The last few days have been both shocking and confusing.
The Supreme Court ruled that the OFT cannot assess whether bank
charges are unfair or not.
Millions of consumers are now begging the question 'will I get
my money back'?
At Claims Financial we represent more than 36,000 such claimants
and it is very confusing. On the one hand major news papers
are declaring 'the end has come', but in the other corner Martin
Lewis, a consumer campaigner says there may be hope of other legal
challenges. This is supported in part by comment by the
Surpeme Court Judge.
More importantly, we have personally spoken to 8 banks and they
have told us that financial hardship cases (people whose income is
less than their expenditure) will continue to be looked into.
Offers continue to be made, and customers continue to get some
refunds. Very confusing.
The current situation would appear to be that it is likely
that the OFT will use political pressure to force the banks to
lower their charges in the future, but it is very uncertain as to
whether this will extend beyond 'hardship' cases in the past. But
only time will tell.
The real thing we are waiting for is for the FSA, who regulate
the banks to make a clear statement of intent. They cannot
ignore the ruling but one would hope they cannot ignore either 8
million consumers. Afterall, we are meant to be a
democracy.
In the meantime consumers have nothing to lose by engaging a
claims company providing there are no upfront fees and a FREEPOST
envelope. We agree with the Guardian newspaper who
warned against engaging companies who charge upfront fees.
Finally, we must remind all readers that credit card charges can
still be reclaimed as can mis-sold loan insurance.
Claims Financial
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