OFT and Banks to decide on "fair charge"

Beate

To me it looks like everything has been put on hold, although banks of course have to honour offers to settle before all this was announced.

steveh66_2

This news is completely out of the blue; unbelievable that MSE and CAG, to name but two consumer groups, weren't informed of this with due notice. I've just sent off my allocation fee of £100 for a claim of 3500 against HSBC, AND my FOS letter for nigh on £800 against Alliance and Leicester. Indeed, the latter offered me a partial payment based on a £12 compromise and I refused; they then replied WITHIN TWO DAYS saying that was their final offer, and I could take it to FOS if I wanted to. Folks, call me cynical, but this stinks; the banks have obviously known for some time that this was coming and have played their hand to suit. I'm gutted, and cheated. At the very least, this will result in a compromise fee, which will dramatically reduce our claims. At the worst, the banks with their limitless financial and legal resources will manipulate this to their total advantage. I can't help but think that this is bye bye to £4400, bloody nearly five grand.

Conor_3

karis2000 wrote: »

I have a feeling it WILL go our way, but we probably won't get the cash until around january / february next year................:mad: :mad: :mad:

I hope it doesn't. I suspect all of you hoping it does haven't thought it through.

Personally I like free personal banking. Going on my business account charges, I doubt many of you are going to like it when it ends which you can guarantee it will if the banks lose.

Hermann

If anyone missed Martin on C4 news tonight you can watch the interview again on C4 site here .....
http://www.channel4.com/news/business_money

Just click on 'Watch the report' in the 'Overcharges Deal' box.

mattymerthyr

According to an updated Q/A on the financial ombudsman website which relates to the recent OFT announcement, all new claims and claims being argued will be put on hold and any new claims through the FO will not be dealt with until after the court case.

All people who have been offered settlement figures from their banks through the FO will get their money as these cases are now labelled as closed and banks will have to honour their word of settlement.

This is a new pdf file updated especially because of the recent OFT announcement.

Hermann

I hope the Banks have remembered to put any future charges on hold.

Surely they have clearly admitted they don't know if the charges are legal until the courts decision is known so they couldn't possibly continue to levy the charges from now on.

tallleedslad27

Well I cant believe it, what a shock! I hate to be so pesemistic but lets be honest, can you all really see the banks going to court, losing and having to pay out potentially £Billions? I think anyone who can is kidding themselves. I hate to say it but to me this ship has now sailed. Banks are gonna fork out BIG STYLE for this and I just cannot see how the consumer is in any way shape or form going to get back what is RIGHTFULLY OURS! I am absolutely seething with rage tonight!!!:mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:

Another question, what about the people who have already been paid out would the banks (if victorious) go on to fight for that money back too??

Hope to God Im wrong about this suppose only time will tell!

cantosis

Yes its very bad news, I am claiming back almost 5k from HSBC. They put in a defence on Monday to my claim on MCOL. I was getting near the end of this but now I guess I have a long wait.

This news does seem to be aimed more at ppl claiming through The FO and not people claiming through MCOL??


ANyway I guess more info will come over the next few days.

meredeterre

maz19690 wrote: »

Hang on, I'm in the middle of reading through the FOS website and it just mentions Charges on Unaurthorised Overdraft fees. This doesn't mention all the other charges!
So does this mean you can go ahead but take out Overdraft Charges or all charges? I have looked at Reuters and BT News page and obviously on here, and all it mentions is The Charges on Unauthorised Overdrafts.

So Does this mean the Unlawful charges they have put upon us for
Card Misuse Fee
Direct Debit bouce Fee
Cheque Misuse Fee
and all the other charges that don't seem to pop into my head at this moment!
These are not included? They have stated they are doing a Test Case on Unauthorised Overdraft charges not anything else. Could this be our loophole?

maz
x

The BBC news item http://news.bbc.co.uk/1/hi/business/6918140.stm refers to the current rules about overdrafts & cheques being written without sufficient funds so does that mean that referring to "unauthorized overdraft charges" is just a simplified way of referring to all charges for spending money you haven't got?

Does anyone have a link to the current "rules" so we can check this out?

I am still wondering how this would affect reclaiming credit card charges as they don't have "overdrafts"?

Sarah

angelwillow

Conor wrote: »

I hope it doesn't. I suspect all of you hoping it does haven't thought it through.

Personally I like free personal banking. Going on my business account charges, I doubt many of you are going to like it when it ends which you can guarantee it will if the banks lose.

I'm very happy for you that you are debt free but please don't condemn those of us that aren't especially since you have no way of knowing peoples circumstances.
This is about banks charging over what they need to NOT the fact that they do at all.