Do you need a parachute account?

[Perseus]

"Do i need to open up another bank account before i go ahead with my letter? or Can I send the letter off, & then open up anothe account? "

Queenvic - it would save time and potential worry.
The Banking Code, and a recent case against Alliance & Leicester should disuade Banks from retaliatory action (closing accounts etc) and although in principle it shouldn't happen - it can without too much warning. Especially if they believe that there is a breakdown in the 'relationship' or if they tell you that you have 'breached their terms and conditions'.

Probably best to apply for a new account asap, then on confirmation - send of your first letter (Subject Access Request) recorded del if poss.

JulesMA - Hi!
As stated above, it's not that common for account closures, but it has happened. If you have any reservations, best to try for a new account first - rearrange your direct debits etc, and send off your Subject Access Request. If your overdraft is equal or less to your total charges - you'll have an opportunity to clear your overdraft and it will cost you some patience, £10 for your Subject Access Request and some letters/stamps.

You'd both be well served by starting your own thread in the Bank Charges section under whichever bank you're with. That way, you can update your situation, ask for help, and receive some experienced guidance from members on here.

Wish you both well.
If in doubt ask!

Perseus

	The Banking Code Follow this link to read the Banking Code in full. Ofen ignored by its subscribers, half-heartedly monitored and poorly enforced

	Bank Charges You should have started your claim for your bank charges by now. Don't wait. You should send your bank a Subject Acess Request asking for all personal data they hold on you - not just statements. You should calculate all of your bank charges and related interest as far back as 1995. You should send your bank a demand for a refund giving them 7 days. You should commence your legal action adding 8% statutory interest. If you wait for the outcome of the test case, you may not be able to claim like this. you may not be able to claim interest. You may only be offered the difference between the charge and the OFT "fair charge". The repayment scheme will try to limit you to refinds from 2001 only. A repayment scheme will not deal with any bank charges related defaults on the credit register whereas in a court action you can ask for these to be removed and to be compensated for the damage caused to you and your family by them. You should also write to the bank and to the CRA and put all charges related credit entries in disupte and warn them that you will want them removed from the Register when the test case is over. Warn them also that you are likely to be seeking compensation for these wrongful data entries. Full and final settlement Have you previously accepted a partial repayment of your bank charges in full settlement? You will still be able to claim the rest of your money back after the Test case is decided. Get all your information back to 1995 and put in your claim now.

	Subject Access Request A Subject Access Request is a demand which you can make to any organisation to disclose any personal information which they hold on you. The right to disclosure of data is provided by the Data Protection Act. There is no time limit. The organisation is obliged to reveal everything they have about you - which you ask for - as far back as you ask for. There are very few exceptions. It does not matter whether the data is held on microfiche, in an archive, on tape, in a cardex system, in sound recordings or in screen notes. Some companies are saying that they do not have to disclose where it would be difficult to do so - "disproportionate effort". This is untrue. Disproportionate effort refers to something else under the Act. If you are seeking bank charges information then you should ask for "all data held on you" and you should make it clear that you want everything as far back as it goes. Do not be put off by excuses. Do not accept being fobbed off. It is not in your bank's interest to make full disclosure to you. This means that it is in your interests to get it. If you have not started gathering your bank charges information yet, then you should start now. There will soon be a big rush once the OFT test case has been settled. Get all of your bank account informtion as far back as possible. At least as far back as 1995. If your bank says that they don't keep data as far back as this, don't accept it. Be persistent. They've got what you need in some form or other.

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.

[JulesMUA]

Thanks for all your help. I'll have a closer look at your bank account list!

[scott1e]

Hi I'm a newbie to this my name is scott1e and I was woundering if I could get a reply?

[Perseus]

http://www.consumeractiongroup.co.uk...se-read-these/
This is the very first step in helping yourself, and how to ask others for help!

Welcome Scott1e - have you already posted a question before or are you just introducing yourself.

Either way - there's plenty of help on here, any questions (making sure you've checked out the Frequently Asked Questions link above) just fire away.

Would be good to start your own thread on the main 'Reclaim bank Chrges page - then other members can help and advise specifically on your situation.

All the best
Perseus

[Cornucopia]

Originally Posted by Perseus

http://www.consumeractiongroup.co.uk...se-read-these/
This is the very first step in helping yourself, and how to ask others for help!

Welcome Scott1e - have you already posted a question before or are you just introducing yourself.

Either way - there's plenty of help on here, any questions (making sure you've checked out the Frequently Asked Questions link above) just fire away.

Would be good to start your own thread on the main 'Reclaim bank Chrges page - then other members can help and advise specifically on your situation.

All the best
Perseus

P, you're a bloody star! Full of lovely and welcoming advice and giving the mods a break too!

I said I'd look and I think you have found your niche!!!

STAY PUT!!

Lots of Love, Corn x

[Perseus]

Just passing on what I've learnt from you guys on here!
Cheers for the thumbs up!
x

[make_me_happy]

Hello there,

I am new here and I am currently just about to take HSBC to court. It is a business account. Does anyone there had any experience in accounts closure after court battle (business account)?

I am a bit scared as it is a current business account and we also have a business loan secured in our home.

Any help will be appreciated.

Have a good day.

[Perseus]

Hi there make me happy...
With your case, I would highly recommend using the following link.
http://www.consumeractiongroup.co.uk...newthread&f=10
This will take you to a new thread in the HSBC Section.
Post all the info you can and what help you need. Members will be able to keep track of your thread, it's in the right place, and make sure it includes 'business' in your title.

All the best

Perseus

[scott1e]

Sorry, My Scottish name says I'm a son of a preacher and I only posted to say hello

[chancer]

Hi Perseus,

Thanks for the advice and direction. Hope you don't mind me asking 2 more questions. I'm with bank of scotland - or bank of scotland/halifax as they are know now? I have come accross the below address to post the Data Protection Act letter (1st letter requesting all the charges) to and just wondering if it is the same one you used;

HBOS PLC
Trinity Rd
HALIFAX
HX1 2RG

The £10 fee for the Data Protection Act letter, do I make it payable to Bank of Scotland or is it Halifax?

I'm also due to have more charges applied this coming week for £88.00 as I had to go my o/draft in a bit of an emergency last week. Can I call them up saying not to apply this to my account as it's an un lawfull charge and that I have a letter in the post requesting the other charges back over the years?
Or should I wait for the charges to be applied this week and then send of the letter to request the amounts taken?

Again you're help and direction is appricated.

Originally Posted by Perseus

Hi Patrick

Wish you well in your pursuits, using this site.
Don't forget, start your own thread in which ever Bank Forum here
http://www.consumeractiongroup.co.uk...group-against/ . You'll receive any help or advice needed.

All the best
Perseus

[Tigs]

i have 2 parachute accounts, because i originally applied to HBOS and was refused, so i applied to Clydesdale, then HBOS changed their mind.

But as a point to note, both of them do provide debit cards, Maestro from Clydesdale and Switch from HBOS.

[charlie10]

Hi Everyone
I know this is of the subject not sure where to post this but can someone answer me why you dont send the added on interest of 8% with the first letter, and when i do send that or if not to?
Regards

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.

[make_me_happy]

The added interest can only be claimed once you go and file a court claim, then you can add interest to your claim total amount.

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.

[Perseus]

Originally Posted by charlie10

Hi Everyone
I know this is of the subject not sure where to post this but can someone answer me why you dont send the added on interest of 8% with the first letter, and when i do send that or if not to?
Regards

Hi Charlie

Really - there's 2 options with attempting to claim interest on charges.
The 8% you quote is covered by s69 of the County Courts act. It is generally 'allowed' at the courts discretion as a reasonable amount of simple interest (ie one interest amount claimed on a total figure).
The reason why the 8% method is left until court is that under that act, and because it's at the courts discretion, you must apply for it as a consideration of the court when filing your claim.


Contractual compounded interest can be an amount (for example 29.9% apr) charged against you on your account (credit or bank) for unauthorised borrowing. "In the alternative" which is a phrase used when completing your N1 or MCOL claim form at court stage in your particulars of claim, If the unauthorised amount is not 'allowed' by the court, you can request consideration of the authroised borrowing rate' which may be (for example) 18% apr. Failing that, you can as a last resort request s69 interest at 8%.

The big difference is you can attempt to claim contractual compounded interest in your preliminary letter as you use a term in consideraion of 'mutuality and reciprocity in balance of fairness in contract terms' - part of the Unfair Terms of Consumer Credit Regulations . The interest applied here is - for example - 29.9% added to charges for year 1, then 29.9% added to total of charges for year 1 plus that years interest - plus 2nd years interest, year 3 is 29.9% interest added to 2nd years total plus charges for 3rd year plus 29.9% interest.

Sounds complicated, but there are some excellent spreadsheets available.
I'll supply the link;
Excel Contractual Interest Spreadsheet and a good thread with some full explanations here Excel Contractual Interest Spreadsheet .

there are others too - if you look for Vampiress - she has some excellent on site, and google spreadsheets available.

Hope this all helps!
any further q's, please ask here or PM me!

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.

[chancer]

Hi Perseus,

Nice one for the links below for Charlie and in case I need to go to court it's handy to have them.

Originally Posted by Perseus

Hi Charlie

Really - there's 2 options with attempting to claim interest on charges.
The 8% you quote is covered by s69 of the County Courts act. It is generally 'allowed' at the courts discretion as a reasonable amount of simple interest (ie one interest amount claimed on a total figure).
The reason why the 8% method is left until court is that under that act, and because it's at the courts discretion, you must apply for it as a consideration of the court when filing your claim.


Contractual compounded interest can be an amount (for example 29.9% apr) charged against you on your account (credit or bank) for unauthorised borrowing. "In the alternative" which is a phrase used when completing your N1 or MCOL claim form at court stage in your particulars of claim, If the unauthorised amount is not 'allowed' by the court, you can request consideration of the authroised borrowing rate' which may be (for example) 18% apr. Failing that, you can as a last resort request s69 interest at 8%.

The big difference is you can attempt to claim contractual compounded interest in your preliminary letter as you use a term in consideraion of 'mutuality and reciprocity in balance of fairness in contract terms' - part of the Unfair Terms of Consumer Credit Regulations . The interest applied here is - for example - 29.9% added to charges for year 1, then 29.9% added to total of charges for year 1 plus that years interest - plus 2nd years interest, year 3 is 29.9% interest added to 2nd years total plus charges for 3rd year plus 29.9% interest.

Sounds complicated, but there are some excellent spreadsheets available.
I'll supply the link;
Excel Contractual Interest Spreadsheet and a good thread with some full explanations here Excel Contractual Interest Spreadsheet .

there are others too - if you look for Vampiress - she has some excellent on site, and google spreadsheets available.

Hope this all helps!
any further q's, please ask here or PM me!

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.

[Perseus]

You're welcome chancer, and good luck.
There are different spreadsheets for Bank claims, and Credit Card claims.

This link is for bank claims!

Perseus

[chancer]

Thanks Perseus.

Originally Posted by Perseus

You're welcome chancer, and good luck.
There are different spreadsheets for Bank claims, and Credit Card claims.

This link is for bank claims!

Perseus

[Perseus]

and thanks for the click!!!

[bella109]

Originally Posted by queenvic

Can someone please advise me on which one to choose?

hi,

First of all hello to everyone, just registered. So apologies in advance if I am in the wrong place.

Anyway, if u r looking for a parachute account. If you have adverse credit rating or just looking for new bank try CITIBANK. this is not a BASIC ACCOUNT. This is a full current account w/c also offers OD and cheque book and VISA DEBIT CARD.! I have just applied online and waiting for my application. They call Sterling current account, although I think they changed the name now.

Will keep u inform about my progress.

thanks

	Parachute account "Parachute account" describes a second bank account opened expressly in order to avoid retaliatory action by a customer's usual bank once a bank charges claim had been commenced. The term "parachute account" was first used in this sense by BankFodder on the 22nd February 2006 and has since become part of general usage in this context. "parachute account" is used regularly by Martin Lewis of MoneySavingExpert.com and also by the National press.

[Perseus]

Welcome Bella - and good luck with your account and pursuing your charges!

Perseus