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| The independent answer to your debt problems | login join |
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lulu
| 08-05-2007 11:19 AM |
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Joined: 03 May 2007 Posts: 1 | Hi there, I was hoping for some advice, I have been reading alot about those dreaded bank charges, that I can claim them back somehow?? I have several accounts, different banks, and sometimes I go overdrawn (doesnt everyone??!!) therefore I get charged, one bank charges around £25 for being just a penny over!!! How can I go about getting my money back? This sounds a bit too good to be true! can you point me in the right direction? I really dont know where to start with it, or know how hard it would even be? These charges are mounting up month by month, so if im entitled to get the money back, tell me how!!!! Has anyone done it? How long was the process? Thanks |
| DW George | 08-05-2007 12:25 PM |
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Joined: 01 May 2007 Posts: 158 My Profile | Lulu I know how you feel about bank charges being charged £25 for being a penny overdrawn you just make me want to shout. :) The fact is that for too long banks have imposed punitive charges on those who can least afford it. These charges are illegal. The banks can only recover additional costs for the extra administrative work related to your breach ie defaulting or a late payment. Plan of Action 1. Write to your bank requesting a comprehensive list of all your bank charges you have incurred, detailing the amount, the reason, and when they were made. Make it clear to the bank you are utilising your rights under the Data Protection Act and that you expect a response within 40 days. 2. Once you have received your response from the bank call them and make the point that they did not have your permission to remove the penalty payments from your account. If this does not spark them into action then write to them. Make it clear in your letter that you are demanding a refund of bank charges and also for the removal of any default notices lodged against your credit files. A correction note will not suffice. It's also worth making the point that you will pursue the matter in appropriate court to recover the charges, costs and any lost interest payments. There may be a possibility of recovering the extra money you have incurred as a result of having a poor credit score. This is currently being tested in court. I hope this has helped. It's really not that difficult. Go for it and let us know how you got on. Good luck |
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UpToMyEyesInIt
| 15-05-2007 12:41 PM |
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Joined: 12 May 2007 Posts: 5 | Great post!!!! I did as you said sent off a letter to my bank last week. Today I got a letter back stating I had incurred £2350 in bank charges and that they would offer £1500!! Should I accpet this as I was not expecting anyhting until I read your post. Are you on any kind of commission ;-) |
| DW George | 15-05-2007 12:56 PM |
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Joined: 01 May 2007 Posts: 158 My Profile | Upto Don't accept this. £1500 is good but it's still short of what you are entitled to. get on the blower and speak to someone who has the authority to offer the full amount. Don't be stroppy, that'll put them off, be forthright. Do, however, say that if you don't receive the full amount you will be taking legal action against them. Let me know how you get on. Commission free advice :-) |
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UpToMyEyesInIt
| 22-05-2007 10:14 AM |
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Joined: 12 May 2007 Posts: 5 | Sorry for hijacking this thread but thanks George. I did what you said and I got a letter saying that they will credit my account with the full amount £2350!!!! Thanks a lot George. Your the man!! |
| James H | 27-05-2007 04:39 PM |
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Joined: 27 May 2007 Posts: 32 My Profile | I suspect that George is a good friend to have in a financially challenging situation. I have taken a keen interest in Forums for a while and this one seems to carry good advice backed up by facts and progressive advice. I will retain a keen interest. |
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Tararabumdiay
| 28-05-2007 04:55 PM |
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Joined: 28 May 2007 Posts: 1 | Just want some advice re. bank charges. I have totalled mine up over the last 6 years and they come to a staggering £5082.00. I have been following Moneysavingexpert.co.uk and on 15th May, informed our bank of my intention to reclaim these charges along with 8% interest so in total it came to £6018.00. I received a letter from them approx. 4 days later stating that these charges were legal and that I was aware of them as they are in their Terms and also on their website and therefore I will not receive any money back. Moneysavingexpert.co.uk advises to carry on and stress the bank that I will start proceedings in the Small Claims Court, but I don't really want to go that far, especially after the recent court case in Birmingham in which the bank customer lost his claim and I believe there is an ongoing court case in London. Has anyone got to this stage re. reclaiming charges? What do you advise? |
| DW George | 28-05-2007 09:25 PM |
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Joined: 01 May 2007 Posts: 158 My Profile | Tara Ignore Birmingham. There have been many cases where the banks have lost this case. Ask yourself the question if you were a bank and wanted to scare off people what would you do. Publicise a little known case and hope everyone will be scared off. If the banks thought they were right firstly they would be given leave for appeal. Secondly they would appeal and thirdly they would be successful. The decision of the higher court would have precedence and all judges making a decision on a case would have to consider the judgement before ruling on the case. Since none of the banks have done this then you can assume that they know that they would not be successful. With their billions to spend on the best legal advice, you would have thought if they were going to do this they would have already done so. Tara, read the forum and follow the links. Do them for every thing. Bets of luck George For more info on bank charges click here. |
