Welshbaba 'v's HSBC

[Castlebest]

Hiya Sha and welcome back to a very different playing field .

 

Yes the banks have lost their first appeal and have been told not to bother appealing to the House of Lords but initial indications are they will ignore the Master of the Rolls advise and appeal anyway .

 

Now they are allowed to do this but considering the stink in the media caused by the amount of (now public) money they are spending on bonuses to their executives and staff for a job well done it remains to be seen if the publicly backed banks will dare to carry on employing teams of top flight lawyers at horrendous hourly/daily rates in a battle that looks like it can never be won.

 

So the game continues

 

pete

[welshbaba]

I just read a big piece in the Mail about all that went on, so between you and the paper it makes more sense - so thanks for explaining it .

Just one thing tho, if they are told no they cant appeal to HOL, mine still stands eventhough its stayed etc.

Sha

[Castlebest]

The High Court has said that the OFT are allowed to investigate and report on the level of the banks charges. I think most people believe that ultimately we will have a situation similar to the one we have for credit cards i.e. the OFT will publish a report that will say they wont investigate any charge below a certain figure (£12 in the case of credit cards). The banks will all reduce their charges to this figure and offer you the difference between the OFT's figure and what they were charging.

 

This will leave you with two options, accept what the bank offer to get it over and done with and some cash back from them or to carry on trying to get them to prove how much it costs them to make a charge which will mean the stays will be set aside and you get a hearing date .

 

We will have to see if the banks bother to defend or just pay out the value of the claims just before the hearing date as they did before .

 

pete

[johnnymitch]

Good evening pete and welshbaba .......

 

I was discussing this very topic with my son tonight -his case is stayed in court ...... and we asgreed that if they try to fob him off with a reduced payment we'll resurrect the stayed claim and fight them for it .

 

He also suggested that , as the 8% interest rate is way above anything else at the moment, that we could maybe apply to the courts to extend the stays (as the banks did! ) to get the benefit of the interest a little longer ....... laffin! :D

[Castlebest]

Hiya Johnny well it doesnt take a genius to work out what I'm going to do . Once the stay is set aside I will go in for the kill I actualy enjoy going to court

[johnnymitch]

I never doubted it for a second pete .......

 

It's good fun to tweak their tails , and I think you're right, they will pay up rather than incur further (mega -expensive) barristers bills .... I don't think the public who are funding them will be all that chuffed with that kind of wasteful expenditure............