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INSIGHT: Not long to go now.........


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Judging by the comments made by Cavendish Elithorn (OFT Exec) two days ago is it likely that high level discussions have been going on between the OFT, the FSA and the banks on a way of moving forward to settle claims and return to business as usual.


IMPORTANT: The OFT is likely to issue a statement saying that the case will continue and Mr Elithorn's comments were taken out of context. This is important because in order to be given the oppertunity to settle court cases at a lower cost - the High Court case needs to be in the running - so to speak.



The crux of the matter is this: The banks will want a figure of £12 (or more) to be considered fair, the OFT will want one of less than this (Martin Lewis's figure is £5). Private arguments are likely to be raging as to what to set the figure at. The OFT will find it hard to conceed to £12 as the reason it brought the test case was because it thought that banks charges warrented more investigation than credit card fees. Somewhere in between a figure will be reached.


From the newsreport:


BBC NEWS | Business | OFT may compromise on bank case


"OFT added it would only do this if the banks offered to cut the charges so much, that it was in the interests of consumers to drop the case."



This is how it will go down:


An announcement will be made that allows banks to make 'full and final settlement' offers


A figure of between £5 and £12 will be reached.


The High Court Case will not initially be dropped. (it will be dropped later once most claims have been paid and settled). This means that people who are claimining in court will be offered a settlement of the lower figure (and court costs) or a choice of waiting until the Test Case. 95% of people will take the settlement figure.


The FSA will announce new regulations for bank overdraft commission charges.


Later next year it will be announced that a test case is no longer needed.






A decision is coming soon: Bad press for banks is at an all time high - EVER


Political pressure is being brought to bear.


The FSA has received a record level of complaints.


Banks DO NOT want to reveal their internal figures in court.


The Court system is in danger of breaking down due to claims.


And....Charge complaints are a NIGHTMARE for banks to deal with......by some accounts 1 in 2 calls is now about this issue - and thats A LOT.



The FSA waiver is due to be reviewed at the end of the month.........the announcement may now come even sooner than this.

A £35 pound bank charge is not a charge for a service. Its theft.

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Mabye I do....haha.


But you can bet that this is how it will go down......the above solution and others I've posted make everyone a winner baby. :-)

A £35 pound bank charge is not a charge for a service. Its theft.

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Media pressure is building again and comments like the OFT have just made and the FSA "leaked" agreement will just fuel this, the gutter press will have a field day if they don't get their act in order.


As to the level of charges, Lloyds have put their first marker in the sand at £20 it remains to be seen where this ends up.


Also it will be interesting to see how the Judiciary are brought into all this to ratify any agreement in Law and stop any future legal claims and if any agreement will include the "historical" charges we are claiming for now.



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But you are right about the press.....they have used (the banks) very expensive PR teams to try and mount a campaign to say the it will be 'the end of free banking'. This has failed.........badly.


Bank charge stories sell papers right now because everyone has a stake........expect the pressure to get worse on the banks and regulators.


There will be no let up............which is why they will soon have to pay.

A £35 pound bank charge is not a charge for a service. Its theft.

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  • 1 year later...

I'd got really hopeful reading this thread, until I saw 1970's post that said it was over a year old :eek:


Never mind ..... the wait goes on!!!



Halifax - £2281, successfully refunded all charges after LBA letter & telephone call.

Have been offered the difference between the £20 and £12 charges from Capital One -- am sending LBA for remainder.

GE Money - Received settlement of £441, being total charges requested. No interest though.

CCA'd Bank of Scotland / Blair Oliver Scott to produce CCA Agreements on two Credit Cards - well in default, although still chasing payment!!!

EOS Solutions "ceased action on account" on behalf of a friend.


All in all, quite busy at the moment and enjoying every minute of it




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