OFT and Banks to decide on "fair charge"

Bernard_Coleslaw

lindilou39 wrote: »

They may threaten to have a test case heard but I bet the Banks wont turn up unless a subpena is served on them...more time for them to earn interest on your money..

Ermm..the banks have actually agreed to do this along with the OFT. So I think it would be a little odd if they chose not to show up.

IZZY01

Unbelievable,
First requested statements in January 2007.My 2 claims have been with the FOS for nearly 6 weeks now. I called them this morning for an update and was advised that they had wrote to the bank and were awaiting a reply and just had to sit back and wait. Obviously the FOS must have known the situation when I called. Just my luck, I had so many plans for this cash, help with replacing car, wee holiday, new wardrope. Ah well, in the end, might get enough to pay for xmas dinner!!
IZZY

cyberman_3

To everybody,

I saw this on BBC news at 6pm.

The BBC news article http://news.bbc.co.uk/1/hi/business/6918140.stm states that
"A number of UK banks, including HSBC, Lloyds TSB, Royal Bank of Scotland and Nationwide, have agreed to go to court in a test case for overdraft charges"
DON'T YOU THINK THIS IS ODD ??
Up and until now, the banks have REFUSED to appear in court. All of a sudden the OFT have got an agreement for them to do so.
Be reminded that the OFT (Office of fair trading) was set up by the government to help protect the consumer, the general pubilc basically against ROGUE TRADERS. The OFT was not set up to protect companies who flout the law.

Now the The Financial Ombudsman Service has decided, for the time being, not to continue its work on complaints about unauthorised overdraft charges - until important legal action in the High Court settles key questions about these charges.
http://www.financial-ombudsman.org.uk/faq/bank-charges.html

Please also be reminded that The Financial Ombudsman Service was also set up to assist the general public in any dispute against financial institutions. Our rights to do so have now been dismissed.

The case of bank charges now appears to be left to a Judge in a higher court. Whoever the Judge may be, he must honour the law which we all abide by and in this case "the banks cannot charge more than their costs"

If a Judge goes against the current law, he/she will set a precedent that ALL laws can be broken which will open flood doors to criminals and the like.

This stinks of corruption and could make the "Cash for honours" look like kindergarden play.

We play the same game as the authorities. If we are not allowed our legal rights, rest assured the banks cannot either.
If a bank threatens you, you apply the same rights as the The Financial Ombudsman Service.

IE: Now the The Financial Ombudsman Service has decided, for the time being, not to continue its work on complaints about unauthorised overdraft charges - until important legal action in the High Court settles key questions about these charges

You should discuss this with your local MP. With the sheer number of people involved in this, it has to power to remove a government from office

Are the OFT bowing to the banks, is The Financial Ombudsman Service actually for the public or financial institutions

THINK ON ..... ARE WE DROIDS OR ARE WE REAL PEOPLE WHO BELIEVE THAT THE LAW IS THE LAW

Martin is right to be annoyed .... WE ALL ARE and this is just the start

lizziep

I had a letter from the bank saying that they didn't believe that the charges were unfair and that I could, if I wished, refer to the ombudsman. In the letter they state that if they haven't heard from me within 8 weeks they will close the file. Should I write to them and say that I will be waiting to hear the result of the test case before i do anything or should I not respond to them and once everything is sorted and we know what's happening just go to the Ombudsman then?

natweststaffmember

I caught this story late, but my understanding is that all cases at court stage should continue as planned, it may be the case that the judges may orders stays to the cases until the test case is heard. It is early days but 90% of the banks agreeing to a test case is clearly showing the impact that charges has had on banks. ALL major banks would never have agreed to this over a year ago. They are now. It is early days and so I am sure more advice will follow soon when the OFT test case announcement is digested and read in its entirety.

maz19690

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

Hootie19

Is this right? I've been told that at the moment, ALL cases currently being pursued are on hold? Or has this been misinterpreted?


http://www.oft.gov.uk/news/press/2007/106-07

and


http://www.financial-ombudsman.org.uk/faq/bankcharges-testcase-quickguide.pdf

I'll be totally gutted if its true. We were soooo close to reclaiming almost £5,000

superdad_3

hi

i was wondering if there is anyone able to answer this question:

i started reclaiming my unfair charges back from nationwide and i am due to send off the final letter, to request taking to court for settlement,

but due to the announcement made today, i was wondering if my claim will also be put on hold till after the test case or if it will be honored as this is well into the process before the announcement was made to do a 'test case'.

Any advice would be well appreciated

thank you :mad:

flopboy

just seen the stop press about the oft and banks agreeing to a test case and that all reclaiming of charges is to stop while they analyise it. hmmm im a bit cynical and think the banks have got all their heads together and told big wigs in government etc that there donations to their political parties will stop ...... any other conspiracy theorists out there !!!!

ps im just about to start court proceedings as well !!!!!!
been waiting since 6th june for a response and now im being shafted by some other organisation

whats the betting the banks win this test case eh
try and get a bet on it prob short odds but at least u will get something back

expletive deletives !!!!!!:mad: :mad: :mad:

lindilou39

news is on itv