OFT v Banks - Round One to OFT

[saintly_1]

[389shell]

Originally Posted by thelightbrigade

I wonder will the current credit situation will sway the decision. The current credit climate has placed a burden on the banks ad maybe the decision will veer towards saving the banks a few bob and in turn save the government a few bob bailing them out.....

This is what I have been thinking lately, sadly I wouldn't put it past them

[Bookworm]

Don't know about "not long to wait", HF, it's pretty much a given that the losing side will appeal... I do however believe that a judgment in favour of the OFT would increase the chances of things changing drastically, after all, the court of appeals would only overturn his ruling if the other side could come up with very convincing arguments to show that his decision was wrong!

I wonder whether, if the OFT wins, whether the banks will then start refunding more easily even before the decision of Appeals... Ah well, a girl can dream...

[vortex]

Conniff, I cannot give you rep as I am under quasi moderation status, but I did chuckle to myself about that quote.
I was down the Dog and Duck chinese takeaway(I think they do use those ingredients in their meals, allegedly) and there was a bloke there that said that Justice Smith was going to have a wig on tomorrow, I didn't know he was bald
Seriously, though,this is just the first battle but it is nice if media reports of an OFT win comes to fruition.



**********cannot do signature either but if you found this post funny please click on the rep button cos I ain't gonna get any other messages ******

<---------rep button is the scales found there.

[389shell]

Just pay me in beer tokens, i'll be happy for a few years

[breeze1996]

I'm not being funny, but the judge wouldn't dare be swayed.
He will have to give a verdict on what the fact before him were, not what or who will be effected by the results.

Just think about it for a moment, one chink in this case and either the banks or the OFT will scream.

Just think how many of us will be reading between every letter to see if there could have been a mistake if we lose. Also if the banks had had a better defence they would have handed it too the judge at the time, not held it in hand for an apppeal.

He really did have a hard job doing this case, and one whisper of anything and someone would tell.

[thelightbrigade]

Fair point breeze, but one cant help being suspicious!!

[Mister Twister]

Originally Posted by nicsussex

Not quite the case - the judge agreed to give both sides 48 hours prior knowledge of his judgement - so the banks do actually know as do the OFT and will have known from yesterday

My information came from the BBC News - Friday, 8 February 2008

In court, several bank barristers expressed unease that Mr Justice Smith's eventual findings might leak out in the time between him circulating a draft ruling to the parties to the case, and handing down his final public decision.
"The key point is to ensure there is no breach of confidentiality on the draft judgement," said Mr Ali Malek for the Abbey bank.
Mr Justice Smith said he was "deeply troubled" by such a scenario.
He then decided that his draft judgement would be sent out only to a "very tight circle" of named lawyers for the OFT, seven banks and the Nationwide building society.
Earlier in the proceedings the barrister for Lloyds TSB, Mr Bankim Thanki QC, had expressed concern that once the judge's decision was known the banks would be inundated with calls from customers asking about their claims.
He had asked that the draft judgement be circulated on a Friday to give his bank time to digest it over a weekend and to prepare to respond to its customers.

This would suggest that the banks would be made aware of the descition and staff would have to be briefed in order to deal with the influx of enquiries.

[SELV]

Well folks it looks as if this time tomorrow I will know if this years holiday is,a flight to Boston or a night in Weston (again) ...SELV...

[Conquer]

even if the OFT win, does not mean at this stage we will get our money back does it?

[rh999]

not being funny, but the last place i am going to enquire is my bank.

rather wait for official news.

whatever the result the banks will twist it to their own end anyway

if it's not in their favour then they will appeal.

get set for another waiver from the good old FSA people. i do not expect anything less.

[SELV]

Think possitive conquer it might not make you happy by the sounds of it but it will definately make me happier cus I will go overdrawn again just to pay for it ...SELV..

[Conquer]

I have claims in the court which are stayed, tomorrows findings will not see all our claims to now be heared?

So you saying, if we win tomorrow we can then go overdrawn and the banks wont be allowed to charge us?

[JonCris]

Beer 389........not likely whisky, gin, vodka yes........but drink beer for years no way.........I'll get fatter than I am now

[SELV]

Sorry conquer but I wished I new the answer to your question, but I am only saying what I would eventually do....SELV...

[UK26]

Instead of drink

Why not interest paid on our savings account lets say a rate of 30%

Tax free

Fixed term deal for 10 years

J

I would assume the banks would take all the consumers to court claiming we where being unfair in asking for a disproportionately high sum of interest

[Castlebest]

Didn't HH Smith say he would comment on the status of the county court stays in his judgment?

pete