What will happen after the OFT report in March?

**JustJon** · 1st February 2007 11:49

Hi,

I was reading here:

Damning verdict on banks | This is Money

that OFT will be producing a report in early March which may force the banks to drop their charges to something slightly more reasonable like £12 (like they did with credit cards). I was wondering how this will affect peoples claims?

In particular, I'm just starting the claim process and have ordered my bank statements today. Obviously my bank may take 40 days or longer to supply them. I already have 5 years of statements which total about £2400 in charges and interest icon

.

Should I wait until the bank send me the missing year and be at a greater risk that the OFT ruling will change something meaning I can't claim as much, or should I just send the prelim letter now with what I've got and hope to beat the ruling?

Will it make any difference?

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**kippy2** · 1st February 2007 11:57

i would start the ball rolling now you can add on the extra charges when you finally make the court claim. In the meantime keep on at them for the missing year

**JustJon** · 1st February 2007 12:32

Thanks, I will.

**thecornflake** · 1st February 2007 12:56

The OFT are unlikely to affect anything to do with our claims. Their credit card ruling didn't and if the bank report/ruling is any different they'll have to give reasons why.

I think it will be along the same lines, i.e. setting a threshold for OFT intervention and we'll just carry on claiming.

**harrythehawk** · 1st February 2007 13:13

I am right in thinking the £12 is a recommended maximum ? I had the £12 argument thrown at me by a Halifax icon

"manager" and I responded well, does it actually cost £12 to deal with an over credit limit ? Well it is what the OFT say ? ........ so because they say £12 is reasonable then if it only costs you say £2.50, you still think it is OK to over charge ?

**thecornflake** · 1st February 2007 13:30

It is a common misconception about the £12 ruling. The OFT said that anything under £12 could still be unlawful but it was for the courts to decide. Anything over £12 and they would take it up themselves. The credit card companies have avoided this by lowering their charges to £12 but they still settle out of court as they are still unlawful.They do of course still quote it as an argument which we in turn ignore.

**harrythehawk** · 1st February 2007 13:47

Thanks Cornflake, that is very useful to know, Halifax icon

CC are being a real pain to me at the moment and they are the only creditors (and by no means the largest) not to accept my payment offers so far, they want me to use Debt Managers so they can be sure "I am not trying it on". Their attitude stinks and they are so arrogant, SAR icon

and harrassment letters already on the way, deserve all they get !!

Harry

**indebtstudent** · 1st February 2007 19:34

My understanding of the OFT's decsion re credit cards is thus. they were sayin ok we could carry out a long process to determine the EXACT cost but in order to benefit customer's now anytthing over £12 is too much. This doens't mean it is ok for companies to charge £12. These charges would still have to be justified in court if a company defended a claim.

**thecornflake** · 1st February 2007 21:37

Originally Posted by indebtstudent

My understanding of the OFT's decsion re credit cards is thus. they were sayin ok we could carry out a long process to determine the EXACT cost but in order to benefit customer's now anytthing over £12 is too much. This doens't mean it is ok for companies to charge £12. These charges would still have to be justified in court if a company defended a claim.

Pretty much, yes.

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