Stop Press - View On Oft/bank Announcement

lindilou39

bookworm1363 wrote: »

Hi all, just popped in briefly from CAG, as I thought there'd be a bit of a stir here as much as over there.

The main things to remember are these:

If you complain to your bank, or decide to go through the FOS, them your case will be put on hold. There is absolutely no legal reason not to stick to your deadline and start your court claim as previously planned, or not to carry on with your claim if you had already lodged it.

There never was any cast-iron guarantee that you would get your money back within certain timescales, and now, these have just increased, that's all. (Yes, I know that sentence doesn't sound logical )

As before, all you stand to lose is your court fee and not get the money you had lost a long time ago if you proceed with a court case and the OFT loses. On the other hand, if the OFT wins, your case will be already in the system.

Another thing to bear in mind is the Statute of Limitations act 1980. SoLA 1980 kicks off from the date you first FILE AT COURT.

If you don't, and you were close to the 6 years period, by the time the OFT v 8 banks case is decided, you will have lost hundreds, maybe thousands of pounds. On the other hand, if your claim is already filed, then THAT date is the one where statute barred will run from.

Finally, a piece of advice for those with claims already in the system: Do NOT ignore courts direction because you think it's all over. CAGgers have been phoning courts all over the country since yesterday and the message that is coming out loud and clear is this: BUSINESS AS USUAL, cases are proceeding. So don't neglect your court deadlines, and if you have a chance to get the defence thrown out because THEY didn't comply, do it ASAP, don't give them a chance to apply for a stay.

The banks have jumped at the chance to postpone all refunds, so fight back harder. Hit fast, hit low, and don't give them an opening.

In other words, KEEP GOING. We'll all get there in the end, but it's up to every one of us not to give up.

well said booky...i sent in my amendment just before all this took place..even after i still cc: the solicitors...as you say...carry on regardless

baffo

Dear Sirs,
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Can one please explain where the concept, of the term "fair trading" comes into practice, where large institutions I. e. BANKS are no longer obliged to respond or acknowledge claims for unlawful (as they currently stand) deductions. And are not obliged to recompense nor defend in court. YET WE AS THE CUSTOMER ARE STILL SUBJECTED TO THE GROSSLY INFLATED CHARGES INFLICTED BY THE BANKS. So I ask again as a concerned voting member of the public where is the concept of fair-trading relative to this ruling by the O F T.

frugalpam

Thank you - one of the most sensible posts I've read on this Board today :beer:

bookworm1363 wrote: »

Hi all, just popped in briefly from CAG, as I thought there'd be a bit of a stir here as much as over there.

The main things to remember are these:

If you complain to your bank, or decide to go through the FOS, them your case will be put on hold. There is absolutely no legal reason not to stick to your deadline and start your court claim as previously planned, or not to carry on with your claim if you had already lodged it.

There never was any cast-iron guarantee that you would get your money back within certain timescales, and now, these have just increased, that's all. (Yes, I know that sentence doesn't sound logical )

As before, all you stand to lose is your court fee and not get the money you had lost a long time ago if you proceed with a court case and the OFT loses. On the other hand, if the OFT wins, your case will be already in the system.

Another thing to bear in mind is the Statute of Limitations act 1980. SoLA 1980 kicks off from the date you first FILE AT COURT.

If you don't, and you were close to the 6 years period, by the time the OFT v 8 banks case is decided, you will have lost hundreds, maybe thousands of pounds. On the other hand, if your claim is already filed, then THAT date is the one where statute barred will run from.

Finally, a piece of advice for those with claims already in the system: Do NOT ignore courts direction because you think it's all over. CAGgers have been phoning courts all over the country since yesterday and the message that is coming out loud and clear is this: BUSINESS AS USUAL, cases are proceeding. So don't neglect your court deadlines, and if you have a chance to get the defence thrown out because THEY didn't comply, do it ASAP, don't give them a chance to apply for a stay.

The banks have jumped at the chance to postpone all refunds, so fight back harder. Hit fast, hit low, and don't give them an opening.

In other words, KEEP GOING. We'll all get there in the end, but it's up to every one of us not to give up.

natweststaffmember

The other thing people are also stating is that there could be a two pronged attack, ie Direct Debits not being covered(guilty on Thursday) when in fact the overdraft charges are inclusive of those charges. It is as bookworm has stated the advice is still to keep going because the panic that has been set in because no one is making comments. Good to see that all charges sites are still advising the same. KEEP GOING.

jedski123

Hi wondered if anybody can clarify about the decision, the article and the Channel 4 news item reffers to overdraft cgarges... What about our claims for penalty charges for unpaid items and direct debits....Have these claims been suspended too or do we carry on with the claims?????.

natweststaffmember

That is included as part of the term "unauthorised borrowing"

jedski123

natweststaffmember wrote: »

That is included as part of the term "unauthorised borrowing"

How can this be so...
If i have £70 in my account and a DD for £103 is returned due to insifficient funds I am charged £30 my account balance is then £40. How does this qualify as 'unauthorised borrowing'. I haven't borrowed anything I have been robbed.

natweststaffmember

the oft have used that term in the documents they have released.

hvr1

Hi

Not sure if this helps anyone, but I have spoken to the Royal Bank of Scotland today ref my claim. Before the announcement I was awaiting a duplicate of my offer letter (apparently validated on the 3rd July but not received, queried on 20th & was told a duplicate would be sent).

Spoke to a very nice lady who told me that as my offer letter had been authorised prior to 27th July then they would still honour the claim & to be patient as there was a backlog of duplicates to deal with, but these are usually dealt with within 10 working days of the request. So fingers crossed she will be true to her word....I will keep you posted.;)

natweststaffmember

from the OFT press release.
1. In March 2007 the OFT announced a formal investigation into the fairness of unauthorised overdraft and returned item fees (referred to as 'unauthorised overdraft charges'). This followed on from the OFT's initial review of such charges, where the OFT concluded that it shared the public concern about the level and incidence of bank current account charges, but recognised that applying the general principles set out in 2006 in relation to credit card charges is not straight forward.

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