Baineth v Co-op and 'transparent' charges!

[baineth]

Having followed all the previous steps and received only the usual standard responses, I've today sent a letter before action to claim back £1650 from Co-op. Will keep posting progress.

 

I'm amused by how often the banks cry about 'transparent' charges and would be interested to know their definition. Before I actually started trying to get my charges back I wrote to the Co-op. I quoted the OFT "charges must be no more than reasonable reimbursement of the costs incurred" line. I therefore requested that they provide me with a breakdown of their charges, to show exactly how they reflected the bank's 'reasonable costs incurred'. Their response was that they are unable to divulge this information under the banking confidentiality regulations! This is transparency?????

 

So it seems they think they can charge whatever they like with no requirement to justify the figure. I've been trying to verify their comment but I'm not sure who could confirm or otherwise. If anyone has any ideas, or there's someone out there in the banking community who can provide a copy of the relevant regulations, it could be an interesting point to add in my court particulars, especially if their witholding this information is legally questionable.

 

Baineth

[Taliesin71]

Remember the whole foundation for these claims is that to save on court time the bank (or anyone else you have a contract with) can levy a fair charge to cover losses if that contract is broken, however, for that charge to be legal, they must be able to justify it.

 

The bank can't claim any of its charges are fair if it refuses to disclose the costs incurred. Sure they can charge what they like, but without justification you can claim back even the smallest amount.

[baineth]

Had a letter from Co-op which crossed in the post with my letter before action - they've refunded my charges in full £1,650!! Surprised but delighted with this response.

 

Will someone move this to the 'Success' forum or do I have to notify someone separately??

 

Baineth