OFT test case

[ICY]

Phantom await the judgment.

 

The scare story your hearing has probably been put around by the banks. - you might like to know that a consumer has within the last few days been offered full settlement by one of the banks involved in the OFT case - they may well be beginning to think they may lose

 

 

Yup I have the letter to prove it lol

 

Although for some reason i cant view the thread i started on it, along with 99% of the subscribed thread i had, is there a problem with the site or is it just me who has the problems:???:

[Rooster-UK]

is there a problem with the site or is it just me who has the problems:confused:

Normal service will be resumed as soon as possible.

[caro]

There is a problem which is being sorted, although I did see your post ICY, and will respond once it's sorted. Congratulations in the mean time. Please bear with us while things get sorted.

 

Thanks.

[ICY]

Normal service will be resumed as soon as possible.

Thanks Rooster and Caro, thought all the posts i was watching had vanished, will sit tight and wait

[JOSH_IOU]

hangs ten

[empowered]

ICY - can you clarify if this win is for a BANK account or CREDIT CARD account as credit card claims are still being paid out as they are nothing to do with the OFT case. Otherwise we could all be getting excited over nothing!:o

[ICY]

I have just realised that this is a credit card account, i have a claim for one of each with same bank and thought this one was for the bank account, however this claim was stayed on request of the bank due to the OFT case ages ago, so now i am even more confused, sorry to all if i have got it wrong

[empowered]

I have just realised that this is a credit card account, i have a claim for one of each with same bank and thought this one was for the bank account, however this claim was stayed on request of the bank due to the OFT case ages ago, so now i am even more confused, sorry to all if i have got it wrong

 

Oh Bu**er!

[JonCris]

Still it's a move in the right direction. - after all most credit card companies are still hiding behind this case & refusing to pay out until it's final outcome - even most of the county courts are supporting them in this disregard for the rules

[PitmanTheBRAIN]

How long before we get a result on this test case?

[dave]

From the BBC website:

 

As the judge admitted at the close of the hearing, he has "a great deal to do" before he can make his judgment available so has "no idea at all" when he might do so.

[Son of Shoestring]

In court, several bank barristers expressed unease that Mr Justice Smith's eventual findings might leak out in the time between him circulating a draft ruling to the parties to the case, and handing down his final public decision.

 

So. the banks feel that they have something to worry about! Sounds like its going to be in our favour! 8-)

 

But why do you think they are worrying about premature leaking of his findings?

 

I can only imagine it is because they want to be in a position to leak it themselves and so impart an early spin to it. If this is the case then the assumption has to be that they'll come out all guns blazing that Justice Smith is personally prejudiced in his views as witnessed by his use of the word "clobbered" to define banks imposition of unfair charges.

[tomterm8]

Legally, they might have to produce a profit warning etc if the judge finds against them, and it would cause substantial volatility in their share prices either way.

 

I think, personally, what the banks are saying -in terms of being worried about a leak - is fair enough.

[honey5]

lets just hope the judge in question has an overdraft,CC's,and a loan

honey x

[kennythecelt]

But why do you think they are worrying about premature leaking of his findings?

 

 

One reason may well be that the banks will need to prepare, because, as soon as news gets out that the banks have lost this part of the Test Case, they will be inundated with enquiries. It may well be a meltdown situation.

 

The other important issue is how it relates to the Courts and how they react/ cope.

[andrew1]

They might also just have to go out and start borrowing some money to pay us all off - their credit rating's going to be hit a bit with a bit of luck then they'll see what it's like to go begging.

[kennythecelt]

You might just be right Andrew..................

 

One estimate I have heard bandied about was that they stand to lose £3.2 billion a year in current revenue in bank charges. They will lose that income and will need/ want to make it from elsewhere.

 

In addition to that loss of annual income, if a very rough calculation is done, assuming 6 years claims to repay those that have been unlawfully charged, the banks could face liability, potentially, of over £19 Billion.

 

That does not cover claims for interest by claimants, but that's another issue.

[andrew1]

It will also raise an administrative nightmare for the banks because, as Martin Lewis so aptly put it - this should be done automatically to everyone, not just those with access to the internet or putting in a claim. They automatically took the money out of peoples accounts they should automatically put it back in. To every account holder in the land. Now this will mean employing a mass of temps to reconcile all those charges on our accounts to know who to pay back and I am sure their systems are not up to sorting this out automatically.

 

What goes around..... !

 

Sarah

[JOSH_IOU]

Had a meeting with the bank manager this morning and she said the direct debit charges were administration fee's.

 

What ya think?

[Gez]

Unfortunately it means nothing if it is not in writing. In fact it seems that it also means nothing if it is put into writing, signed and given to a court of law. There are possibly thousands of claims in the system where the written defence is that all the charges including those for unauthorised overdraft are to cover admin costs, but for some crazy reason, those will be ignored.

 

It seems ridiculous when you think that those are the very claims that the OFT say brought about this "test case", yet those those are the claims that will be swept under the carpet never to be examined.

 

Before I started my first claim, the "customer service" guy I spoke to in India also told me that my charges were a penalty for going over my agreed limit!

[Loonychoons]

I blooming well hope it's soon - my mortgage claim was stayed today pending outcome of the test case (and yes I objected as it isn't one of the banks involved OR current account) and I need the money for my wedding next month

[adamc6671]

It will also raise an administrative nightmare for the banks because, as Martin Lewis so aptly put it - this should be done automatically to everyone, not just those with access to the internet or putting in a claim. They automatically took the money out of peoples accounts they should automatically put it back in. To every account holder in the land. Now this will mean employing a mass of temps to reconcile all those charges on our accounts to know who to pay back and I am sure their systems are not up to sorting this out automatically.

 

What goes around..... !

 

Sarah

 

 

Hi Sarah - How right you, and Martin Lewis, are. There should be absoloutely NO need for Court Cases and claims should the banks loose. Trouble is, who is actually going to make them do it, given all the evidence we already have that all the regulatory authorities, and our Legal system, are almost totally toothless when it comes to dealing with the banks?

 

All the best - Adam.

[JOSH_IOU]

there should be know need for court days but i doubt the banks will give up so easy on a civil claim.

[Camdenite]

It will also raise an administrative nightmare for the banks because, as Martin Lewis so aptly put it - this should be done automatically to everyone, not just those with access to the internet or putting in a claim. They automatically took the money out of peoples accounts they should automatically put it back in. To every account holder in the land. Now this will mean employing a mass of temps to reconcile all those charges on our accounts to know who to pay back and I am sure their systems are not up to sorting this out automatically.

 

What goes around..... !

 

Sarah

 

No mention of the interest from Martin then? Sorry, but I want my interest too, even if it is just at the statutory 8%.

[saintly_1]

No mention of the interest from Martin then? Sorry, but I want my interest too, even if it is just at the statutory 8%.

The 8% stat interest only comes into play once you file at court ..... If the bank were to just pay everyone without them claiming then no-one would get the 8%

 

 

saint