MSE News: CONFIRMED - OFT gives up bank charges battle

Former_MSE_Guy · 21 December 2009 at 7:28PM

This is the discussion thread for the following MSE News Story:

"The decision is a massive blow to thousands of consumers hit with fees for exceeding their overdraft limit who had hoped to reclaim their cash ..."

Read the full story:
OFT gives up bank charges battle

Also see Martin's editorial comment:

The fight's not over

fermi · 22 December 2009 at 8:30AM

OFT press release...

> http://www.oft.gov.uk/news/press/2009/144-09

slim_shady123 · 22 December 2009 at 8:58AM

well if i have lost £5000 after three years and every1 was being paid out before then i would rather see my branch burnt to the ground and go to prison than let the money be lost !

scriblesvurt · 22 December 2009 at 9:14AM

I don't think that would help your situation. Sometimes you just have to hold your head up and carry on regardless.

heppy23 · 22 December 2009 at 9:22AM

Crazy. If they can't sort this out then who will?

MrLeeLee · 22 December 2009 at 9:29AM

There are still other routes, but I am not sure how viable those routes are for your average Colin from Colchester.

From the OFT statement -

'A further relevant factor is the risk that the OFT would be liable for costs
incurred by the Banks if it pursued an investigation and litigation that
was ultimately unsuccessful. The test case that has been conducted to
date was conducted in accordance with a litigation agreement under
which the OFT and the Banks each agreed to bear their own costs. It is
not clear that any future litigation would be covered by the same costs

arrangement.'

To me that pretty much says that they were scared of going up against the banks again and HAD they failed, they thought the banks would try and get even by making THEM pay up. Like you said, if they can't afford it, Colin won't be able too.

worldupstairs · 22 December 2009 at 9:51AM

I'm thinking it is time for us to look at what we have given the banking system as a nation, bailing them out and watching as our country is laid siege upon by these large sucking leeches only to be told that we have no right to reclaim our charges. I watched how this country turned their back against the x factor number 1 but will accept being governed by a banking system!
Can we not start proceedings to reclaim our tax money back from all the banks we have saved? surely the Government is in place for the people and have to do what we want them to do?
Lets us make a stand and start sending letters to our local m.p. to get this ball rolling.

musical_norwich · 22 December 2009 at 9:57AM

This is actually very good news. I am delighted!

Why should those who knew what the bank charges were, but carried on spending money that wasn't theirs, be rewarded retrospectively for their behaviour by the courts?

This country is going to the dogs due to people spending money that wasn't theirs in the first place: banks, consumers and the government. This judgement is a first sign of a return to common sense and normality.

On the one hand this site encourages being thrifty and living within your means, on the other it believes that the thriftless should be rewarded for their irresponsibility. You can't have it both ways as the courts have said!

MORPH3US · 22 December 2009 at 10:04AM

Maybe now people can stop living in the past and move on - hopefully having learned a lesson (with the helps of MSE) and become wiser with their money as a result.

jdx · 22 December 2009 at 10:07AM

What a disappointment for many, I'm sure.

As for OFT (in this instance), Cowards and useless spring to mind.

dunncha · 22 December 2009 at 10:08AM

What is the point of the OFT if they can't investigate consumer contracts or unfair conditions on contracts. This ruling I believe this make the OFT worthless. What other business is going to allow the OFT to look at their books. Any judgement they make will be dragged thought every court in the land until they find some court that will overturn the decision.

Would somebody post a petition on 10 Downing Street asking for it to be disbanded? Gordo might see it as a Vote winner and decide to pick it up but judging by how cuddly he has been with the banks up till this point I doubt it.

This needs to be moved onto the election agenda

Oh and just for the record I agree that people need to pay some charges but not charges that exasperate debt

MSE News: CONFIRMED - OFT gives up bank charges battle

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