Bank Charges Test Case Article discussion

mcmac

wher did u get this form date?

natweststaffmember wrote: »

We have a potential date for a decision: November 19th(still very much subject to confirmation).

natweststaffmember

mcmac wrote: »

wher did u get this form date?

http://www.legalbeagles.info/forums/showpost.php?p=134427&postcount=594

It is on their test case thread. Ignore the last few posts where they are taking the p out of me(I know them very well so it is taken in the spirit that it is meant).

mcmac

nat your link does not work

i am looking at their forum yes another damn forum
but a very informative one could very much be very good for information regarding mortgage arrears charge etc

so nat thank you

and you must spend a lot of time on these forum

natweststaffmember wrote: »

http://www.legalbeagles.info/forums/showpost.php?p=134427&postcount=594

It is on their test case thread. Ignore the last few posts where they are taking the p out of me(I know them very well so it is taken in the spirit that it is meant).

natweststaffmember

mcmac wrote: »

nat your link does not work

i am looking at their forum yes another damn forum
but a very informative one could very much be very good for information regarding mortgage arrears charge etc

so nat thank you

and you must spend a lot of time on these forum

You should be viewing a single post by a poster called EXC.
https://www.legalbeagles.info/forums
is the one which has the details on its test case forum.

marcharrison1979

what the hells taking so god damn long with this decision by the house of lords?

[Deleted User]

Can we safely say there'll be no mass payouts before Jan/Feb then...

leemrobinson

[Deleted User] wrote:

Can we safely say there'll be no mass payouts before Jan/Feb then...

I would say it's a pretty safe bet that there is going to be no mass payback between now and the end of Feb. I would guess that by the time all of the court procedures have been completed (assuming of course that the end result goes in our favour and not the banks') you are looking at the end of next year at the very earliest.

marcharrison1979

leemrobinson wrote: »

I would say it's a pretty safe bet that there is going to be no mass payback between now and the end of Feb. I would guess that by the time all of the court procedures have been completed (assuming of course that the end result goes in our favour and not the banks') you are looking at the end of next year at the very earliest.

It's a sad sad situation that this is taking so long to sort out, i wonder if this was going on in Australia or Germany would it take so long? somehow I doubt it.

natweststaffmember

marcharrison1979 wrote: »

It's a sad sad situation that this is taking so long to sort out, i wonder if this was going on in Australia or Germany would it take so long? somehow I doubt it.

we keep getting posts like this every day so I guess I will stick my head above the parapet and say a few things.

Why is it taking so long?
This is a legal decision that is being made and the amount of evidence is humungous.

Will the money be refunded by Jan/Feb?
No. The current decision is about whether the bank charges terms can be assessed for fairness under the Unfair Terms In Consumer Contract Regulations 1999.

I would disagree with you with regards to the process in Australia which does have a bank charges campaign and also Germany. Both countries have a system in which you pay for your banking which the UK does not have(we did used to).

What is the next stage of the process if the OFT win the case?
They declare the charges are unfair and ask for voluntary compliance which is unlikely. So the OFT can look to take out an injunction against the terms that the banks use to make charges which could freeze the charges until the final resolution. There will be further litigation and you have to have patience.

PhiltheBear

natweststaffmember wrote: »

I would disagree with you with regards to the process in Australia which does have a bank charges campaign and also Germany. Both countries have a system in which you pay for your banking which the UK does not have(we did used to).

We still do. The difference is that payment for banking services here is taken in the form of hidden charges, interest rates, etc. What we used to have was a transparent system where we were charged X per cheque cashed, Y% for going overdrawn and Z if a cheque bounced.

However, in those good old days you had a bank manager that would be familiar with you and the way you worked your account and decisions taken would be personal ones. Now the vast majority of decisions taken about your account are triggered by computer algorithm which costs almost nothing (once the system is in place).

At the same time banks have become excessively greedy. They are into all sorts of periphery businesses that they think will add to the bottom line, irrespective of the effect it will have on retail customers. Who was the biggest car hire company in the UK? Would you believe - Lloyds Bank? Who owned the largest estate agency chain? Yes, that would be Lloyds again.

Australian banks keep things simple, Basically you are charged for the use of your account. Make withdrawals or payments and you pay for each one. Debit cards are used only to withdraw money from terminals. If you want to pay a bill you can send a cheque, use a credit card or use a system called BPay - which is a sort of interbank transfer. It's easy. It's transparent. You know what the charges are and, by and large, they are fair.

Not so here, where there are lots of charges hidden in small print.