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

[Thailand]

Bank = big business = filthy liars.

 

You should know...they took a dump on you.

 

Alright...I'm in a stinking mood.

[yourbank]

And they are paying for it big time with break up of the banks. In fact, I'm quite enjoying watching the show with my popcorn in hand

[Thailand]

LOL.

 

Hope there is no hole in it.

[kennyh]

Is it in the OFT's remit to determine what interest will and will not be paid or d'you think they'll just do their bit on the charges?

Also, will their decision lack the weight of law as it does in the cc dept?Then back to a free for all on interest?- best guess'll do.

If OFT's decision is not enshrined in law then, unless they arrive at a sub £5 figure, I, for one, will still go after any bank getting in my way.

Edited November 16, 2009 by kennyh
tidy up

[yourbank]

Is it in the OFT's remit to determine what interest will and will not be paid or d'you think they'll just do their bit on the charges?

Also, will their decision lack the weight of law as it does in the cc dept?Then back to a free for all on interest?- best guess'll do.

If OFT's decision is not enshrined in law then, unless they arrive at a sub £5 figure, I, for one, will still go after any bank getting in my way.

If any agreement is reached(I highly doubt this) between the banks and the OFT then the Court would have to legitimate it. However, it still leaves the issues of historic charges which would have to go through the Court.

When the OFT wrote their report on Credit Cards OFT842 they specifically stated in point 1.14 that ultimately ONLY a court can decide a fair charge.

 

"1.14 It must be stressed that this is a statement of our position and reflects the exercise of our discretion as an enforcement agency. Only a court can decide finally whether a term is unfair, or at what level default charges should be set to meet the requirements of the UTCCRs. It should be kept in mind that other enforcers may apply for injunctions under the UTCCRs and that the UTCCRs may be relied upon by consumers in private claims."

 

Furthermore, the litigation agreement agreed in 2007 does state that issues of limitations, restitution is part of the secondary litigation so that is why I would say that if the banks' appeal fails then we have more litigation and this bit is the stuff we have waited for because ultimately it will lead to the end of the stays, waivers and a fair system of charging. Ultimately, if a court does not decide on a fair charge then the OFT test case can truly be classed as a failure to be honest because they would have spent over 2 years to come to the same decision as they did in OFT842.

[InformedSearcher]

Prezzie for IS:

 

 

 

 

Brilliant - I like it - thanks!!

Probably make it my avatar!!

 

Michael

[kennyh]

YB,

Don't know how old you are but there was a calypso "Bring a little water Sylvie" and in it runs the line 't'was clear as mud but it cover de ground'. Very many thanks for your input

Ken

[sparks199]

just to add

 

for everyone thinking of a nice xmas with a payout . forget it .

 

there will be no mass payout .the banks have allready sed this .

no matter what the outcome from the H.O.L

there will be no mass payouts .

 

plus the F.S.A have allready sed them selfs that they will renew the waiver in january to 2011

sorry to say but the likelihood of this is going to run for at lease 2 more years .

[2ltr16valve]

just to add

 

for everyone thinking of a nice xmas with a payout . forget it .

 

there will be no mass payout .the banks have allready sed this .

no matter what the outcome from the H.O.L

there will be no mass payouts .

 

plus the F.S.A have allready sed them selfs that they will renew the waiver in january to 2011

sorry to say but the likelihood of this is going to run for at lease 2 more years .

 

 

About time the FSA also then made part of teh waiver that, charges be reduced/capped to a acceptable amount until the matter is resolved ??? !!???

 

This whole thing is starting to take the proverbial P !

[yourbank]

just to add

 

for everyone thinking of a nice xmas with a payout . forget it .

 

there will be no mass payout .the banks have allready sed this .

no matter what the outcome from the H.O.L

there will be no mass payouts .

 

plus the F.S.A have allready sed them selfs that they will renew the waiver in january to 2011

sorry to say but the likelihood of this is going to run for at lease 2 more years .

When did the FSA say that the FSA Waiver will be renewed until 2011?

 

The FSA Waiver on Bank Charges states:

 

"Duration

9. (1) This direction takes effect on 27 July 2009.

(2) This direction ends on the earlier of:

(a)

26 January 2010; or

(b)

resolution of the test case. For this purpose, resolution occurs when judgment has been entered in relation to all issues in dispute in the test case (including, for the avoidance of doubt, any issues which the Court agrees should in future be introduced into the case by way of amendment or otherwise) and the resulting orders either cannot be the subject of appeal or have not been the subject of appeal in circumstances where the time for doing so has expired, or when proceedings are otherwise discontinued.

However, provisions of this direction that are expressed to continue beyond its termination continue in force in accordance with their terms"

[sparks199]

so you telling us the waiver will end in jan then

 

i think not .

 

they will renew for 6 months at a time .

[082stewie]

just to add

 

for everyone thinking of a nice xmas with a payout . forget it .

 

there will be no mass payout .the banks have allready sed this .

no matter what the outcome from the H.O.L

there will be no mass payouts .

 

plus the F.S.A have allready sed them selfs that they will renew the waiver in january to 2011

sorry to say but the likelihood of this is going to run for at lease 2 more years .

Arnt you just the ray of light!

[srfrench]

The FSA has no sway over what the Courts do nor can they impose their will insofar as stays.

 

The FSA waiver is only giving permission for the Banks and the FOS not to have to deal with bank charge complaints. IT DOES NOT cover the stays placed in the legal system. The stays will and can be lifted following the handing down of the Judgement in the SCoJ.

 

If they tried to impose themselves on the judiciary, they'll find a rather large legal volume shoved up their "netherworld" with the parting words of

"FUTUE TE ET IPSUM CABALLUM"

 

And we'll say to the FSA......."MAGISTER MUNDI SUM!"

[InformedSearcher]

'srfrench' - Yes initially though it seemed fair and reasonable. However these FSA 'stays' are wearing a bit thin on all the people expecting/wanting action. The fact that this body has so much power leaves a lot to be desired. Amazing how fast this stay was imposed and a bit of a farce when 2+ years later we are no further forward and really no light at the end of the tunnel whatever happens next.

 

Heck could you imagine 20 years from now, the stays still in place, no more FSA, more wealthy bankers and even worse politicians running our lives. The Supreme court having moved up a generation with the original judges long gone. The OFT given up the ghost and the FOS mothballed. Oh and all of us here now having 'white hair' avatars!

 

Michael

[BankFodder]

How about the middle of next week?

[PGH7447]

just to add

 

for everyone thinking of a nice xmas with a payout . forget it .

 

there will be no mass payout .the banks have allready sed this .

no matter what the outcome from the H.O.L

there will be no mass payouts .

 

plus the F.S.A have allready sed them selfs that they will renew the waiver in january to 2011

sorry to say but the likelihood of this is going to run for at lease 2 more years .

 

you got a bat phone to the banks then?, instead of speculating why dont we all wait until Thursday, you never know Santa may exist

[emmasot]

well i hoping santa brings me a nice gift this xmas lol but i aint holding my breath.

[hilaryfrances]

How about the middle of next week?

 

 

looks like BF has the bat phone, I think we ought to stop speculating and listen to The Master

[Michael Browne]

Announced today:

 

The Supreme Court

 

Bank charges:

 

The following judgment will be given on Wednesday 25 November 2009 at 9.45 am:

 

Office of Fair Trading (Respondents) v Abbey National plc and others (Appellants)

 

[Docman]

Which means the OFT and the Banks will be getting their copies of the judgment today. Watch out for Angela Knight of the BBA popping up on TV on any pretext - if she is smiling like a Cheshire cat, the Bnaks will have won. If she is nowhere to be seen and the Bank Fat Cats have disappeared, they will have lost. Could be an interesting weekend of speculation.

[JonCris]

Whatever the result AK will spin it to suit her masters

[citizenB]

At least we will get to know one way or the other:)

[Night Owl]

The suspense is gonna kill me.......but I may hold on till I have my large pay out! When ever that may be!

[InformedSearcher]

The suspense is gonna kill me.......but I may hold on till I have my large pay out! When ever that may be!

 

You never know, maybe just in time to see the 2012 Olympics. LOL

 

Michael

[Night Owl]

You never know, maybe just in time to see the 2012 Olympics. LOL

 

Michael

 

LOL, only that long then!