Bank Charges

[Fayshun]

Can't we have the discussion now about how it's your fault for not managing your money properly?

[iCraig]

Bet you £10,000, no £20,000, that you won't find me at fault.

[divine]

Living beyond your means tbh

[Fayshun]

Originally Posted by divine

Living beyond your means tbh

SUCK IT UP iCRAIG!!

[Garp]

Good luck with getting it back. People I know have successfully renegotiated small amounts like that over the phone. Usually it's not too much bother, just don't do it too often

There is a woman on the mainland who has decided to say "enough is enough" to her credit card company, and refusing to pay off her credit card debt until the company drops the interest down from 30% to a more reasonable figure like the one she signed up to it at only a few years ago (15% IIRC?) Mind you she only has herself to blame, she's purely gone on the basis of paying off the minimum each month rather than doing the sensible thing which is never racking up the debt in the first place.

New laws that came into effect in the US last month mean they have to now give you a few months written notice of any interest rate charges on fixed rate cards (meaning they've all but vanished for new sign ups) and to aid people moving from credit card to credit card.

[Princess Griff]

Right, well I had this problem too...apparently it is illegal for banks to charge more than their admin fees - which is pennies, not pounds. Check out - http://www.thisismoney.co.uk/bankcharges

They have lots of letters available on t'internet you can use;

[Your address]
[Your phone number]

[Date]

[Name and address of bank]

Dear Sir or Madam,

Ref: Account number: [your account number].

I would like to request a refund of all the default charges that have been applied to my account. Under the Unfair Terms in Consumer Contracts Regulations 1999 charges must reflect administration costs and cannot be punitive. I believe that the following [enter details of charges] are unlawful as they do not reflect the true cost of going into an unauthorised overdraft.

You have taken [enter charges amount here] from me, plus [enter overdraft interest amount here] overdraft interest and I would like to request repayment of this [enter total sum] sum. I also ask you to ensure any default notices entered against my credit record are removed entirely.

Please repay this money in full and remove any default notices within 14 days. If this is not done, I will begin a claim against you for the full amount, plus interest and my costs.

Yours faithfully,

[Your signature]

[iCraig]

Ace.

I'll be polite first on the phone, but that looks like a cracking plan B to me. Thank you.

[Kitten]

I went overdrawn by .59p earlier this month due to an abbey error (they cancelled my card due to 'fraud' that didn't happen so I couldn't log on and move money!). THis week I got a statement of charges and 0.59p resulted in 68.50 worth of charges. I rang up, said if they honestly thought they could charge me 68.50 for .59p then they could go take a flying f**k at a rolling donut. Obviously I put it nicer than that, but not by much.

Pathetic. I believe they can take £12, no more.

[Glaucus]

As far as I know this is still the case

Please note: The battle between the banks and their customers is now heading to the High Court. The Office of Fair Trading and the banks have agreed to a test case to determine the legality of bank charges. It will be heard early in 2008. The banks have been given a waiver and do not have to deal with claims until after the test case has been resolved. Currently, few courts are prepared to consider claims until after a verdict. However, customers can still register their complaint with their banks if they so wish.

Here's an update.
Pointless claiming at the moment. it costs money for the statements and till the courts have settled this. i wouldn't bother.

Bank charges reclaiming continued to make history in late February 09, when the Court of Appeal confirmed the decision of the High Court that the charges ARE subject to fairness rules. The banks have since appealed to the House of Lords, while the Office of Fair Trading (OFT) is assessing whether they’re actually unfair.

In the meantime, reclaiming’s still on hold, yet if you’ve not started your claim you should still try and put it in, and if you’re in hardship the hold mightn’t apply to your claim.

Also remember if you put a claim in your bank can and are closing bank accounts. if you have an overdraft they can demand this money back.

[Admiral Huddy]

I think the key word here is "unauthorised" so your're your paying for an unauthorised facilty. Check the terms and conditions of your account which no one reads.

That said, £50 sounds a bit steep... It's £10 on my Platinum account