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I've read through a few of your posts, but I would like to clarify something.
When you say you've had your claims settled. Do you mean that its gone the full route of the small claims court, or has FD's solicitors paid you off less than your original claim ?
I have claimed £5000. It has gone to the small claims court. I received a letter from FD's solictors offering £2500, but I have to sign a confidentiality agreement.
I am not sure whether its best to sell out and take the money they are offering. Or to hold out to see what the result of the small claims court decision is. After all, the full amount of the claim is quiet hefty.
Its not about getting the maximum amount of money out of them. There is a principle behind this, which is their charges are simply way too high. So I want to make an example of the bank. But on the other hand, I dont want to loose out financially.
Re: Is it worth holding off if FD offer a pay out ?
HOLD OUT!!!!!
FD obviously don't want to go to court and they are trying to make you go away quietly and cheaply. I firmly believe that if you hold out you will get all your money, and as a matter of principle I would not sign a confidentiality clause either.
It is tempting I know, and easy when you are not the one being dangled the bait, but I really think you will get it all.
When the Liberals and Conservatives were in opposition they both agreed that banks should pay back high bank charges to customers. Nothing seems to of happened since they came into power as a coalition. PPI insurance has been sorted now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Should you be offered help that requires payment please report it to site team.
Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007
Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06
Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007
Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. 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.
Re: Is it worth holding off if FD offer a pay out ?
Yes, hold out.
After filing the claim DG Solicitors offered me around 5k but not the interest. I pointed out the claim included interest and the next day they offered the full amount. I'm still waiting to actually see the money, mind, but they will offer the full amount.
Nemo me impune lacessit! The hours of folly are measured by the clock; but of wisdom, no clock can measure. As long as one person lives in darkness, then it seems to be a responsibility to tell other people.
Re: Is it worth holding off if FD offer a pay out ?
Oh my stars, don't give in now and accept their insultingly low offer. Press on and get it all back and I wouldn't sign any confidentiality clause - a lot of people have done this and still got all their money back - I mean you are taking them to court, you state the terms, not them...
Re: Is it worth holding off if FD offer a pay out ?
1. They will almost certainly come back with an improved offer
2. IMHO It's highly unlikely you will lose if it does go to court... None of the banks have let it go this far anyway...
If you have found this post (or any other post) useful ensure you click on the scales in the top right of that post to give credit where credit is due.
As ever, with (I believe most if not) all advice given on this website, I am not qualified to give any advice and you are duly warned that any decisions are your own decisions made on your own account and no liability will be accepted for any advice followed ! Use your own judgment. Seek advice of a qualified, insured, professional if you have any doubts.
Re: Is it worth holding off if FD offer a pay out ?
So I assume that if I reply to them saying I dont accept their offer it will be up to the small claims court to decide ?
No, if you refuse, they will in all likelihood fold before hearing and pay you in full.
If, by chance, you were the one they decide to see in court, then yes, the judge would have to decide. Not very likely to happen, mind you, and once in court, the odds are still highly stacked in your favour.
If you lose, that's it. You haven't got your money back, and you've lost your court fees. That's about it.
.
Apologies to people who I was in the process of helping, I may be gone some time.
Re: Is it worth holding off if FD offer a pay out ?
I've had my account with FD for just over 10 years. Just the overdraft fee's and unauthorized overdraft fee's average out at £500 a year. Hence £5000. I havent included other fee's such as bounced direct debits, or the arrangement fee's for extending overdrafts..etc.. I thought £5000 was a fair amount.
I sent a letter off on Saturday to DG solicitors turning down their offer. I will keep you posted.
Re: Is it worth holding off if FD offer a pay out ?
I see - well it seems from the faq and most of the other posts on this forum that you are unlikely to be able to claim back further than 6 years and you are saying 10. However, if the amount is under 5000 and within the realms of the small claim court then I guess they may still want to pay that just to stay out of court.
My wife is a little upset about the 6 year rule as she had a house repossessed, not by First Direct, but one of the main contributing factors was literally thousands of pounds worth of charges levied by First Direct.This all happened shortly before we met and before 2000. I think her claimm now is going to total to around £800.00 but wonder if its worth trying the 10 years - thing is, they wont give statements for over 6 years as they state they do not hold the records.
Re: Is it worth holding off if FD offer a pay out ?
Yes FD have only said 6 years to me. however, I work for an investment bank in the city, who are required to keep data for 10 years. Whether its different for high st banks or not, I dont know.
Regardless of the data retention period, if a third party was to study my bank statements they would see a continuing trend in the overdraft fee's. Therefore I'm pushing for a refund from when my account with FD was open. (just over 10 years ago)
Chances are I'll be unsuccesfull ! But its worth a try !
Re: Is it worth holding off if FD offer a pay out ?
I just thought I would inform you peeps. I received a "Notice of transfer of proceedings" in the post today.
This says that a defense claim has been filed. Looks like FD are willing to let this one go to court !
The defence on the court form is as follows
1. The claimants account is governed by the defendants personal banking terms and conditions.
2. Pursuant to the defendants terms and conditions the defendant is entitled to make a charge for its services, as set ou in the defendants price list.
3. It is denied that fee's charged for the services provided amount to a penalty or liquidated damage clause. The fee's are an agreed price for a service provided by the claimant.
Re: Is it worth holding off if FD offer a pay out ?
I wouldn’t be so sure about that Jock. I think it is still a game of chicken to see who jumps out of the game first. They are still unfair, unreasonable, unlawful and I don’t think they will go to court and demonstrate anything different. They would need to show a Breakdown of their costs and I just don’t believe that they will do it. Stick to your guns!!
That is what I would do, but you must do what you feel comfortable with.
When the Liberals and Conservatives were in opposition they both agreed that banks should pay back high bank charges to customers. Nothing seems to of happened since they came into power as a coalition. PPI insurance has been sorted now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Should you be offered help that requires payment please report it to site team.
Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007
Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06
Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007
Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. 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.
Re: Is it worth holding off if FD offer a pay out ?
yes, I agree with Caro. Just because defence has been filed does not mean they are willing to step into the court room. Stick to your guns - it's unlikely FD will want to put their "innocence" to the test in the court room. They push it right up to the heating date, but so far even the banks doing that have settled on the court steps.
Re: Is it worth holding off if FD offer a pay out ?
I received a letter from DG Solicitors today in which FD are offering a full refund of charges going back 6 years. Also they have not asked me to sign a confidentiality agreement.
Since this has all been going on I've paid £220 in court costs. Is it worth trying to get this back from the bank too ? Furthermore, what about adding on interest ? Or should I just accept their offer ?
I've looked at the FAQs but was unable to find anything. So any feedback would be appreciated.
Is it worth holding off if FD offer a pay out ?
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HOLD OUT!!!!!
