27 July 2007 -
All Bank Charge claims to Recover Bank Charges put on HOLD.
Latest NEWS- 30/04/08 - Bank charges
The Office of Fair Trading (OFT) has won the test case to establish that bank charges for unauthorised overdrafts falls under "unfair contract" rules designed to protect the public. However, this is only the first stage in what could be an extremely long legal process.
"We all know one thing for sure: banks will not take this lying down and will find other ways to maintain profits regardless."
It is estimated that banks earn up to £3.5bn per year from the overdraft charges, with account holders paying up to £36 every time they go over drawn.
What does this mean now?
The ruling means the OFT now has the right to assess the terms and conditions underlying overdraft charges for fairness and decide whether unauthorised overdraft charges fall under the Unfair Terms in Consumer Contracts Regulations.
Please note this is the first stage only of a lengthy legal process and banks are still not accepting claims as the waiver granted to banks by the Financial Services Authority has NOT been removed.
--------------------------------------------------------------------------------------------------------
Results on Recovering Bank Charges delayed again! Annoyingly.
Bank Charges test case results are not likely to be announced until July 2008. Annoying news for all of us, all we can do is sit and wait. Although a decision is expected in July, it may be several month’s after this before we see any progress.
According to the Office of Fair Trading regardless of who wins, there will be an additional hearing or appeal.
Please continue to download our claim pack and get your claim in NOW!
Recover past six years in England and five years in Scotland.
THIS DOES NOT AFFECT CREDIT CARD’S
--------------------------------------------------------------------------------------------------------
Bank charges become a testing case
ANALYSIS
By Chris Warner Lawyer at Which? Last Updated: Friday, 8 February 2008, 16:20 GMT
read more...
--------------------------------------------------------------------------------------------------------
January 17, 2008
Latest News
UK banks defend 'rip-off' overdraft charges
British lenders accuse the OFT of encouraging customers to sue with 'ill-judged comments' about overdraft fees
read more...TimesOnline
--------------------------------------------------------------------------------------------------------
The OFT (Office of Fair Trading) has started High Court proceedings today (27 July 2007) after eight high street banks agreed to a test case to settle the issue on whether bank charges on unauthorised overdrafts are fair.
At the same time the regulator the FSA has announced banks no longer need deal with complaints; the Financial Ombudsman Service has also suspended dealing with complaints, until the test case has been heard.
The test case will involve Abbey National, Barclays, Clydesdale, the HBOS group, which includes Halifax, HSBC, Lloyds TSB, the Royal Bank of Scotland Group, which includes NatWest, and Nationwide Building Society.
Together these banks account for around 90 per cent of the current account market in the UK.
"County Courts and the Financial Ombudsman Service across Britain have received numerous complaints that these charges are unfair” OFT said in a statement.
Thankfully, the Office of Fair Trading (OFT) agrees with the customer.
Believe it or not the banks and building socities still don't think this is true.
The banks do not accept that the unfairness rules of the Unfair Terms in Consumer Contract Regulations apply. The OFT believes that they do and is seeking to establish this legal principle clearly in the court."
Our Advise to all Our Customers
This shock announcement has left a confusing situation.
We are advising all our customers to continue their claim with us.
Once the case is heard in the High Courts and a ruling in favour of the OFT is reached you will be first in the queue to recover your bank charges. You have nothing to loose with our
NO WIN - NO FEE service.
We are also advising new customers to start their claims with us, we will then be in a position to process their claims immediately the outcome of the test case is known.
Recover Bank Charges - "Recover What Is Rightfully Yours"
Unfair bank charges have been imposed on millions of people across Britain.
Bank and Building Socities have long been accused of ripping off customers with the excessive bank charges they impose for minor bank account problems when a Direct Debit has failed, a Cheque has bounced or an agreed Overdraft limit has been exceeded.
Are you happy with the charges levied by your bank or credit card company?
We would imagine you're not!
Recover bank charges can help you reclaim bank unfair charges you feel were extortionate. TAKE ACTION TODAY... request your
claim pack online.
NO WIN NO FEE
Our Fee 15% (plus VAT) on recovered funds.
Save Time Money and Frustration.
Apply Sit Back and Wait for Your Cheque.
Recover Bank Charges Ltd
