twatmangle Posted May 15, 2007 Share Posted May 15, 2007 This may be a one-off, and it might change upon appeal, but it's the first one. http://news.bbc.co.uk/1/hi/business/6657025.stm The MSE messageboard is going to implode. Will this lead to more and more people having severe financial difficulties precipitating a crash.. or Will it give the banks more confidence to loosen credit, as they now don't have to write-off so many debts. Answers on a postcard. Quote Link to comment Share on other sites More sharing options...
Fancypants Posted May 15, 2007 Share Posted May 15, 2007 Retail banking = a tiny fraction of banks' profits. No real impact on HPC one way or another, IMO. An interesting one nonetheless, and a little bit of a surprise. I'm ambivalent about this (as I should be, given my occupation) as both sides have pretty grubby hands. The people who live in perpetual debt, or those who exploit them? Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted May 15, 2007 Share Posted May 15, 2007 I got agreement from my bank to reimburse my charges, only a few hundred notes, hope they don't back out of the agreement. Quote Link to comment Share on other sites More sharing options...
Fancypants Posted May 15, 2007 Share Posted May 15, 2007 I got agreement from my bank to reimburse my charges, only a few hundred notes, hope they don't back out of the agreement. at this stage, they shouldn't. I assume you have a record of their agreement? Quote Link to comment Share on other sites More sharing options...
sossij Posted May 15, 2007 Share Posted May 15, 2007 This may be a one-off, and it might change upon appeal, but it's the first one.http://news.bbc.co.uk/1/hi/business/6657025.stm The MSE messageboard is going to implode. Will this lead to more and more people having severe financial difficulties precipitating a crash.. or Will it give the banks more confidence to loosen credit, as they now don't have to write-off so many debts. Answers on a postcard. Yes, an interesting development this. Fortunately the District Judge has given the defendant leave to appeal. If the banks choose to defend the appeal they will have to explain how they arrive at their charges. As Lloyds TSB didn't turn up in court in the original case, I suspect that the Judge might have been a bit canny in trying to force a ruling on this once and for all. Lloyds TSB will almopst certainly pay out rather than risk an appeal judgement forcing them to justify their charges in open court. Very interesting... watch closely! Quote Link to comment Share on other sites More sharing options...
Guest grumpy-old-man Posted May 15, 2007 Share Posted May 15, 2007 This may be a one-off, and it might change upon appeal, but it's the first one.http://news.bbc.co.uk/1/hi/business/6657025.stm The MSE messageboard is going to implode. Will this lead to more and more people having severe financial difficulties precipitating a crash.. or Will it give the banks more confidence to loosen credit, as they now don't have to write-off so many debts. Answers on a postcard. I told my wife this would happen last month, I applied common sense & said who would win, the banks or the little man. The little man will always get stuffed long term (with a couple of short term wins). Too much money involved for the courts to let it go. Quote Link to comment Share on other sites More sharing options...
Wemb Posted May 15, 2007 Share Posted May 15, 2007 Retail banking = a tiny fraction of banks' profits. No real impact on HPC one way or another, IMO. Except - perhaps - if it both forces people to manage their money better, and increases the number with people with dreadful credit rates and black marks against their names, it may cause the banks to start to tighten their lending behaviour. Wemb Quote Link to comment Share on other sites More sharing options...
ollk Posted May 15, 2007 Share Posted May 15, 2007 Is this a sign that the banks are ready to fight an appeal and are confident they will win then? Quote Link to comment Share on other sites More sharing options...
Dylan Posted May 15, 2007 Share Posted May 15, 2007 There's another piece about on the BBC; they seem to think it went to court by accident - the bank just forgot to settle. http://news.bbc.co.uk/1/hi/business/6658369.stm Quote Link to comment Share on other sites More sharing options...
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