Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MSE Guy
    • By MSE Guy 21st Dec 09, 5:28 PM
    • 1,628Posts
    • 1,255Thanks
    MSE Guy
    MSE News: CONFIRMED - OFT gives up bank charges battle
    • #1
    • 21st Dec 09, 5:28 PM
    MSE News: CONFIRMED - OFT gives up bank charges battle 21st Dec 09 at 5:28 PM
    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

    Last edited by MSE Guy; 22-12-2009 at 9:16 AM.
Page 1
    • fermi
    • By fermi 22nd Dec 09, 6:30 AM
    • 39,669 Posts
    • 47,650 Thanks
    fermi
    • #2
    • 22nd Dec 09, 6:30 AM
    • #2
    • 22nd Dec 09, 6:30 AM
    OFT press release...

    -----> http://www.oft.gov.uk/news/press/2009/144-09
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • slim shady123
    • #3
    • 22nd Dec 09, 6:58 AM
    if i have just lost 5000
    • #3
    • 22nd Dec 09, 6:58 AM
    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
    • By scriblesvurt 22nd Dec 09, 7:14 AM
    • 127 Posts
    • 56 Thanks
    scriblesvurt
    • #4
    • 22nd Dec 09, 7:14 AM
    • #4
    • 22nd Dec 09, 7:14 AM
    I don't think that would help your situation. Sometimes you just have to hold your head up and carry on regardless.
    • heppy23
    • By heppy23 22nd Dec 09, 7:22 AM
    • 477 Posts
    • 246 Thanks
    heppy23
    • #5
    • 22nd Dec 09, 7:22 AM
    • #5
    • 22nd Dec 09, 7:22 AM
    Crazy. If they can't sort this out then who will?
  • MrLeeLee
    • #6
    • 22nd Dec 09, 7:29 AM
    • #6
    • 22nd Dec 09, 7:29 AM
    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.
    Last edited by MrLeeLee; 22-12-2009 at 7:48 AM.
  • worldupstairs
    • #7
    • 22nd Dec 09, 7:51 AM
    • #7
    • 22nd Dec 09, 7:51 AM
    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
    • By musical_norwich 22nd Dec 09, 7:57 AM
    • 147 Posts
    • 104 Thanks
    musical_norwich
    • #8
    • 22nd Dec 09, 7:57 AM
    • #8
    • 22nd Dec 09, 7:57 AM
    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!
    Last edited by musical_norwich; 22-12-2009 at 11:42 AM.
  • MORPH3US
    • #9
    • 22nd Dec 09, 8:04 AM
    • #9
    • 22nd Dec 09, 8:04 AM
    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
    What a disappointment for many, I'm sure.

    As for OFT (in this instance), Cowards and useless spring to mind.
  • dunncha
    If the OFT can't defend us should they disband
    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
  • straddie
    Excellent news, hopefully bringing to an end the ceaseless whining of those who are incapable of managing their finances (oh look, a pig just flew past my window!) and rather than accepting responsibility for their mistakes, choose instead to point the finger of blame at anybody other than themselves.
  • marcharrison1979
    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 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, one 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!
    Originally posted by musical_norwich
    Yet again I am dumbfounded with the fact that people miss the point. What you say is all very true, I agree with you 100%. What people are fighting for is a fairer system, that's all buddy. A 35 per day charge for being 29p overdrawn is hardly fair, even the most ignorant of use can surely see that, personally I think a 35 per day "FINE" is unfair for being 2000 pounds overdrawn! people would be musch better off using a credit card to pay off their overdraft and the fact that the banks offer no support or advice to help these people avoid further charges just proves what a cash cow this system is for the banks. The banks simply want this to happen, they even bank on it happening, thats why they have devised a system that works for them. I call for overdrafts to be banned, I bet the banks would have serious reservations about that happening. Thanks to Martin and the Team for trying for justice but it seems that in this world you have to pay for justice in cash, just ask the footballers you hear about drink driving who end up with a slap on the wrist and one Mr O. J. Simpson. Everyone is out to look after their own interests, even the lawyers and law lords who obviously loved every penny of this case and will be sick to hear this is the end, a lot of rich people have gotten richer out of this campaign, the poorer people have just gotten a whole lot poorer.
    • withabix
    • By withabix 22nd Dec 09, 8:27 AM
    • 8,959 Posts
    • 7,908 Thanks
    withabix
    This will disappoint many MSEers.

    I wonder how long it will be before banks start reclaiming the refunds paid out to date, or getting court judgements reversed....
    British Ex-pat in British Columbia!
    • chris1huk
    • By chris1huk 22nd Dec 09, 8:28 AM
    • 66 Posts
    • 43 Thanks
    chris1huk
    anyone else fed up with these "your own fault you should take the responsibilty" posts.. do these people come here just to wind everyone up?
    • withabix
    • By withabix 22nd Dec 09, 8:30 AM
    • 8,959 Posts
    • 7,908 Thanks
    withabix
    anyone else fed up with these "your own fault you should take the responsibilty" posts.. do these people come here just to wind everyone up?
    Originally posted by chris1huk
    So you think that it's unfair for the balance of opinion to be allowed on forums?

    Perhaps the posts moaning that this decision is unfair should be banned??
    British Ex-pat in British Columbia!
    • chris1huk
    • By chris1huk 22nd Dec 09, 8:31 AM
    • 66 Posts
    • 43 Thanks
    chris1huk
    I thought they couldnt reclaim refunds they've already given out?

    The only good thing to come out of this, is the banks know they have given away a load of money they need not have.
    Banks should at least give the account holder the option of whether they want to allow their account to go overdrawn or not.
    • dunstonh
    • By dunstonh 22nd Dec 09, 8:33 AM
    • 98,597 Posts
    • 66,999 Thanks
    dunstonh
    Good decision. I know that won't be fashionable with those on this forum but there has to be some common sense in that you cant borrow money that isnt yours for free.

    Whilst I do think the charges are high, the banks have mostly revised their charges now to be fairer (although some actually pay more under the new charges than the old). However, there has to be a consequence to unauthorised overdrafts to put people off from doing it.

    A big problem now may be all those that paid up front fees to claims companies. We know the cashflow on many claims companies is not great and they were built on a pyramid scheme. With a major potential source of income removed and they now having to return some/all of the up front fee, will they have the money available to do that or will they go into administration like some have already?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • chris1huk
    • By chris1huk 22nd Dec 09, 8:33 AM
    • 66 Posts
    • 43 Thanks
    chris1huk
    So you think that it's unfair for the balance of opinion to be allowed on forums?

    Perhaps the posts moaning that this decision is unfair should be banned??
    Originally posted by withabix
    I think it's unfair for people to judge me and others without knowing our situations..
    This forum is about reclaiming bank charges.. whats the point of coming here if you are only going to try to wind people up?

    Surely that would be like me joining an x factor forum and saying how rubbish it is etc.. theres no point to it

    A good post by dunstonh there.. offering good points.. although he isnt for the reclaiming, he isn't judging anyone.
    Last edited by chris1huk; 22-12-2009 at 8:38 AM.
    • iolanthe07
    • By iolanthe07 22nd Dec 09, 8:37 AM
    • 5,191 Posts
    • 4,893 Thanks
    iolanthe07
    not charges that exasperate debt

    WTF does this mean? Did you mean 'exacerbate'? Great to see that Mrs Malaprop is still alive and kicking!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,457Posts Today

9,055Users online

Martin's Twitter
  • So how much work do I actually do on the MSE weekly email these days, now I?m in the exhaulted position of ?Executi? https://t.co/b8XWxPiUwn

  • Dear gumtree - I feel I've been sold a kipper. You're advertising has my face on it but I don't do adverts. If yo? https://t.co/kJAuziloOM

  • RT @MoneySavingExp: ????This chap ????@MSE_GuyAnker is responsible for delivering MSE's Weekly Email to 14 million people, 52 weeks of the year.?

  • Follow Martin