OFT news-Banks have to pay back charges and interest.

[silverfox1961]

Not sure if already posted but I believe this is good news for debtors all round

 

http://www.oft.gov.uk/news-and-updates/press/2014/18-14

[citizenB]

 

Seventeen banks and building societies have agreed to repay over an estimated £149 million in interest and charges to around 497,000 customers, following OFT action.

 

The money is to be repaid because the banks and building societies concerned did not provide customers with some of the post-contractual information about their credit agreements, as required by the Consumer Credit Act 1974. For example, many failed to provide the required statutory wording in statements and arrears notices.

 

Under the Act, a lender is not entitled to recover interest or default charges for any period during which it has failed to comply with certain statutory requirements.

 

 

It could well be good news for some people, silverfox.

[rebel11]

The customer doesn't have to do anything is a worry.

[silverfox1961]

The customer doesn't have to do anything is a worry.

 

Agreed. I would be chasing them. Would you give money away willingly?

[rebel11]

They certainly won't even when they are wrong.

 

Agreed. I would be chasing them. Would you give money away willingly?

[theoldrouge]

It would have been useful if the OFT had actually named the banks involved as according to reports some people may be entitled to in excess of £1000

[silverfox1961]

It would have been useful if the OFT had actually named the banks involved as according to reports some people may be entitled to in excess of £1000

 

You would have thought so wouldn't you! I actually suspect there are more banks and building societies involved but the OFT stuck with the biggest.

 

Unless a customer has kept every single scrap of paperwork from their banks, I suspect a lot of people will never know they are owed unless the banks contact them.

[sillygirl1]

What is the betting they won't give the money directly to the poor debtor but 'take it off the debt' thereby not actually handing any money over - this practice should be outlawed by the FCA immediately btw.....

[theoldrouge]

What is the betting they won't give the money directly to the poor debtor but 'take it off the debt' thereby not actually handing any money over - this practice should be outlawed by the FCA immediately btw.....

yes thats whats been indicated, only a cheque if credit already repaid. Probably a few disputes if the ac has been sold though

[fletch70]

What is the betting they won't give the money directly to the poor debtor but 'take it off the debt' thereby not actually handing any money over - this practice should be outlawed by the FCA immediately btw.....

 

If the debt is still owned by the OC I do not see a problem with the repayment being taken off the debt, after all the debt is still owed. If it has been sold on however it becomes more complicated

[Pathway]

So who do you contact to find out who the 15 companies are?

[68boy]

So who do you contact to find out who the 15 companies are?

 

Hi one of the company's is barclays had a nice cheque from the arrive on Saturday for it

[allison6564]

Think I may of had one of these today...letter from HSBC regarding our business account card which is paid every month automatically...but says all £12 charges will be refunded on 21st march ....letter dated 17th but only arrived today. Can't go over on this card though so not expecting much .

[jannercobbler]

How would this work if you have a closed account, and no longer bank with them?? is there a template letter to send to a bank?

Edited May 20, 2014 by jannercobbler
spelling

[citizenB]

There doesnt appear to be much information regarding this. Nor does there appear to be a rush of people saying they have received communication from their banks to say money has been refunded ?

[Hacked_Off]

How would you find out if your owed?

[SabreSheep]

I would like more information on "what information" they have failed to supply so we can check ourselves

[Hacked_Off]

I would like more information on "what information" they have failed to supply so we can check ourselves

 

Agreed