Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
Been busy all day doing letters and spreadsheets and just read this article. Is this another Financial Organsiar=tion with their own agenda?
Still it highlights the following quotation:
" Pricey products and crafty charges
Payment protection insurance (PPI) came in for some serious abuse from Paul Lewis, presenter of BBC Radio 4's Money Box programme. One estimate is that consumers could save £1 billion a year from shopping around for PPI. However, I reckon the true figure is close to £5 billion. What was particularly interesting was not a single person present was willing to defend PPI.
Another problem he raised was the issue of persistency: put simply, financial firms have a huge problem with customers cancelling long-term insurance and investment products after just a few years. For example, almost half of all personal pensions taken out in 2001 had been cancelled four years later, which suggests that customers weren't being sold what they really needed. In the words of the FSA, "If investors buy policies on the basis of good advice, they would not normally be expected to give them up." He puts this problem down to the generous commissions paid by certain products, which encourage advisors to sell those products which make them the most money, rather than those which best suit customers' needs.
Paul Lewis also slated banks and credit-card issuers for their ridiculous charges for missed or late payments and unauthorised borrowing. Although a fair charge would be, say, £5 a time, companies typically charge £20 to £40 per offence, which is clearly unlawful. Indeed, since the OFT suggested that £12 was a fair price to pay, credit-card issuers have all (bar one), reduced these penalties to, you guessed it, £12!
Again, it was very telling that not one single person in the room was prepared to stand up for these extortionate charges. Indeed, it was agreed that the base cost of notifying a customer about these charges is around £1, to cover printing and postage costs. Of course, no-one would tell you, the customer, that, though!
Next in line were overdraft penalties: Paul showed how a Lloyds TSB customer going 1p overdrawn could run up £345 in charges in just three days, thanks a £30 charge plus nine charges of £35 apiece for bounced transactions. It's insane, but banks refuse to discuss this issue honestly -- they simply deny any problem exists or stick to the party line of "No comment"! the good news is that no bank will allow this issue to be tested in court or by the Financial Ombudsman Service. Every single time they are forced into a corner, they settle without admitting liability, as Neil Faulkner proved in this victorious article. So, complain to the fos or issue a court Summons to recover previous fines, because you're absolutely sure to win!"
The motley fool aims to get independent advice and comparison and has its own discussion boards - one of which is for reclaiming charges - one of the writers did a series of articles to help people reclaim their charges.
I have no connection with this site except as a user.
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