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The language is a bit fluffier than that used on the credit cards investigation. It seems to me that the banks have said something like: "you kicked us hard over credit card charges, you had better not be so aggressive over penalty charges..." - just something about the OFT wording that smacks of a climbdown...
Alecto, Magaera et Tisiphone: Nemesis on Earth is come.
All advice and opinions given by Spiceskull are personal, and are not endorsed by Consumer Action Group or Bank Action Group. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
It is a climbdown anyway. They distictly said that they should not treat the £12 as a threshold - rather they should charge what it costs them.
How the OFT can claim this as a 'victory' is beyond me. They've basically said "you all go ahead and do what you like - you can ignore us if you please"
Spinless.
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oh no do you really think that could happen . . .could mean cases are adjourned for months and months maybe even years. . . .
FD £691.50 SETTLED IN FULL £691.50 FD CREDIT CARD £75, SETTLED IN FULL £75 MBNA CREDIT CARD £1784 SETTLED IN FULL BARCLAYCARD . . .£500 BACK SO FAR . . NOW OFF TO COURT FOR MY OTHER £1200
PLEASE BE AWARE . . .MY OPINION IS JUST THAT . . IF IN DOUBT SEEK QUALIFIED LEGAL ADVICE x
nah - the OFT even said that it was for a court to decide what was reasonable. It didn't halt the credit card claims.
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Has a draft letter been produced which might help counter the 'smug' replies from CCs indicating "we, as a goodwill gesture, will refund the difference between the OFT £12 recommendation and the charges actually made". My inclination remains to point out that the charges are unlawful 'per se' and come along to court and prove otherwise and, YES, I'll take your offer as part settlement but still see you in court!
I belive there is one in the library to that effect.
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This may sound like a silly question but we all think £12 is still far too much and if this is the case(as proven by banks in Ireland who's charges are much lower), just what evidence did the OFT use to come to that figure of £12?
Also, I can't see the banks showing their true calculations and costs therefor, how on earth is the OFT going to know what is fair/unfair charge?
Looking around most credit card companies have gone straight to the maximum of £12 for charges when even the OFT consumers information has the following sentence.
"We are not suggesting that default fees should be set at £12, and a court will certainly not consider that a default fee is fair just because it is below the threshold."
Surely this is enough to keep us going on and the principle of unfair charges will remain the same as before the statement.
It would be great if someone could comment on this
This may sound like a silly question but we all think £12 is still far too much and if this is the case(as proven by banks in Ireland who's charges are much lower), just what evidence did the OFT use to come to that figure of £12?
Also, I can't see the banks showing their true calculations and costs therefor, how on earth is the OFT going to know what is fair/unfair charge?
exactly! There has to be a judge in the land who will force full disclosure on a bank's charges cost structure (has someone raised a case with this specific purpose in mind?. Otherwise where is their defence?
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OFT investigate bank account charges
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Originally Posted by bpakoue