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Reclaiming old bank charges/ cheque cashing
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Paul_Suffolk
Posts: 1 Newbie
I'm currently in the process of claiming mis-sold PI from a number of creditors and am now considering reclaiming excessive bank charges I received over a ten year period (1995-2005).
Basically, during this time I was caught up in a never ending period of debt and financial hardship, whilst at university and in low paid employment, and was reliant on various loans, credit cards and even cheque cashing services. At one point I was literally spending my days off going from one cheque cashing place to the other and paying funds into my account to make sure my head was above water and to reduce the number of bank charges that were literally crippling me. I literally shudder when I think back to those days.
So my question is, whilst I realise there was a ruling in 2009, making reclaiming bank charges more difficult, I wonder if I would be eligible to claim back these charges from way back? I am not in financial hardship these days (thankfully!), so cannot claim that I am, but at the time I certainly was, being stuck in an inescapable circle of debt.
Also- is it possible to claim back any PPI that was levied against cheque cashing facilities or other small personal loan firms? I can't seem to find any info on these.
Basically, during this time I was caught up in a never ending period of debt and financial hardship, whilst at university and in low paid employment, and was reliant on various loans, credit cards and even cheque cashing services. At one point I was literally spending my days off going from one cheque cashing place to the other and paying funds into my account to make sure my head was above water and to reduce the number of bank charges that were literally crippling me. I literally shudder when I think back to those days.
So my question is, whilst I realise there was a ruling in 2009, making reclaiming bank charges more difficult, I wonder if I would be eligible to claim back these charges from way back? I am not in financial hardship these days (thankfully!), so cannot claim that I am, but at the time I certainly was, being stuck in an inescapable circle of debt.
Also- is it possible to claim back any PPI that was levied against cheque cashing facilities or other small personal loan firms? I can't seem to find any info on these.
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Comments
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The 2009 ruling stopped any chance of getting back historic bank charges particularly after the 2006 ruling that capped the fees. Banks only consider current hardship.
What do you mean PPI "levied against cheque cashing facilities or other small personal loan firms"? PPI is to cover debt if you can't pay it. If you used a cheque cashing facility you wouldn't pay any PPI as there is no debt? Small loan firms away from banks would not have been regulated before 2005 so don't have to consider complaintsSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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So my question is, whilst I realise there was a ruling in 2009, making reclaiming bank charges more difficult, I wonder if I would be eligible to claim back these charges from way back?Also- is it possible to claim back any PPI that was levied against cheque cashing facilities or other small personal loan firms?
I am not sure how PPI could be sold to you on a cheque cashing service. Are you sure you mean PPI?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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