H.O.L Test case appeal. Judgement Declared. ***See Announcements***

[Conniff]

Where did you say you lived JC

[UK26]

lol, i can see this becoming more of a Reality as consumers have little confidence within the banks.

 

 

You have got to be joking leave money with a bank...I'd rather stick it under the mattress:D

[UK26]

9 Hours and 44 Minutes until all hell breaks lose

[UK26]

lol

 

you only live 289.46 miles from JC.

 

to make it worth while you would need to find out when pay day was

 

 

Where did you say you lived JC

[photoman]

On one of the press sites regards this imminent announcement, it was once more cited that if matters eventually go against the Banks, it could perhaps lead to the end of "free" banking for customers in credit.

 

It is sickening to think that everything that has happened over the last few years could possibly herald in what the Banks have secretly wanted for years. And worst still, if so, they will then distort the truth, and try to justify it to its' customers by placing all the blame with those who stood up against them.

 

We're all used to paying for most services we use in life; say posting a letter or making a phone call, but such companies do not also benefit from receiving ALL our annual income, to simply do with as they please (often at great risk, which has been highlighted all too often), and to also demand a period of notice before they hand it back. They then have it at their pleasure to loan out to others at high rates of interest, to speculate with on currencies and markets, or to use to buy up other companies, all to vastly increase their own profits.

 

In return we receive nothing, or at best a very tiny proportion of all this.

 

So, if the Banks do eventually introduce fees, then:

Firstly, it should be on an itemised basis, and reflect the true spread out cost of each service. Not some arbitary blanket monthly rate. After all, I don't pay the post office each month on the off chance that I may or may not decide to post some letters that month.

And, secondly, those depositors whose accounts are in credit should simultaneously be treated as what they truly are, which is in effect investors, and receive proper rates of interest more reflective of the profits their entrusted investments have realised.

19% - 29% to borrow from them (on every single penny, calculated daily), but 0% - 6.5% to lend them OUR money (provided we give them at least say £1000 a month, don't withdraw over a certain amount of it, are often expected to commit to leave it in for a year or receive a penalty, and even then any % is capped and sharply falls at a certain level). An income to cost ratio, and terms unparalleled in any other business.

 

So, the whole current banking crisis and need for a £50billion bail out has come about because Banks are unwilling to lend to each other ?

 

Hell, I don't blame them, I'd prefer not to lend to them either !!

[Beserker]

I can see it now photoman, everyone claiming the fees back under UTCCR

[The Phantom]

It appears to be true

Been on Yahoo this morning

Bank charges test case judgment due - Yahoo! News UK

[jackboy]

and on GMTV this morning.

[The Phantom]

...I think the bank charges test case may have been mentioned over the Earl Grey and Battenburg cake...

 

 

Looks as if we are about to refund our penalty charges with our tax money.

I knew it was all a [problem].

[JonCris]

Where did you say you lived JC

 

In Grockel Town by the sea...........and you?

[Bookworm]

I can see it now photoman, everyone claiming the fees back under UTCCR

Well, not the business ones for starters... ;-)

[Mister Twister]

Jeez! Got no sleep last night. Was dreaming of banks, judges and money.

 

Decision is to be heard at 10am in the court. I guess we will know the outcome by the lunchtime news.

 

Fingers crossed.

[JonCris]

At the time of Judgment I think the internet is going to crash that or some sites are going to slow down

[patrickq1]

One of Britain's richest is 'suing' Prime Minister over EU Treaty - Telegraph

[bernard coleslaw]

People need to be a little circumspect with regards to this morning's announcement. This judgement is merely about whether the banks charging T&C's can be assessed under the fairness regulations or not.

 

If the judgement says they can be assessed under the regulations, the banks may appeal against this, and we're into another round of court cases. Assuming these still go against the banks, only then can the OFT assess the charges for fairness. And this assessment will then have to form part of another legal case (more time, potential appeals, etc).

 

The point I'm trying to make is that this morning's announcement, at the most, moves things on a step. It doesn't actually resolve anything finally.

 

Sorry to put a downer on things, but I think people (including a certain M Lewis ) need to manage their expectations a little.

[racer1]

Just been reading this, don't think it's been posted so far BBC NEWS | Business | Banks braced for charges defeat

[giantsf49er]

Ive got BBC News 24 streaming, but the picture is bloody awful. Do you think they are getting a bit busy over there at the Beeb website?

[racer1]

maybe.....! Incidentally the last line on that link I posted is about banks introducing fees for accounts - I don't pay a fee as such for day to day banking but I did recently find I get charged £25 a year for having an OD facility.....

[giantsf49er]

How long are we expecting it to take before we actually hear what the decision is?

[Bookworm]

Correct, up to a point.

 

Whilst today's result is indeed as you describe, don't forget that part of the bank's defence/counterclaim was asking for a declaration that the charges are lawful, which will be dealt with at a later stage.

 

If the banks lose the UTCCR arguments both now and on appeal, the OFT's decision will not be part of another legal case. If the OFT are found to have sway over the banks by virtue of the UTCCR, then they will be able to release their enquiry into bank charges (which is now complete but they have held off releasing it because of the test case) and the likely outcome is that they will then set an intervention threshold the way they did with the credit cards.

[fergal71]

we have won first battle judge rules in favour of oft......yehaaaaaaaaa

[jclancy]

BBC reports ruling in favour of the OFT!

[ukaviator]

Yes, it's on Sky news. . . Great result. .

[dad]

10:08 BBC announcing OFT win

[389shell]

Wahoooooooooooooo!!!!!!!!!!!!!!!!!!!! :d