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jaseywasey

Bank Charges Refunds Appeal?

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Irrespective of the rights and wrongs of whether the financially feckless will be able to recoup a couple of hundred (or thousand depending on how incompetent they were), surely if the banks lose this case and especially with all the publicity concerning it, EVERYONE in Britain who has been charged will be claiming their money back?

In fact surely if they are declared illegal, they will have to refund everyone automatically, rather than just force people to claim?

With all the huge losses being announced by the UK banks and the credit crunch problems, how will the refund of billions of pounds in bank charges (and interest incurred on the these charges) affect them?

I can see the government realising what mess the banks are in and if the charges are declared illegal, will fudge the issue by not allow the refunds to be processed, in order to prevent the collapse of the UK banking system.

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Irrespective of the rights and wrongs of whether the financially feckless will be able to recoup a couple of hundred (or thousand depending on how incompetent they were), surely if the banks lose this case and especially with all the publicity concerning it, EVERYONE in Britain who has been charged will be claiming their money back?

In fact surely if they are declared illegal, they will have to refund everyone automatically, rather than just force people to claim?

With all the huge losses being announced by the UK banks and the credit crunch problems, how will the refund of billions of pounds in bank charges (and interest incurred on the these charges) affect them?

I can see the government realising what mess the banks are in and if the charges are declared illegal, will fudge the issue by not allow the refunds to be processed, in order to prevent the collapse of the UK banking system.

I'd already thought that as it would be a further nail in the banking coffin so to speak.... :lol:

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They get to do fractional lending plus make an illegal profit on missed direct debits etc. but they're strapped for cash? As close as it gets to a license to print money without actually printing the banknotes and they screw it up.

They're making the government look efficient.

Maybe it's time to have the right to run a bank put out to tender like the lotto and broadcasters?

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The Banks will drag this out as long as possible, as they are only obligated to keep records for so long. Why is the OFT not siezing the Banks records now before they get the chance to destroy them?

The charges are all safely salted away in yachts and property abroad whilst they paid themselves huge bonuses. The coffers are empty, and the cuckoo has left the nest.

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The Banks will drag this out as long as possible, as they are only obligated to keep records for so long. Why is the OFT not siezing the Banks records now before they get the chance to destroy them?

The charges are all safely salted away in yachts and property abroad whilst they paid themselves huge bonuses. The coffers are empty, and the cuckoo has left the nest.

Very good point.

This whole issue that you can only claim for six years, will that be six years from the end of the court case or the start?

The moratorium on claiming charges was introduced last September, so lets say the case is concluded in September 2008, can you only claim back to September 2002?

What if it drags on until 2009, can you only claim back to 2003? Meanwhile the banks will have...er... literally "banked" :lol: a couple of years' worth of charges whilst this case inches at a snail's pace through the courts?

Edited by jaseywasey

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The six years limit is only from when you could reasonably have known that the charges were illegal. With endowments this has been upheld by minor courts, but the FSA has ignored it to prevent 700,000 time barred complaints bringing down the financial system. The banks will do anything to prevent pay outs on this scale including lobbying parliament to this effect. It could be a race to reclaim before they get a change in the law.

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On a similar note, I had a letter from Swinton insurance the other day saying that as a direct debit for house insurance payment failed, so 'as your acount is operating outside the credit agrement, you have been charged £12' (funds were in the account ,so I presume a banking error)

I've not seen this before, so it seems a similar scam to bank charges as does the £12 'late payment fee' (down from £20) from Bt.

Possibly this £12 amount is no coincidence as the OFT ruling on credit card charges was £12, so they may think they can get away with this figure.

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On a similar note, I had a letter from Swinton insurance the other day saying that as a direct debit for house insurance payment failed, so 'as your acount is operating outside the credit agrement, you have been charged £12' (funds were in the account ,so I presume a banking error)

I've not seen this before, so it seems a similar scam to bank charges as does the £12 'late payment fee' (down from £20) from Bt.

Possibly this £12 amount is no coincidence as the OFT ruling on credit card charges was £12, so they may think they can get away with this figure.

The bank charge issue is small change compared to the issue of unenforceable credit agreements. The Consumer Credit Act 1974 was amended in the 2006 Act to allow judges to enforce defective agreements, but the Act is not retrospective, on this issue. It is looking like a very high proportion of agreements written prior to 2007, are not enforceable at law.

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The six years limit is only from when you could reasonably have known that the charges were illegal. With endowments this has been upheld by minor courts, but the FSA has ignored it to prevent 700,000 time barred complaints bringing down the financial system. The banks will do anything to prevent pay outs on this scale including lobbying parliament to this effect. It could be a race to reclaim before they get a change in the law.

I was time barred on taking a case before the FSA with Winterthur. Basically it was my own fault, I didn't fully understand the system and when I got the projections and the letter I gave it a quick read and filed it. It was only after much more publicity surrounding mis sold endowments that I retrieved it and found I had missed the boat so to speak as action before their ombudsman had timed out.

Are you now hinting at this may still be actionable through the County Court? Is the limit for the CC still for sums under £5000? On cases that have been brought are they defended tooth and nail by the insurance companies.

I assume where cases are won they are loath to appeal to a higher court to avoid a precedent being set.

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I was time barred on taking a case before the FSA with Winterthur. Basically it was my own fault, I didn't fully understand the system and when I got the projections and the letter I gave it a quick read and filed it. It was only after much more publicity surrounding mis sold endowments that I retrieved it and found I had missed the boat so to speak as action before their ombudsman had timed out.

Are you now hinting at this may still be actionable through the County Court? Is the limit for the CC still for sums under £5000? On cases that have been brought are they defended tooth and nail by the insurance companies.

I assume where cases are won they are loath to appeal to a higher court to avoid a precedent being set.

http://www.endowmentwatch.co.uk/endowment-...pensation-case/

Unfortunately it isn't as easy to show to the court you were mis-sold as the FSA. Although you can probably get through the time bar, you still have to show the court you were mis-sold. Some cases where endowments were sold well into retirement are easier to prove than most others.

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  • 399 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% +
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      • Even
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      • up 5%



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