Thread: Bank charges issues post test case - compensation for damaged credit reputation

BankFodder, this is very difficult to answer until the secondary part of the case. It may well be that Group Litigation Orders(GLO's) that Tom Brennan wrote about last year(if memory serves me right) would come into the question to mop up the unresolved issues of the OFT test case. I do see where your thinking is because if the Supreme Court do reject the banks' appeal the consequences are simply mind blowing. In fact, do you think it has the potential to put some DCA's out of business since their client base could be completely taken out by the post secondary issues of the OFT test case?

If we play this right, the current DCA industry could be brought to it's knees, castrated and publicly beheaded.

When it's fake "debt" asset evaporates in front of their eyes and the defamation claims start flying, they will have nothing left but commercial debt to collect.

This is potentially great news for me. Because of the huge amount of unfair charges and associated contractual interest my credit rating I fell behind with monthly payments and my credit rating bombed - preventing me from getting improved mortgage deals etc. I look forward to putting my claim in!

BD >

Originally Posted by noomill060

If we play this right, the current DCA industry could be brought to it's knees, castrated and publicly beheaded.

When it's fake "debt" asset evaporates in front of their eyes and the defamation claims start flying, they will have nothing left but commercial debt to collect.

I would certainly like to sock it to many OC's and DCA's! However could they say they only acted in "good faith" on the info they were given by the OC? - Assuming they understand that term!

Also is there any chance of claiming for defamation where the CCA is lost or unenforceable?

Customers who have suffered loss or distress as a result of bank charges related entries on their credit file.

The data protection act gives the power to the court to order damages in the circumstances. (Last year, a Scottish court awarded a claimant £116,000 because of damage caused by inaccurate data. Recognise losses included loss of opportunity on the market). Losses could even include being obliged to pay more for credit because of a damaged credit reputation.


Now this is something that has been gnawing away at me for quite a while now, ever since I became a victim of 'credit card rate jacking' which forced me to question the validity of my CCA's and forced me to commence upon a dmp with CCCS being currently out of work due to the recession and hit with increasing minimum payments and bank charges after bank charges. I was contemplating and thinking long and hard before admitting defeat and signing up on a dmp because I knew that this would have a knock-on detremental effect on me gaining employment.

I am a freelance IT Consultant, being freelance I work all over the UK and Europe mostly on contract for Financial Institutions, Retail Banks and Investment Banks. As part of the contract with them requires me to be security checked before they take me on, I just know I am going to fail now. My current clearance has expired and I'll never get it again, all due to the bank charges and defaults that the banks are starting to apply to my credit file, even though I am making token payments via my DMP. Its a catch 22 situation for me. So yes, would this consitute recognised losses due to loss of opportunity on the market and definately a damaged credit reputation. Very frustrated about this but what can one do about it? Are people in my position likely to be compensated - its certainly food for thought.

Originally Posted by amber

Customers who have suffered loss or distress as a result of bank charges related entries on their credit file.

The data protection act gives the power to the court to order damages in the circumstances. (Last year, a Scottish court awarded a claimant £116,000 because of damage caused by inaccurate data. Recognise losses included loss of opportunity on the market). Losses could even include being obliged to pay more for credit because of a damaged credit reputation.


Now this is something that has been gnawing away at me for quite a while now, ever since I became a victim of 'credit card rate jacking' which forced me to question the validity of my CCA's and forced me to commence upon a dmp with CCCS being currently out of work due to the recession and hit with increasing minimum payments and bank charges after bank charges. I was contemplating and thinking long and hard before admitting defeat and signing up on a dmp because I knew that this would have a knock-on detremental effect on me gaining employment.

I am a freelance IT Consultant, being freelance I work all over the UK and Europe mostly on contract for Financial Institutions, Retail Banks and Investment Banks. As part of the contract with them requires me to be security checked before they take me on, I just know I am going to fail now. My current clearance has expired and I'll never get it again, all due to the bank charges and defaults that the banks are starting to apply to my credit file, even though I am making token payments via my DMP. Its a catch 22 situation for me. So yes, would this consitute recognised losses due to loss of opportunity on the market and definately a damaged credit reputation. Very frustrated about this but what can one do about it? Are people in my position likely to be compensated - its certainly food for thought.

If you don't have a CCJ or made bankrupt then it should not affect your ability to work within those banks within the UK. It has no effect at the moment FWIW

Originally Posted by ncf355

Sorry YB,

in this case you are wrong

The checks banks and FI's do require a squeaky clean history so payment arrangments or late payments would be a no no


In my opnion this would be a very valid claim, but you may well face having to prove you couldnt get smilar pay from a non financial employer

(this would, I imagine, be reasonably easy to do)

Not necesarily defaults but IVA's and Bankrutcy would do. Defaults are not necessarily going to prevent the OP from working in a financial insitution(I did double check RBS disciplinary policy just to be certain).