The reclaiming unfair bank charges phenomenon began in late 2005, and since its start it is estimated that 1 billion pounds has been reclaimed from the banks, Also the website moneysavingexpert.com claims that over 6 million template letters have been downloaded from its website by people wanting to claim unfair bank charges.
The final appeal to the House of Lords is scheduled for the 22nd of June this year, and scheduled to last no more than three days. It will be worth looking back and examining how this case has progressed and take a look forward to see where it should go from here.
The basis of the banks case is that the consumer regulations known as the 'Unfair Terms in Consumer Contracts Regulations' do apply to bank charges. The logical counter argument by consumers is that the charges applied by banks for charges and overdraft insurance are not fair and proportionate. The banks' counter argument is solely that this law does not apply to bank charges.
So far the High Court and the court of appeal do not agree with the banks and have consistently ruled with the consumer. The court of appeal in February 2009, ruled that this law does apply to bank charges. In conjunction with the courts we also have the OFT who are ruling on whether the charges are unfair or not. We are waiting for a definitive ruling on this, and it is expected that the OFT will rule that the charges have been unfair and that charges can be reclaimed.
A short outline of the timeline of this case is that the first test cases were made in late 2005, with certain online communities picking up the issue early in 2006, and the mainline media covering the issue in spring and summer 2006, becoming front page news with the newspapers by March 2007.
By July 2007 the Office of Fair trading and the banks agreed to push a test case through the courts. And the Financial services Authority then created the waiver, which has placed all bank charge claims on hold. This waiver has been extended by 12 months, in addition to the original 12 months whilst the case has been processed by the high court, the court of appeal and now the House of Lords. This waiver is expected to be waived after the latest appeal is completed by the House of Lords.
The initial test case ruled against the banks In April 2008, they proceeded with an appeal to the Court of appeal and were further ruled against in October 2008. The Court of Appeal denied the right to appeal to House of Lords in the first instance, but the House of Lords overturned this decision in Apr 2009 and the case has now been scheduled for a June hearing. - 26221
The final appeal to the House of Lords is scheduled for the 22nd of June this year, and scheduled to last no more than three days. It will be worth looking back and examining how this case has progressed and take a look forward to see where it should go from here.
The basis of the banks case is that the consumer regulations known as the 'Unfair Terms in Consumer Contracts Regulations' do apply to bank charges. The logical counter argument by consumers is that the charges applied by banks for charges and overdraft insurance are not fair and proportionate. The banks' counter argument is solely that this law does not apply to bank charges.
So far the High Court and the court of appeal do not agree with the banks and have consistently ruled with the consumer. The court of appeal in February 2009, ruled that this law does apply to bank charges. In conjunction with the courts we also have the OFT who are ruling on whether the charges are unfair or not. We are waiting for a definitive ruling on this, and it is expected that the OFT will rule that the charges have been unfair and that charges can be reclaimed.
A short outline of the timeline of this case is that the first test cases were made in late 2005, with certain online communities picking up the issue early in 2006, and the mainline media covering the issue in spring and summer 2006, becoming front page news with the newspapers by March 2007.
By July 2007 the Office of Fair trading and the banks agreed to push a test case through the courts. And the Financial services Authority then created the waiver, which has placed all bank charge claims on hold. This waiver has been extended by 12 months, in addition to the original 12 months whilst the case has been processed by the high court, the court of appeal and now the House of Lords. This waiver is expected to be waived after the latest appeal is completed by the House of Lords.
The initial test case ruled against the banks In April 2008, they proceeded with an appeal to the Court of appeal and were further ruled against in October 2008. The Court of Appeal denied the right to appeal to House of Lords in the first instance, but the House of Lords overturned this decision in Apr 2009 and the case has now been scheduled for a June hearing. - 26221
About the Author:
If you have been charged unfairly Reclaiming Bank Charges , and you can recieve help from debt management companies on a no win no fee basis.
0 comments:
Post a Comment