of over £4000 in charges from 2 accounts.

Does anyone know if I've missed my chance now and if not what plan of action.

thx Yam'