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15th April 2006 - OFT Announce

The Consumer Action Group - Newsletter

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“This morning I was given a refund of £500 which I am delighted with”

“Thanks, the support on this site is fantastic”

“A fantastic site, telling everybody and anybody, people at work are all becoming members”

“I urge all of you to persevere with your claims and encourage others to claim” – this member has recovered nearly £10,000

“Thanks you guys... you are all doing such a terrific job and I appreciate it like you would never believe.”

This is just a tiny selection of the comments from Consumer Action Group Members, who are successfully reclaiming thousands of pounds in unlawful charges every day. For some, it may have been the odd £20 fee, for others the sums involved have transformed their lives – giving them a real opportunity to climb out of serious debt.

The most amazing thing about this is that it is the individuals themselves that are taking their bank to task. We provide the tools, and offer help and support where necessary. Forum members are also encouraged to share their experiences, and offer advice to others who are going through the same process – but it is “people power” that is forcing the banks to accept that their customers are no longer prepared to put up with being ripped off.

Already, in just a few weeks, we know that banks have refunded more than £100,000 to Consumer Action Group members – and that figure only takes into account the ones who have completed our on line survey. It would not be inconceivable to think that the figure is nearer the £¼million mark. This is despite the banks desperately trying to find ways of delaying, or obstructing claims.

With the recent announcement by the Office of Fair Trading, confirming that punitive charges by credit card companies, banks, and other consumer organisations, could be legally challenged, and should be slashed to a realistic level – the pressure on the banks could only intensify. It became even worse for them, when the European Union also came out with a stark warning to the financial community – either reduce your penalty charges, or face legislation.

So, spread the word. It has been widely reported that banks, and credit card companies, have been unlawfully charging customers in the region of £6billion pounds every year. Whatever they may say, they know that the game is up, and that their profit margins can no longer be propped up by unlawfully ripping off its customers.

Talk to members of your family, work colleagues, friends and neighbours. Pass on the Consumer Action Group website address ( indeed you could forward them a copy of this newsletter.

Banks have been unlawfully taking millions of pounds every day from of our back pockets – it’s time to stand together and tell them that we are no longer prepared to stand for it. The more members we have, the stronger our voice – eventually governments and decision makers will have to listen – and we will then start to truly see a fair deal for consumers.