Bank Charges OFT Test Case Discussion

AliceBanned

If the govenment was to offset all the income tax onto poorer people so that the rich didnt have to pay anything there would be riots in the streets.Unless they called it the Royal Family?!

a11waysindebt

Hi
I have a question. Should it not be made clear that payments refunded when your debit has been passed on to an agency for collection be made more clearer i.e. you are not going to get any money back as these will be passed on to the agency including your £10.00 fee.
There are people including my self who have battled to get the fees back only to have them transferred to the debt agency.
I for one feel misled on this subject and feel that I should air my feelings.
After spending countless hours writing and telephoning for a result, it felt like a kick in the teeth to say the least.
I am very disappointed to say the least to such an extent I have stopped one claim.
People are already struggling to make payments without spending any more money and no pot at the end of the rainbow.

Phoenixx73

TBH, all this baliff stuff sounds like the banks have used the waiver to look for alternaye means of "passing the problem to someone else" so that they don't have to part with any of their hard earned (read stolen) cash. Makes me wonder just how many more accounts will be passed over to baliffs while the waiver is in place so as to avoid further losses. Surely logic says that if everything is on hold, that should also include disputed debts? but then we all know the banks have their own rules which don't nessicarily coincide with the law.

kcmatt79

OK, I have already claimed successfully against NatWest and won (last spring). I then started proceedings against Lloyds but left it too late and they wouldn't do anything cos of test case. Same with my joint account with A&L. I have seen on here that it is recommended that you get your claim started before the test case is over.

My question is:

Is it enough to have already contacted the banks with the standard template letters, or should I start the court claim against them?

Nathan_Spleen

During the test case yesterday the judge, Justice Andrew Smith, made it very clear that when he has made his judgement on the hearing he will make a reccomendation to the County Courts on the status of stays. When asked by a banks QC whether it would be after an appeal the judge said ''no''.


This is a strong indication that if the OFT win the hearing, stays would be lifted.

OldJon

A few years ago there was a radio 4 program which dealt with a listeners question about why it took 3 days to clear a payment when the money was removed from her account the same day. To cut the story short the official line from Barclays was that the money was invested in those three days & the money they made with it was what paid for free banking... funny thing was the customer who asked this question was talking about a business account. Now it seems they want us to believe its bank penalty charges that pay for free banking, I'm sure the reasonable charges that the OFT would like to see introduced would cover those costs... sure the banks wouldn't make a huge profit from them but then why should they. If the OFT wins this case then I dont believe it will be the end of free banking, theres a lot of competition on the high street & your bank account costs will still be covered just look at the current proffits made by banks.

Phoenixx73

Wht does Martin say there is no such thing as "Free Banking" Unfortunatly when he was on the news a few days ago he was cut off before he could finish his explanation as to why banking was not free anyway.

kev2b3

one worrying thought is if the banks do win would they start putting up charges so that they can reclaim back all the money they had paid out to the customers/barristers.

Phoenixx73

My thoughts are that if the banks win, the days of the £39 bank charge will be nothing but a happy memory as the charges will go through the roof as the banks will effectivly be given the green light to charge whatever price comes into their heads. never mind all of the NEW charges that they will be able to instate because of the result

Smasher

Phoenixx73 wrote: »

Wht does Martin say there is no such thing as "Free Banking" Unfortunatly when he was on the news a few days ago he was cut off before he could finish his explanation as to why banking was not free anyway.

Because the poor are paying for it in penalty charges. About £10m per day.