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If the banks are earning £3 billion a year from penalty charges and people can claim back up to 6 years thats £18 billion (not including interest)
If the banks feel they can no longer stem the tide of claims for refunds of penalty charges will they not ask the Government to step in?
If the banks manage to convince the powers that be they can't afford £18 billion then the Government may have no option but to introduce legislation limiting the period in which you can reclaim your penalty charges?
I could be totally wrong, but I don't feel the Government will stand by as the high street banks bring in sweeping redundancies to cover a tide of bank charge refunds...
As I say it may never come to this, and I'm sure the banks will play it smarter rather than letting it come to this stage, but its a case for getting your claim in sooner rather than later
As things stand now I think there are far too many people who wont bother claiming. Certainly from my circle of friends noone else is claiming either because they want to see how I do first or they just cant be bothered.
If that gets changed, it works both ways: defaults would be reduced to whatever, debts could only be chased up to that too... I can't see that happening somehow.
No, I think they will ride the tide as quickly as possible, they will still make it as difficult as possible to get your money back, and they'll introduce different charges, all under the cover of "restructuring".
Apologies to people who I was in the process of helping, I may be gone some time.
If 10% of the overcharged public decided to claim (500,000)ish, the court system would go belly up, and I would think that the banks would be incapable of handling the paperwork and preperation required to handle these claims.
Lloyds tsb say that if they can only charge 12 quid per charge they will have 250 million wiped off their profits. surely this is them admitting they profit from bank charges.
Lloyds tsb say that if they can only charge 12 quid per charge they will have 250 million wiped off their profits. surely this is them admitting they profit from bank charges.
Have you got the source for this quote please.
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At the end of the day it's still our money, their profits should not some into it, I can't afford it when they charge ridiculous amounts but they don't worry about that.
IF it does cost the banks £18 billion (and I agree with Bookworm - most people won't bother) then I won't lose any sleep over it. Banks are a business, and they either stand or fall by how they manage their business. If they gamble and lose...it's their problem, not ours...
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Hold on they have had £18 billion of our money, now they are not going to have to pay it all back, for any number of reasons, but lets say they do.
Just how much have they made from our £18 billion in the last 6 years because i know i could have got at least 4%, and i'm not asking for that back just what they took, so as far as i'm concerned they are up on the deal.
So lets not shed to many tears for them, because I know they didn't when i told them i couldn't afford to pay.
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If that is true, how will affect things like credit rating? Will it mean that default notices are discharged after three years as well?
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.
I think the point here is that they effectively stole the money. They have held the money in profits, and should never have taken it in the first place.
If they can't afford to pay it back immediately, I'm sure I'd allow them to open up a debit account with me. I'd charge them a fair 50p per letter per month to remind them they were overdrawn, and also charge the same obscene amount of debit interest per month as they do their customers on the balance. (This paragraph's a joke, btw!).
Anyway, I don't think that technically the government could limit the amount or length of time of charges you could claim for. Well, they could (and looks like they will), but surely it would only be for charges that were made from the day that such legislation became law? The law of the day for when charges were illegally taken would prevail for those charges surely? (As in, if it's not illegal to cross the road today but it became illegal tomorrow, they couldn't arrest you tomorrow for your crossing of the road today).
"Can the banks afford £18 billion?" is a rhetorical question: it's not theirs to 'afford' in the first place...it's ours.
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.
Not really evil and twisted - but the truth. The banks CANNOT be allowed to play the 'innocent, but naive victim' card in this. They have misappropriated our money, they must be made to return it, and someone must be made to answer for the actions of the banking industry. Can you imagine the publicity if the banks siphoned off £18 billion from charity funds...well, they haven't done so (as far as I am aware) so we can have that publicity instead...
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.
If the banks are earning £3 billion a year from penalty charges and people can claim back up to 6 years thats £18 billion (not including interest)
If the banks feel they can no longer stem the tide of claims for refunds of penalty charges will they not ask the Government to step in?
If the banks manage to convince the powers that be they can't afford £18 billion then the Government may have no option but to introduce legislation limiting the period in which you can reclaim your penalty charges?
I could be totally wrong, but I don't feel the Government will stand by as the high street banks bring in sweeping redundancies to cover a tide of bank charge refunds...
As I say it may never come to this, and I'm sure the banks will play it smarter rather than letting it come to this stage, but its a case for getting your claim in sooner rather than later
Anyway let me know your thoughts
Tom
If I nicked £18 from you would you worry if I could pay it back or not?
Same issue with banks just more zeroes on the end of the numbers.
They have HAD the money, they have spent it (given some to shareholders, done up branches, had nice bonuses, subsidised Free Banking with it etc). Just because they might have spent it doesn't mean they can ask for it back.
I think there would be uproar if the goverment got involved (unless it ended up with all the banks being nationalised and turned into non-profit making organisations - hey I can dream can't I?)
Abbey (Charges on 3 accounts and default on my credit record) - DPA letter sent 30/03/06 - 40 days limit is 9th May - Recieved DPA printouts 05/04/06 with microfiche "fob off" letter. <p>Barclaycard (Charges on 1 account and default on my credit record) - DPA letter sent 03/04/06 - 40 days limit is 13th May - Recieved some statements 08/04/06 along with DPA printout and a microfiche "fob off" letter. Claim for £340 sent 11/04/06
Can the banks afford £18 billion?
thats £18 billion (not including interest
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Originally Posted by gothicf0rm
Re: Can the banks afford £18 billion?
