Stop Press - View On Oft/bank Announcement

Tina222_2

Tina222 wrote: »

What will happen to cases that are already in the hands of the Bailiff. I have received a Notice of Warrant dated 24th July. Will this be executed, if not what have I paid for?

:huh:

Good News, Received a cheque for the full amount (charges and interest), dated 27th July from the Nationwide without the intervention from the Bailiff. Lost the Bailiff fee of £55 but small price to pay. Good news perhaps for people already in the system?

techspec

Tina222 wrote: »

Tina222 wrote: »

What will happen to cases that are already in the hands of the Bailiff. I have received a Notice of Warrant dated 24th July. Will this be executed, if not what have I paid for?

:huh:

Good News, Received a cheque for the full amount (charges and interest), dated 27th July from the Nationwide without the intervention from the Bailiff. Lost the Bailiff fee of £55 but small price to pay. Good news perhaps for people already in the system?

Same happened to me, but i refused to inform the baliffs i had been paid, until Lloyds Paid me an extra £55, which they did.

GarethR

Edinburghlass wrote: »

I would certainly try phoning them but it could be they will say that offer is no longer on the table unless you have a letter that you can return accepting the offer. If that is the case then you need to start court proceedings, please read Martin's update here...

http://www.moneysavingexpert.com/reclaim/bank-charges-alert

Thanks for that, they didnt actually make me an offer, they just sent a letter saying no sorry they are fair, I then rang & that is when they said it would be re evaluated.

Should I ring anyway?

Thanks

Tina222_2

Well done techspec - didn't think of that, just grateful to have the money by then!

Jason26599

Abbey Acknowledged my claim on MCOL's site today, what next?

markandcath_2

Abbey aknowledged mine as well.

From what I understand we wait the 28 days now and if they decide to defend we wait for a court date and if don't then we win.

The staying issue is fortunately in the hands of the county courts and they are pretty much universally upset with the banks wasting their time so chances are we should walk it on that point.

Cross fingures with me matey

robbiet27

For any of you who dont know the banks/building societies who have struck a deal with the OFT, here goes:

Abbey National plc, Barclays Bank plc, Clydesdale Bank plc, HBOS plc, HSBC Bank plc, Lloyds TSB Bank plc, Royal Bank of Scotland Group plc, and Nationwide Building Society.

Although the above may cover 90% of the UK's personal banking accounts; does this mean any banks/building socities not involved in the deal its carry on regardless with our claims?

On a personal note Nationwide have until 08/08/07 to defend my claim against them and as yet nothing, therefore can I still win by default?

Any replies would be much appreciated.

lorna_anne

Hi Martin!I spoke to someone on the phone from The Bank of Scotland on the 23rd June and was told that I would be given a re-evaluation figure within 2 weeks time. I take from your OFT announcement that this would now be put on hold. As I was given a date to be given some sort of offer of a settlement figure before the announcement was made would they not have to stand by their statement?I am not in a strong position for a long wait as I am off work on long term sick leave due to having had Breast Cancer so my financial postion is very shakey and getting worse as time progresses! I don't know what do do now!Any advise would be great.Lorna

ktjrimmer

Hi need some advise my parents have charges from 1997 to 2002 I know they are over 6 years most of them but since they have their statements already they have decided to go for it (like many people have).

With the OFT announcement should they still get their claim in now with bank, also would it be worth submitting the smaller of the 2 claims with the MCOL straight away,

Pls advise

MSE_Martin wrote: »

I have just added the following Stop Press note to the bank charges article:

[FONT=arial,helvetica,sans-serif]EMERGENCY STOP PRESS NOTE. 26 July 2007[/FONT]

In a surprise announcement the Office of Fair Trading has announced it has agreed to a test case with seven major banks to decide the principles of reclaiming in the High Court. At the same time the regulator the FSA has said banks no longer need deal with complaints; the Ombudsmen is likely to suspend dealing with them too, and a request will go to the Master of the Rolls that all courts suspend current cases until we’ve had a test case. See the detailed Channel 4 news video of the piece (in which I was interviewed just after the news broke)

Why weren’t we told?

This was all agreed when the announcement broke this evening (a day before it was due to because of a leak). The documentation says consumer groups will be consulted; yet why was this fait accompli announced without any consultation?

Over a million people are reclaiming using this site, and hundreds of thousands through sites like Consumer Action Group, however as far as I am aware so far, none of the consumer groups were consulted before this was done. Why weren’t the people who’ve been driving this campaign asked for a view?

What should be done?

This has saved the banks an estimated £200 million in reclaims by the end of the year. After all the vast majority of people who tried got their cash. While I welcome a test case, the effective moratorium is a worry.

I hope the result of this is not “we get a decision that bank charges are illegal and they must pay out if asked” after all that’d be little better than the situation we’ve had until now; what we need to know is that if we win and bank charges are deemed unlawfully high, the banks will be told by the regulator “you took people’s money from their accounts without asking, something even the taxman can’t do, so you must give it back to everyone without being asked.” This isn’t chicken feed, it could cost the banks £10 billion.

What should you do if you’re reclaiming or planning to?

This shock announcement has left a confusing situation. What about people currently in the process? What about those who’ve been offered a payout (whether they’ve accepted or turned it down)? What about those for whom their claim was around 6 years ago and thus the statute of limitations means the delay will count their claim out?

Frankly, as yet I don’t have an answer. Yet I do intend to find out and will of course publish it in detail here. If you want those answers, please ensure you get the weekly MoneySaving e-mail where I will attempt to keep you updated.

Martin

PS If there are other outstanding questions please report them below (note these shouldn't be individual questions, but notes of principle I can get confirmed).

MarkyMarkD

robbiet27 wrote: »

For any of you who dont know the banks/building societies who have struck a deal with the OFT, here goes:

Abbey National plc, Barclays Bank plc, Clydesdale Bank plc, HBOS plc, HSBC Bank plc, Lloyds TSB Bank plc, Royal Bank of Scotland Group plc, and Nationwide Building Society.

Although the above may cover 90% of the UK's personal banking accounts; does this mean any banks/building socities not involved in the deal its carry on regardless with our claims?

On a personal note Nationwide have until 08/08/07 to defend my claim against them and as yet nothing, therefore can I still win by default?

Any replies would be much appreciated.

All of the banks and building societies in the UK are covered by the test case. It doesn't matter whether they are actually a party to that test case. The test case will establish how the law applies to bank current account charges in general, not just the charging structures of the banks named.