Office of Fair Trading takes Banks to court...

[kps_uk]

It was on the radio the other day...

 

Said the banks are taking this issue to court to see exactly where they stand on these refunds.

In reality the Office of Fair Tradig has taken the Banks to court to tell them where they stand.

 

If The OoFT wins (which the 'expert' felt it would) you may merely need to send a letter requesting all charges for the past 6yrs to be returned to your account and the bank will have to comply.

 

So no more letters, LBA, MOCL, waiting for responses etc etc etc, just a letter saying "give me my money back" (or words to that effect) !!!!!

 

WOOOOO!

[johnnymitch]

It's nice to dream kps

 

Have a look at some of the other threads on this - it's not that simple!

 

Oops! Sorry kps, I didn't realise you've got another thread going!

[freakyleaky]

you could be rght Kps, heres hopeing!

[kps_uk]

It's nice to dream kps

 

Have a look at some of the other threads on this - it's not that simple!

 

Oops! Sorry kps, I didn't realise you've got another thread going!

 

I could be wrong but that was my understanding from what I heard on the radio.

 

The guy basically (seemed to be) saying that if the High Court rules in favour of the OoFT (which he thinks they will). Then basically there will be need for all these: Initial letter, LBA, MCOL, filling out a summary of charges, writting to HSBC (or who ever), writting to DG Solicitors, waiting for replies, phoning Cust Servicecs, getting fobbed off with BS letters from HSBC, etc etc etc.

 

instead this could essentially be a universal decission which is aimed directly at the 7 banks in question but all banks will have to abide to meaning they never had the right to take the money in the first place so if the customer asks for it back, they have to comply.

 

So my understanding is, you (if OoFT win) simply need to send a letter stating you wish for all your charges to be refuned to your account and HSBC (banks) can't refuse/argue and drag it out.

 

I imagine there maybe some sort of mid-way like you have to send a detailed summary of the charges, but it's better than all the cr-p u have to do now.

 

Only bummer is my claim has just been completed! But there is an additional £300 which HSBC have charged me since I started, I may claim for. Then there's my C/C and Cahoot C/A and C/C, but they're another story!

[jowalshy]

I am in the same boat as you. HSBC have charged me a few times since my claim was put in back in March. Also my brother has had an extortionate amount of money taken from him just lately. Here's hoping that your radio guy is right and (not trying to put a down on it) the don't courts rule a specific amount that the bank can charge and you can only reclaim the difference.

[freakyleaky]

As I said you may be right! I will be keeping all statements from now until the ruling and hopefully any charges applied to my accounts or cc's between now and then will be refunded without all the hassle!

[jowalshy]

Just imagine. OFT wins. Banks have to repay all the money taken from their customers. I wonder what their accounts would look like after that.