OFT and Banks to decide on "fair charge"

cyberman_3

playman wrote: »

From what i see, banks will not argue that the charge is a true reflection of cost, but instead they will be saying that it is an agreed payment for a service and it is not regulated by the law.

it will come down to T&C and Lord's interpritation of those.

My best guess - charges will be rulled unfair, but only in the past. After the decision those charges will be allowed under new T&C. And they will not auto-refund anyone.

You could well be right playman. However the T&C's actually do not state the penalty charges (amounts). I for one never signed anything that showed such charges nor agreed to them.

If as you say they will not argue that the charge is their cost, then the charges remain unlawful at the time they charged them. They may well recently changed their T&C but that would only be applicable as and at the time they changed them, not backdated. The OFT warned the banks not to do this.

It is doubtful that the Lords, if it goes that far would back the banks knowing of the huge thunderstorm that would follow from the consumers. It could be kind of backlash that quickly becomes political with all the dangers that go with that.

We can all speculate but watch this space because as we speak now, plans will be under foot by some very important people

Scotties_Mum

Probably on here already, but SC&M have confirmed to me that only Lloyds claim cases that have a court hearing date will be settled (his words, not mine).

I have just received just over £2,000 from one claim from Lloyds, and had not heard anything re a £4,000 claim. Fortunately I have a court hearing on 12th September.


Phew!

chipbeck

MCOL said I will be notified of my court date within the next 5 days (Barclays defended yesterday). Wonder if I'll still get my day in court?

KJTN33

I've been reading all the messages today about the court case etc. What I want to know is that can the banks that are not involved directly with the case fob you off with this suspension, as they are not involved so can they hide behind this. I have my husbands claim with RBS and they said that they will have an offer out to him by 29th August, will this still stand! Also my claim has already gone in the court process and called Northampton court who said they as they replied within 14 days they have another 14 days to put in a defence and if not I win by default and they will have to pay up and nothing has changed in their process and they have been settling issues today with banks and consumers, they are continuing on as normal, and she said my case will still go ahead. As I have read the BBA say offers will be honoured if the banks are at that stage but you haven't received it is this still going to happen. I find it appaling that the banks in general are all saying the same thing when the others not involved in the actual court (obviously no backbone) able to suspend claims when they don't have a ruling fromthe FSA to do so, are they acting correctly or hoping that we don't have a clue! PLEASE ADVISE

Feelee

Dear Angelcake,

Have you had a response to this? I am at the stage of taking my bank to court (I was waiting for August charges before I sent it) and not sure if I should still go ahead or not.

I am hoping everyone will say to carry on at the moment until we hear otherwise.

I would also be greatful for anyones advice....

debs81

i've just been on the phone to fo regarding my complaint. i received a letter 2 weeks ago from them saying that halifax will pay up and sent acceptance letter back same day. i wanted to know if halifax will still pay up. they said as long as you've accepted an offer the bank will have to pay. they cannot refuse to pay until the test case has been heard. if they do refuse the the fo will take on your complaint as the bank has broken its agreement. so dont let the banks tell you otherwise as i heard some are already doing so.

nickmack

Feelee wrote: »

I would also be greatful for anyones advice....

See my reply in this thread to help consider the options:

http://forums.moneysavingexpert.com/showthread.html?t=513141

borgbaiter

there may be statute limitation issues if court action isnt started within 6 years. not sure how waiting in a complaints proceedure would affect that.

k1mmie wrote: »

I think they will still supply your information, but from what I can gather, you will then be put in a holding queue, so that any claim you put through will just sit there until they the ruling. So you may as well still go through the motions. However, its going to be one hell of a queue!

Feelee

Thanks Nickmack!

I think nearly £4000 is worth a try...

Please can I ask your advice? I was waiting for my charges in August before I started the Court process. In light of the last few days would you reccomend getting it in now anyway?

Regards

nickmack

Feelee wrote: »

Please can I ask your advice? I was waiting for my charges in August before I started the Court process. In light of the last few days would you reccomend getting it in now anyway?

I can't give advice, just my thoughts. At this point in time, I'm not sure what else I can add apart from what I already said.

Which bank is it?