We're Having An Effect!!!

[zsellors]

Just to let you all know that it appears some banks and credit card companies are taking notice of our claims and doing something about it. I am in the process of claiming charges back from Barclays and Natwest with the help of this site. However, I received a letter from Capital One credit card company yesterday (whom I have a nil balance account with) informing me that any charges applied to accounts from now on will be at the rate of £12. Also, my mum has received a letter from her bank recently (Yorkshire) saying that they are reducing the rate of charges to £12!!

 

So, it seems the are taking note! Anyone else had anything??

[rodgethedodge]

Hi

Got the same letter from Cap One. Personally I think that £12 is still excessive and it seems that the OFT have basically scr*wed us all by suggesting that figure unilaterally. I suspect most Banks/CCs will jump on the same bandwagon if they have any sense.

Can anyone offer an opinion on whether:

1. This will lead to judges staying cases with the implied suggestion that parties settle on the difference between the applied charge and this new "acceptable" figure? This would be bad...

2. To that end, is it relevant that it be applied retrospectively and you would only ever to be able to claim back charges in excess of £12 no matter how often they were applied by the offending bank? (E.g. you couldn't recover 3 days @ £10 per day even though it totals £30)

It certainly doesn't seem right that banks can instantly reduce their exposure on this whole business based on this new-found moral high ground

Any info much appreciated!

[embleton01]

Hi, just a quickie. My Amex Card sent a letter today saying they've reduced the fee from £25.00 to £8.00 !!!

 

Realising they CANNOT JUSTIFY THE CHARGES !!!!!

[Longleigh10]

Hi,

I also received reduction in charges letters from MBNA and Barclaycard so far. It seems credit card companies are reacting, but not the banks.

[kibby]

Yes,

I had the exact same letter from Capital One Bank, though too little too late. Im still gonna get my money back and just cut all the cards up.

[chrisjb98]

I recently had a letter from my Post Office credit card, stating that charges would be reduced to £12, which I think is still rather alot.

[dollies01]

If the price can't be justified then it will always be too much!

[amber2508]

So say a bank charged £24 each time for example and so over 6 years they had taken £2400 off us, does this now mean when we claim back they will half it to £1200, (because of the new £12 charge) even though they have originally had the many £24's off us over the years?

 

I am not sure i have explained this well, hope you all catch my drift.:-?

[hagenuk]

You need to read the OFT statement, it only applied to credit card charges, not bank charges and regardless of any figures quoted by the OFT the charges are unlawful because they are not a true estimate of the banks costs or liquidated damages.