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Debtwizard 5 point guide to bank charges following the Supreme Court ruling
Page last updated Thursday, 26 November 2009
Debtwizard 5 point guide to bank charges following the Supreme Court ruling
- Don’t panic; wait for a few more days, possibly a few weeks for more information to come out. A rash decision now may prove costly in the future.
- If you have not yet entered a claim then hold fire, as the template letters you send to the banks may need to be changed. it will become clearer over the next few weeks what can be done.
- If your case is stuck in the court then it may prove to be prudent to wait to see if there is any direction from the judicial authorities to the lower courts for example to dismiss claims. Some campaigners are saying that you may need to kick start your claim individually. Be warned the wording in the template letters you have filed into court may now be wrong due to the Supreme Court ruling, this may well result in your claim being rejected by the court.
- Do you qualify under the financial hardship rules? There are various definitions but basically you are experiencing financial hardship if you are struggling to meet your commitments each month; however this can then be further compounded by the banks adding interest and charges for late or missed payments.
More can be found at Debtwizard guide to financial hardship. - The Office of Fair Trading (OFT) will be seeking discussions with banks, consumer organisations, the FSA and the Government in the light of this judgment. They expect to make an announcement in December 2009; you can see the OFT press release, OFT disappointed by Supreme Court judgment.
Read the article we're referring to: Banks win Supreme Court case on bank charges
Future updates
We will be regularly updating bank charges news on the web site, alternatively you can sign up to our free member emails where you will receive more information.
You can view the quality of previous emails by clicking on DebtWizard updates 2009.
Debtwizard Sunday, 17 January 2010
Lesley
The bank has 8 weeks to deal with your hardship claim, after this you need to go to the Financial Ombudsman Service (FOS). This will cost the bank around £500 plus anything else the FOS orders on.
I cover more on Financial Hardship , what to do and how to contact the FOS here
at http://www.debtwizard.com/debt...l-hardship
Mike
lesley holden (Guest) Sunday, 17 January 2010
i also put a claim into my bank asking for financial hardship, i was told they recieved the claim but not the financial hardship letter, i then recieved another letter stating the test case had gone in the banks favour and i would recieve nothing! Surely to exceed your overdraft or make late payments etc you are experiencing financial hardship! I have four children and work three nights a week to support them is it unfair as a tax payer to use the tax money to bale out the banks but not the clients who they make most money from!
Jonathan Goldman Wednesday, 13 January 2010
Unauthorised Overdraft Fees charged by HSBC of £150 are extortionate and totally disproportionate to the amount ofd the overdraft incurred. In America and Canada the feeling is that large Fees are Extortionate.
In this country Extortion may be a criminal offence and if so, rather than pursue the matter through a claim direct to the Bank, perhaps a visit to the Crime Squad would be more appropriate. Even advising the Bank and perhaps the Press of the intention "To go to the Police" , may get the matter resolved more quickly. I do not think the banks want visits from the "Boys in Blue" for their ill-written Computer Software which has generated the Charges without Human Control
Adrian Monday, 07 December 2009
I was made redundent in Nov 2008 with a case against Barclays frozen in the system.Since then I managed to claim under Financial Hardship.They sent me £215.00 and labelled it ( A gesture of good will).Surley an admittance of guilt would be more appropriate,plus will I now have to return this money with interest?
I am also fighting E.on for stealth electricity meter charges & my Housing Association for unjustifiable maintenance charges because rent has been capped for next year & maintenance charges are not regulated.........CIVIL WAR IS COMING!
Scott McKay (Guest) Tuesday, 01 December 2009
I think it is a disgrace that the supreme court has favoured the banks over the consumer. Obviously they have forgotten who pulled the banks out of the s**t with the tax payers money, now they can't give us back what every other court in the land stated was ours. It just seems like the fat cats looking after the fat cats again and to hell with the minno's
Paul Cooper (Guest) Saturday, 28 November 2009
Surely as now the Supreme Court has ruled in favour of the Banks , and certain Banks have already paid out and some people have recieved payments, this is discrimination against those of us who have put in claims and now may not receive any thing ?
