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Get your money back from the bank

The Office of Fair Trading's ruling that bank penalty charges of more than £12 are unfair could spark a flood of complaints from customers seeking compensation for unjustified charges over several years.

Earlier this month the OFT ruled that penalty charges for late payments on credit cards, unauthorised overdrafts, unpaid direct debits and standing orders and missed payment fees on store cards and mortgages were deemed unfair if they exceeded £12.

Last weekend, this paper revealed that this could lead to redress for bank customers who have been erroneously charged for the past six years.

The OFT's initiative strengthens the case of anyone who has seen penalty charges automatically deducted from their accounts after falling foul of bank and building society small print. As with any legal proceedings, there is not a 100 per cent guarantee that you will win, but lawyers and consumer groups reckon the OFT's position means judges will be far more likely to accept arguments that penalties of more than £12 amount to unfair contract terms that cannot be enforced.

The process for reclaiming the unfair charges from your bank is straightforward.

Link for standard letters.

http://www.bankcharges.info/

Had a credit yesterday :D from Natwest

First your bank is obliged to supply you on demand with a list of all charges you have paid in the past six years under the Data Protection Act. You then need to write demanding the bank repays the unfair charges. If that is not successful, you can take the matter further by either going to the small claims court of the Financial Ombudsman Service (FOS).

More details on how to claim and pro forma letters are available on the website of Which?, the consumer group.

"Claiming back these unfair charges from the banks is a relatively straightforward process," says Emma Bandey, a personal finance campaigner at Which? "These charges are nothing but an easy money-spinner for the banks."

**********************************************

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Firstly, congratulations and well done on getting your cash back.

I have a question which I will illustrate with a simple example. If I have been charged £20 say for late payment of a credit card in the last six years and decide to challenge this now, would I get £8 (net of £12 "fair" charge) or the full £20 back?

I can think of only one charge I was unsuccessful in getting back. If I'm only likely to get £8 back I'll probably not bother. For £20 it would be worth a shot sending a couple of letters.

NDL

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It's the £8.00 that they "have to" refund but many people have got the £20

We got £320 back, I know people who have had £2k :o

Crikey! Big numbers!

Thanks, I'll maybe give it a go. If I'd paid anything in like three figures in charges I'd defo be going for it!

NDL

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Get your money back from the bank

The Office of Fair Trading's ruling that bank penalty charges of more than £12 are unfair could spark a flood of complaints from customers seeking compensation for unjustified charges over several years.

Earlier this month the OFT ruled that penalty charges for late payments on credit cards, unauthorised overdrafts, unpaid direct debits and standing orders and missed payment fees on store cards and mortgages were deemed unfair if they exceeded £12.

Last weekend, this paper revealed that this could lead to redress for bank customers who have been erroneously charged for the past six years.

The OFT's initiative strengthens the case of anyone who has seen penalty charges automatically deducted from their accounts after falling foul of bank and building society small print. As with any legal proceedings, there is not a 100 per cent guarantee that you will win, but lawyers and consumer groups reckon the OFT's position means judges will be far more likely to accept arguments that penalties of more than £12 amount to unfair contract terms that cannot be enforced.

The process for reclaiming the unfair charges from your bank is straightforward.

Link for standard letters.

http://www.bankcharges.info/

Had a credit yesterday :D from Natwest

First your bank is obliged to supply you on demand with a list of all charges you have paid in the past six years under the Data Protection Act. You then need to write demanding the bank repays the unfair charges. If that is not successful, you can take the matter further by either going to the small claims court of the Financial Ombudsman Service (FOS).

More details on how to claim and pro forma letters are available on the website of Which?, the consumer group.

"Claiming back these unfair charges from the banks is a relatively straightforward process," says Emma Bandey, a personal finance campaigner at Which? "These charges are nothing but an easy money-spinner for the banks."

**********************************************

Been charged for exceeding my overdraft limit in the past, can that be claimed back? :unsure:

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Definately shaker, in most cases people were in the wrong ie over the overdraft limit and the banks can and should charge for that, but not £25/30 a time.

In my opinion £8 is worth a stamp, my hubs wasn't going to claim for the mis sold endownment but he's rather pleased with the £3k cheque. I'm like a woman possessed now trying to hold onto every penny.

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Been charged for exceeding my overdraft limit in the past, can that be claimed back? :unsure:

Yes, you can try. If it is within the last 6 years :)

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Definately shaker, in most cases people were in the wrong ie over the overdraft limit and the banks can and should charge for that, but not £25/30 a time.

In my opinion £8 is worth a stamp, my hubs wasn't going to claim for the mis sold endownment but he's rather pleased with the £3k cheque. I'm like a woman possessed now trying to hold onto every penny.

Thanks terrified, really useful advice. I reckon they might owe me a few quid from two or three years ago too. Wouldn't have occurred to me to chase them, but I'll give it a go now.

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It's the £8.00 that they "have to" refund but many people have got the £20

We got £320 back, I know people who have had £2k :o

:lol::lol::lol:

It makes me laugh knowing that you could possibly be charged this in fees. Didn't you learn the first time?

It's like people who constantly get parking tickets. Don't they learn?

I have never ever been charged a penalty fee on any of my accounts.

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Right TTRTR you are now really getting on my tits, how dare you laugh at me, the reason we were charged so many times is because we were up against the wall, absolutely ******ed through no fault of our own and what do the banks do, charge you £30 a time for every bill you can't pay. Plenty of people could have helped us, including the banks we have been customers of for 15 years, but nobody did, however what goes around comes around and we will have our day too.

I am soooo looking forward to dancing on your grave, I am a kind hearted person who would have felt like shit buying a repossessed house but attitudes like yours make me sick and in the last 4 years I'm turning harder and colder by the day.

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in the last 4 years I'm turning harder and colder by the day.

I really sympathise... can anyone offer a single argument as to how this current economic climate has helped anyone? I'm not interested in hearing about some selfish b***ard who made some money for himself on property... I want to know how the situation we are in now is for the greater good of us all.

A little anecdote - viewed a house yesterday... £40K more than any other house in the street has achieved (all the same - Victorian terraces)... I was expecting something really amazing with £40K added value. But no, what I saw was a dump, where every original feature had been ripped out and every single room needed total renovation. It was on with the Halifax. I was pretty angry about how they had wasted my time. The dumb woman's response was... 'We don't value houses. We only market them for what the vendor wants'.

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Right TTRTR you are now really getting on my tits, how dare you laugh at me, the reason we were charged so many times is because we were up against the wall, absolutely ******ed through no fault of our own and what do the banks do, charge you £30 a time for every bill you can't pay. Plenty of people could have helped us, including the banks we have been customers of for 15 years, but nobody did, however what goes around comes around and we will have our day too.

I am soooo looking forward to dancing on your grave, I am a kind hearted person who would have felt like shit buying a repossessed house but attitudes like yours make me sick and in the last 4 years I'm turning harder and colder by the day.

That's the ticket - don't accept responsibility for the problem, blame others.

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:lol::lol::lol:

It makes me laugh knowing that you could possibly be charged this in fees. Didn't you learn the first time?

It's like people who constantly get parking tickets. Don't they learn?

I have never ever been charged a penalty fee on any of my accounts.

A tad harse considering you know next to nothing about the poster nor their circumstances. 6.gif

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That's the ticket - don't accept responsibility for the problem, blame others.

I just can't make you out TTRTR... every now and then you post with what seems to be some kind of understanding of what's been going on in this country and then you post something like this. Just whose responsibility is unaffordable housing?

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Ok yes I blame others for the fact that we had to remove our daughter who age 4 was hung by a scarf and strangled at NURSERY and that meant moving her to a fee paying school because nobody was going to do anything at all, not the school, not the police, not the LEA. We hadn't budgeted for it, planned ahead or saved at all but then you really don't expect that sort thing do you ?

This combined with various other factors like having only one income at the time pushed us into the RED well I bet you'd do the same or would you be ok with your 4 year old being hurt ?

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I just can't make you out TTRTR... every now and then you post with what seems to be some kind of understanding of what's been going on in this country and then you post something like this. Just whose responsibility is unaffordable housing?

Hard to make heads or tails of your question. It's only unaffordable to those who can't afford it. Why would that be any one person or groups fault?

Ok yes I blame others for the fact that we had to remove our daughter who age 4 was hung by a scarf and strangled at NURSERY and that meant moving her to a fee paying school because nobody was going to do anything at all, not the school, not the police, not the LEA. We hadn't budgeted for it, planned ahead or saved at all but then you really don't expect that sort thing do you ?

This combined with various other factors like having only one income at the time pushed us into the RED well I bet you'd do the same or would you be ok with your 4 year old being hurt ?

Well I'm sorry to put the hard cold light of day on it, but it seems that you made a concious decision to take on more expenses than you could afford.

To then turn around & make comments like wanting to dance on my grave and blame the banks for you being charged for going beyond your limits is poor to put it nicely.

Let me tell you something I've learned. Banks want to lend to people who don't need money. People that need money should come back later.

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I didn't fancy a new pair of shoes FFS. Cold light of day on it - i'm sorry can you not read - 4 year old child hung - I hope it never happens to your child.

As for dancing on your grave comments that came after you called me an idiot so piss off back under your rock.

Edited by terrified

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Dear Terrified,

Sorry to hear about your 4 year old.

But putting aside the emotional windup responses of TTRTR, with regards to cc companies, as long as you pay the absolute minimum they don't charge you late fees. I tend to pay off that minimum whenever the bill comes and then as my pay comes in generally pay it all off. (If in a tight situation, the last bit may not be so easy.) Whenever i have forgotten or been less than organised i have always called and complained and threatened to close my account. It has so far always worked. Not to be done every month but good to know you can do it if you have messed up occasionally.

I recognise this may not be helpful if you are in a v tight financial place but it's good to know that they will back down sometimes if you complain (and can afford to carry out your threat, ie have other cc's that you don't currently use)

Bee Bear

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In our case it wasn't the credit cards, I have actually never owned one, it was our own beloved bank who bounced DD's and then charged us for the pleasure, anyway this has now been resolved and we have recieved a nice fat cheque so we are happy and I hope everyone else will print off the letters and get a nice cheque too.

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I was once late paying my Natwest credit card. Think this was back in 1999/2000. I actually went to pay it (didn't use tinternet back then) but animal rights protestors were outside so I waited a couple more days. Can't remember if I got stung. Will have to dig out my statements.

Other than that I have never bounced a DD or anything else. A+L recently tried to charge me for some internet backing transfers due to the order the computer processed them in. Got the money back but was nothing to do with this ruling.

Just wonder what all this will do to saving rates.

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As for dancing on your grave comments that came after you called me an idiot so piss off back under your rock.

I'm sure there's no need for that sort of comment. I'm not TTRTR's number one fan but he was only pointing out the obvious.

I've paid one charge in the last 6 years to Natwest. I went overdraw £8 and they tried to charge me £30 but I argued them down to £14. It's an old account I never use but accidently used it to pay for something through paypal which ended up costing me over twice as much. They then had the bloody sauce to automatically set up a £500 overdraft but tell me they couldn't take that into account as it was set up after the money was requested.

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Right TTRTR you are now really getting on my tits, how dare you laugh at me, the reason we were charged so many times is because we were up against the wall, absolutely ******ed through no fault of our own and what do the banks do, charge you £30 a time for every bill you can't pay. Plenty of people could have helped us, including the banks we have been customers of for 15 years, but nobody did, however what goes around comes around and we will have our day too.

I am soooo looking forward to dancing on your grave, I am a kind hearted person who would have felt like shit buying a repossessed house but attitudes like yours make me sick and in the last 4 years I'm turning harder and colder by the day.

????? :unsure::huh::blink:

I hate to say I agree with TTRTR

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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