Test Case Judgment due 24/04/08

[Michael Browne]

Bank charges ruling due on Thursday | Money | guardian.co.uk

[nicsussex]

So its not July then!

[Jay...]

I work for one of the banks involved and the message we recieved today is that the outcome posted on thursday will not decide the legality of the bank charges.

[tomterm8]

Well, Jay, since the banks haven't seen the actual verdict yet, no one really knows. However, it will decide some preliminary issues, at the minimum.

[GuidoT]

Originally Posted by Jay...

I work for one of the banks involved and the message we recieved today is that the outcome posted on thursday will not decide the legality of the bank charges.

It was never intended to, that will be the next round of litigation, if the first part goes our way.

[Jay...]

Originally Posted by tomterm8

Well, Jay, since the banks haven't seen the actual verdict yet, no one really knows. However, it will decide some preliminary issues, at the minimum.

that is what they have said, it will sort out some of the smaller issues (I would think what banks are allowed to charge from now on perhaps) and then debate it further regarding the refund of previous charges

[Helford]

Fingers crossed!

As I understand it, the sole issue to be decided when Mr Justice Smith hands down his judgement is whether the UTCC applies to bank charges (Penalty charges and/or Service Charges (I love that expression!). It is the OFT's and our own contention that it does.

H

[JonCris]

Well as Gordy appears to have loaned the banks 50 squillion of our money it would seem that any rebates will in actual fact be funded by us....which means we will be paying ourselves with our own money..............should tell Gordan to cut out the middleman & just give it directly to us

[GuidoT]

More here.

[InformedSearcher]

You know this is all so amazing (or not!) ...
Let's try and swiftly 'nutshell' all the facts. We started to oppose through courts the charges made by banks. The county courts started to get unnerved because their budgets and time don't allow for this type of thing. Someone (quietly) approaches the OFT and aks them to step in. They overview the whole procedure and involve the FSA who then issue a 'stay' to banks (and courts) for a year. The views are obviously 'let's make the banks work as they've basically [EDIT] from 'free' banking customers relentlessly' for many years' ... or ... (more probably) 'Damm the financial institutions, our friends (remembering all these people are ex banking personnel), want help so lets see what we can do for each other'.
GB now offers to trade (dodgy chosen by the banks themselves,) mortgages as security for cash flow to a maximum of 50 billion GBP. This is the equivelent to roughly £800 per adult legally registered in the UK. Now where did all that cash come from one might ask on top of the £400 per adult already 'squandered' for Northern Rock. Hang on a secnd the comment was that Northern Rock's Directors 'failed' in controlling their funds so one can assume the same for the prospective ailing (yeah right!) financial institutions.
Dare one ask what happened to the billions we not long ago started to weiry of hearing that these same 'comedians' made?
Now on another 'harsh note' I'll mention that personally I'm employed full time. Okay, I get quite well paid BUT I don't have a pension scheme nor private medical healthcare either from my employers. Most financial institution people do at just about every level! I don't get bonuses each year nor live in some mansion. I wonder how many of the people employed in those companies will be taking a pay cut or even no pay rise? How many directors will give up their share issues for a year or their company cars or even go to a lower valued vehicle? One cannot argue the fact that their prime staff will seek other work because they are now all in the same boat.
Heck I could go on for ages about this but in the end of the day the same people win and lose. Somehow I feel on the losing side of all this!
Michael

[JonCris]

I second that Micheal

Hopefully one day the presently supine taxpayer will say enough is enough & run these bums owtta office

[papadak]

Originally Posted by InformedSearcher

You know this is all so amazing (or not!) ...
Let's try and swiftly 'nutshell' all the facts. We started to oppose through courts the charges made by banks. The county courts started to get unnerved because their budgets and time don't allow for this type of thing. Someone (quietly) approaches the OFT and aks them to step in. They overview the whole procedure and involve the FSA who then issue a 'stay' to banks (and courts) for a year. The views are obviously 'let's make the banks work as they've basically [EDIT] from 'free' banking customers relentlessly' for many years' ... or ... (more probably) 'Damm the financial institutions, our friends (remembering all these people are ex banking personnel), want help so lets see what we can do for each other'.
GB now offers to trade (dodgy chosen by the banks themselves,) mortgages as security for cash flow to a maximum of 50 billion GBP. This is the equivelent to roughly £800 per adult legally registered in the UK. Now where did all that cash come from one might ask on top of the £400 per adult already 'squandered' for Northern Rock. Hang on a secnd the comment was that Northern Rock's Directors 'failed' in controlling their funds so one can assume the same for the prospective ailing (yeah right!) financial institutions.
Dare one ask what happened to the billions we not long ago started to weiry of hearing that these same 'comedians' made?
Now on another 'harsh note' I'll mention that personally I'm employed full time. Okay, I get quite well paid BUT I don't have a pension scheme nor private medical healthcare either from my employers. Most financial institution people do at just about every level! I don't get bonuses each year nor live in some mansion. I wonder how many of the people employed in those companies will be taking a pay cut or even no pay rise? How many directors will give up their share issues for a year or their company cars or even go to a lower valued vehicle? One cannot argue the fact that their prime staff will seek other work because they are now all in the same boat.
Heck I could go on for ages about this but in the end of the day the same people win and lose. Somehow I feel on the losing side of all this!
Michael

SO SPOT ON!!!

[noomill060]

"I work for one of the banks involved and the message we recieved today is that the outcome posted on thursday will not decide the legality of the bank charges"

It never was going to decide the legality.

The case was about whether the OFT had the authority to decide if these overlimit charge scams came under the UTCCR 1999.

That is all.

[photoman]

UK bank assets 2008


Bank Assets (£billion)

HSBC Bank £662.710
Royal Bank of Scotland £583.467
Barclays Bank £522.089
HBOS £442.881
Lloyds TSB £279.843
Standard Chartered £73.543
Alliance & Leicester £49.967
Northern Rock £42.790
Co-operative Bank £39.000
Bradford & Bingley £35.458


TOTAL £2731.748 billion






..........errrr....... can someone explain to me again..... why do they need to borrow £50 billion ????

[noomill060]

From debtwizard.com

> Bank charges test case - decision due Thursday 24th April 2008

Personal current accounts - UTCCRs investigation and test case.

The personal current accounts market study provides the context for the OFT's Unfair Terms in Consumer Contracts Regulations (UTCCRs) investigation into the fairness of the level and application of unauthorised overdraft charges and returned item fees.

The High Court test case, which is a key part of the investigation, is seeking to establish the preliminary legal principle of whether the provisions of the UTCCRs that deal with unfairness apply. It will also address the additional point of law of whether the charges can amount to penalties at common law. The hearing lasted from 17 January to 8 February.

It has been announced that judgment in the High Court test case will be handed down on Thursday 24 April.

Please note that this may not necessarily be the end of the issue, either party will need time to review the judgement and respond, for example by way of an appeal.

Source – www.oft.gov.uk



Regards,
Mike - Debtwizard.com

[noomill060]

"..........errrr..... .. can someone explain to me again..... why do they need to borrow £50 billion ????"


Hmmmmm...not sure- maybe they're going to have to repay an awful lot of unlawful charges in very near future?