Consequences

[crusty git]

IF you win your case on an account that has been defaulted due to illegal charges you can insist that the default is removed.

 

If however in the meantime you have been refused credit or forced into accepting sub prime interest rates it must be possible to to make a case for repayment of the extra interest or compensation from the bank who issued the default notice in the first place.

 

Any one have any ideas on this

[alanfromderby]

IF you win your case on an account that has been defaulted due to illegal charges you can insist that the default is removed.

 

If however in the meantime you have been refused credit or forced into accepting sub prime interest rates it must be possible to to make a case for repayment of the extra interest or compensation from the bank who issued the default notice in the first place.

 

Any one have any ideas on this

 

You are correct...indeed one user had to take out a £10,000 loan to deal with the debts that charges had caused - his bank refunded that along with the charges.

[gordonhall]

I'd be surprised if you were to get away with that. Thats not to say I'm a firm believer

that the banks are still getting away with murder when they refund our money. In many case, peoples lives are ruined because of these excessive charges, and it can lead to marriage/relationship difficulties, stress, depression and, in the case you mentioned, having to compromise in accepting a higher rate of interest than you would should there be no credit problems.

 

However, proving all of the above could be incredibly difficult and possibly very costly.

 

And can you prove that the rate you took up was the best that market could offer you at the time - they could well argue that had you spent enough time there would have been a better deal so it was ultimately your fault.

 

A hard one to prove I'm afraid and not a fight I would like to take on.

[colour-me-happy]

I'd be surprised if you were to get away with that. Thats not to say I'm a firm believer

that the banks are still getting away with murder when they refund our money. In many case, peoples lives are ruined because of these excessive charges, and it can lead to marriage/relationship difficulties, stress, depression and, in the case you mentioned, having to compromise in accepting a higher rate of interest than you would should there be no credit problems.

 

However, proving all of the above could be incredibly difficult and possibly very costly.

 

And can you prove that the rate you took up was the best that market could offer you at the time - they could well argue that had you spent enough time there would have been a better deal so it was ultimately your fault.

 

A hard one to prove I'm afraid and not a fight I would like to take on.

 

I agree I personally wouldn't like to take on that battle but could your credit file not come in handy here?

If you applied to various "high street" banks and were declined could that not be used as evidence?

[MARTIN3030]

I think it could

I have a default entry on my file issued by the RBS

Earlier this year I applied to the HSBC for an account and was refused.

After looking at my credit file recently I can see that HSBC did a search and would have seen this info.

Therefore there can be a good arguement for it.

[ffocus]

Come on guys. There must be a way we can claim compensation.

 

If someone (eg. newspaper company) slagged off someone and that someone then found it hard to find a resonable payed job becuase of his/her reputation caused by the newspaper could he/she not seek compensation. Hasnt this been done over and over before?

 

I am currently in progress with having a default removed. Although would like compensation too since they have caused me distress and forced me to pay higher interested rates to lenders to to the reputation they have spread about me.

 

Any thoughts?

[MARTIN3030]

There are ways to go about it.

but it has to be clearly explored..........

You would need to take sep action if this aint running alongside a claim,although it is feasible to do the 2 at the same time.

You should read a few posts on the site about this...........its not something that can be answered in a few lines.