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Bank Charges Test Case Ruling

Discussion in 'The Lounge - Off Topic' started by Fergal1982, Apr 24, 2008.

  1. Fergal1982

    Fergal1982 Petabyte Poster

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    For those of you interested, the OFT vs Banks test case ruling is due today sometime. Story is available here.

    Its worth pointing out that the test case will only decide if the charges can be declared as illegal. It wont actually decide if they are.
     
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  2. Fergal1982

    Fergal1982 Petabyte Poster

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    woohoo
     
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  3. noelg24

    noelg24 Terabyte Poster

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    So does this mean we would be getting our money back? :biggrin
     
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  4. Fergal1982

    Fergal1982 Petabyte Poster

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    not yet. The ruling just says that it can be regulated by OFT. Its expected though, that OFT will announce that they are unfair, and will put an easy process in place to reclaim this money (from the last 6 years - or 5 if you are in scotland).

    However, its highly likely that the banks will appeal this decision. So its probably going to be a while before a definitive decision is made.

    Hopefully though, they are going to lift the waiver on these banks from processing Bank charge claims, which has been in place since the middle of last year, pending the results of the test case. If this happens, then people can make claims in the same fashion as before (threatening court action, raising a claim with small claims, etc).
     
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  5. Fergal1982

    Fergal1982 Petabyte Poster

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    For anyone of a Legal bent, the judgement is on the bbc site, here. Its 119 pages though. I started reading it, but to be honest it bored the arse off me pretty quickly. I'm no lawyer, and have no great knowledge of legal/financial matters. I'll just trust moneysavingexpert.com in their interpretation of it.
     
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  6. noelg24

    noelg24 Terabyte Poster

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    Well its a step in the right direction at long last. I put in a claim last year roughly about Spet...and its all just waiting on the results of the OFT and banks...at least thats some good news for now...

    I will give u an example of what happened last month. My Virgin Media internet bill gets paid by DD. Now normally I have say about £25 left to pay it off (as it normally comes out middle of the month)...as the bill is £27 thats only about £2 short and if I do happen to have say a spare £5 lying about then I will pay it in asap. However on this occasion I had about £22 left in the bank...now rather than my bank letting that amount go through for Virgin, instead they withdraw it...then charge £38 stating that if I paid that DD then my overdraft would have gone over its limit by £9...9 sodding quid and yet you decide to charge me £38 and make me go even more overdrawn on my £250 overdraft and not only that...I then get charged another £43 for going over the overdraft...so yeah thank you so much Mr Bank Manager :x so thats a total of £81 charge for the fact that you wouldnt pay my internet bill which would have only taken about me £9 overdrawn which I am sure I wouldnt have had any problems paying at some point...and to add to that...Virgin themselves decide to charge me £10 for the missing payment, £27 for the bill that didnt get paid, another £27 for the next bill to be paid...so not only do I get screwed over by the bank but also by Virgin...thank you so much...how I cant wait to move away from Virgin come July...
     
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  7. Fergal1982

    Fergal1982 Petabyte Poster

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    To be honest, I'm the same mate. What my debt repayment, im on a tight line with my money. For the past few years ive been in a situation where the money wasnt there at the time of payment, or was missing only a pound or so. If they just refused the payment, I could rectify it myself, but instead they bounce the payment, and charge me for it (£35 each time - max for per day).

    Of course, This sends me into a spiral. They take the money out of my account a few weeks later, leaving me short for another payment. They bounce it, and charge me again. Then I'm short again... and again... and again. With my finances the way they are, I dont have the extra cash to spare to bring my account back into balance and stop the cycle.

    In the last 5 years, I've been charged about £900. I dont contest their right to charge me for the bounce, I just contest the amount they are charging me.
     
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  8. noelg24

    noelg24 Terabyte Poster

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    I agree with you 100% here mate...yes fine to charge me...but the amount they are charging compared to what would be outstanding from the overdraft (whether its £1 or £5 or even £10) shouldnt have to cause for them to think: "Ah right we are sorry we couldnt pay this bill for you as you would have been over your limit by £5 but dont worry we will just charge you £38 for not paying the DD and another £43 for being over your overdraft." Erm I would rather be overdrawn by £5 than by £81...it is no wonder this country is spiralling into a huge debt...I thought people who work in Banks are supposed to be good at maths? :rolleyes:
     
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  9. dales

    dales Gigabyte Poster

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    bout blimin time, I'm really thinking about putting a claim in as to see what happens. might have a look at the credit card ones too, few years ago I was in the monetry poo and getting money back from all those charges will properbly be enough for a short holiday!
     
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