Wednesday, Oct 25, 2006

Overdrawn by a quid?

Firstrung: Overdrawn 1 for 1 day - how much will this cost you? Moneyfacts.co.uk investigates

Lisa Taylor, analyst at moneyfacts.co.uk, takes a look at how fairly customers are treated by their bank if they miscalculate and use an unauthorised overdraft. "Following the OFTs 'success' at reducing credit card default fees, they are now in the process of focusing their attention on similar penalty fees within the industry, with its next target set to be current accounts. But if the credit card market is anything to go by, this lost revenue will not be taken lying down, with providers searching for alternative methods to recoup this income.

Posted by converted lurker @ 04:50 PM (3633 views)
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4 Comments

1. Thetidewillturn said...

For all those of you smarting from excessive bank fees check out consumeractiongroup.co.uk....3.6 Million refunded to 3149 people so far .....(of which I am very proud to say I am one!!)....the site, (for free -ok they ask for a donation if you are successful in getting anything back!!) gives you suggested wording letters to send to the banks and even gives you the wording you need to use when you take them to court and fill in the moneyclaim online forms at the Courts Service website... (and guess what?... the banks always back down before it gets to Court!!) No need for the OFT to get involved here, common law already dictates that its not legal to make a profit from a breach of contract (ie if a customer breaches their contract with the bank and goes overdrawn on an unauthorised basis) - recover your costs banks by all means but we all know it doesn't cost a computer 25 or 30 to send out a preprinted form letter that is untouched by human hand...... this site has been on the TV and I'm surprised more people aren't using it.....you can go back through your statements for 6 years and ask for all those charges back !!

Wednesday, October 25, 2006 10:50PM Report Comment
 

2. Nohpc said...

I have never been charged for being overdrawn but it is fantastic that people are getting their money back. We are in an age now where people are very aware of being ripped off and won't stand for it (apart from extorionate property prices that people will keep paying forever)

Wednesday, October 25, 2006 11:48PM Report Comment
 

3. Dolly 99 said...

I have just been on the website that you have recommended. consumeractiongroup.co.uk. The advice on this website is straightforward and direct. I have been looking at other websites for advice on fighting the banks and thier charges and a few of them are looking for payment in assisting you!!!! Rediculous! Some stating that they can assist you with the legal fees. But the consumeractiongroup.co.uk website explains that the fees will be deducted from what you have been awarded should you win your case! However the downside is that if you do not win your case then you have to incur the fee. In any case it is possible to fight this on your own. Just do the relevant research and inform yourself.

But if you decide it's best to have legal representation be aware that yu may incur more costs than doing it yourself. Just read up on the subject as much as possible either way!!!!

You can also find advise from the WWW.GMTV.CO.UK - the moneysavingexpert.com website. Financial Expert Martin Lewis. Who can assist you in contacting the banks/ how to compose your correspondance with your bank etc. As well as this he provides comprehensive information in my opinion about dealing with financial institutions. And also advice on how to look after your personal finances.

Worth checking out. However you take the information that I have provided on this forum at your own discretion. I am not responsible for any outcome you may have should you decide to use the Websites/ information that I have provided. This is guideance only and my personal opinion.

Friday, January 5, 2007 12:58PM Report Comment
 

4. Rebecca Parks said...

Martin Lewis, we are aware of the current interest rates at this time ,but we are in a terrible position .We have a mortgage/loan with roy scot larch ,who are main lenders on mobile homes like we have our 66,000 mortgage/loan that has just gone up to 11% which we are finding it hard to manage please please help maybe you can email us MANY THANKS REBECCA PARKS

Thursday, December 4, 2008 10:32AM Report Comment
 

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