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why only 5 or 6 years
twanger_2
Posts: 5 Forumite
why can you only claim back for the past 5 or 6 years of your bank charges?
0
Comments
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... Because the Limitation Act of 1980 applies. It constitutes breach of contract - therefore the limitation period is six years.
It constitutes breach of contract because contract law states that compensation, ie. what you have to pay to the bank for going over your overdraft, can only be 'reasonable'. It cannot be a penalty/punishment, which a large charge (ie. £30) prima facie is.
HTH - Chris.0 -
find this very annoying as my account goes back 20 years so the banks will still be ripping us off for large amounts of money!0
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ive had my account for 20 years so i woyld only be getting a fraction of my money owed!0
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Should have done something sooner!0
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