Bank Charges Test Case Article discussion

natweststaffmember

Widelats wrote: »

Thats good news then! When we all likely to know the results of this case do you reckon? If its pretty soon, i will drop all my hardship claims and just wait for the payout.

DO NOT STOP Financial hardship case but do have a look on the MSE thread on that as I think the way of arguing it can be changed and perhaps give you more of a chance. This is the first part of the case as there is still the issue of what constitutes a fair term/charge. At the minute, the argument is about whether the terms can be assessed for fairness.

Widelats

natweststaffmember wrote: »

DO NOT STOP Financial hardship case but do have a look on the MSE thread on that as I think the way of arguing it can be changed and perhaps give you more of a chance. This is the first part of the case as there is still the issue of what constitutes a fair term/charge. At the minute, the argument is about whether the terms can be assessed for fairness.

Cheers, i just read it could be October before we know whats going on. :think:

chrisharri

October, what a nightmare! Never mind. Lets all have our fingers crossed then and see what the outcome is.

lauriepops

I don't know if this has maybe been answered elsewhere but I'm just wondering if anything has been said about OFT extending the hold on reclaiming past july?

I'm trying to pay off my overdraft (my final debt!) and bank charges money would let me do this and have a lovely holiday!

Any help would be appreciated.

Thanks!

Laurie

johntayloruk

Hi there,

Can anyone tell me if it would be possible to claim the interest on an existing bank charges claim once this saga comes to an end?

I put in a claim early last year, but didn't take into account and of the interest that I could have also claimed for.

Looking at it now, this would be quite a substantial amount.

Is it possible to amend this claim at all?

I'd appreciate any help/advice with this.

Regards,

John

Orford

johntayloruk wrote: »

Can anyone tell me if it would be possible to claim the interest on an existing bank charges claim once this saga comes to an end?

I put in a claim early last year, but didn't take into account and of the interest that I could have also claimed for.

Looking at it now, this would be quite a substantial amount.

Is it possible to amend this claim at all?

Is your claim just with the bank or have you issued a claim at court?

Do you mean interest charged on your charges or s69 8% interest?

johntayloruk

Orford wrote: »

Is your claim just with the bank or have you issued a claim at court?

Do you mean interest charged on your charges or s69 8% interest?

Hi, it is a claim with the bank. I sent off the letter requesting they pay back the charges and have since received two letters telling me that the test case is ongoing and claims on hold etc.

Yes I mean the interest that I could claim back on the charges at 8%.

My initial letter didn't take this into account, however it's beeen well over a year now and an additional 8% of my charges would amount to approx £1k. I just wondered if it's possible to amend my claim amount, or if I'd have to stick with my initial requested amount.

What are your thoughts?

John

Orford

You can amend your claim with the bank. However you are only entitled, by law, to s69 8% interest if you have issued a claim at court.

It could be argued that the FSA waiver allows this to be claimed, but the wording is fairly ambiguous and of course, the Waiver is only advisory

(15)
to the extent that sums are ultimately to be paid to complainants in respect of relevant charges complaints that have been stayed, the firm must include in these sums an element of compensation in respect of interest charged to or lost by the customer as a result of being out of money during the stay period;

The only sure way of claiming s69 interest is to issue a claim at court. You will need to pay the court fee and the claim will be stayed

johntayloruk

Orford wrote: »

You can amend your claim with the bank. However you are only entitled, by law, to s69 8% interest if you have issued a claim at court.

It could be argued that the FSA waiver allows this to be claimed, but the wording is fairly ambiguous and of course, the Waiver is only advisory


The only sure way of claiming s69 interest is to issue a claim at court. You will need to pay the court fee and the claim will be stayed

Ah ok, I understand now.

Would it therefore be better to wait until the outcome of the hearing and then put in a claim through the courts?

Orford

Personally I'd file asap, assuming the court fee is not a problem. Sure, the case will be stayed, but at least you'll be getting 8%, which at the moment is the best saving rate in the country