HBOS cuts charges

[MARTIN3030]

doesnt bother me much, getting what Im getting back from them will close this damn card for good. Never again will I give money to this band of crooks.

 

Microfiche my [edited]

 

MOD: Language, please!

 

 

Know what you mean Lynz........................its showed up on the e mail HA HA

 

[deemacperth]

Look, £12 is not lawful. The credit card companies are only doing it to stop the OFT taking action against them. The OFT have set this limit as they are going to be snowed under.

 

 

 

I've explained it before on this post:

 

http://www.consumeractiongroup.co.uk/forum/showpost.php?p=42714&postcount=5

 

Don't get worried and think you can't claim your money back if they lower their charges. Just read the third quote from the report and smile inwardly to yourself.

 

 

[MARTIN3030]

spot on !

 

[homer_j]

Sorry, not sure if this has been mentioned already, had a quick look but couldnt see.

 

If it has - apologies..

 

http://news.bbc.co.uk/1/hi/business/5036098.stm

 

looks like they are trying to stuff us another way now to make their profit!!!

[Anitaxx]

I think this has already been mentioned , not too sure myself.

 

Interesting to know

 

Do you know if this means that from the date they reduce their penaulty charges to 12 from 20,30,35.

 

That you can only claim a refund on the difference between the two amounts.

 

Or can you still claim back the Full amount from the date they originally charged you.

 

I am assuming that they cant back date a new policy or can they??..

 

I am sure there is a thread in here somewhere that states that they cant do this.

 

Has anyone any info on this

 

Thanks to the OP

[jonni2bad]

There are several points here...

 

This is in relation to Credit Cards, not bank accounts, just in case you might have been confused.

 

The OFT statement does not claim that £12 is lawful, infact it specifically stated that only a court can decide - the £12 mentioned was simply the point at which THEY would intervene

 

We will still be reclaiming all charges, not just the difference between £12 and whatever you were charged.

 

Any new policies are not backdated, even any potential new laws passed in parliament.

 

It also does look like they are finding another way to rip us off - I particularly like the statement that credit-worthy customers will not be affected!!

[Anitaxx]

It is a joke

 

Credit worthy?

 

If it wasnt for companies like themselfes placeing defualt notice onto Bank! accounts I would think many people would be considered as credit worthy.

 

The other point is isnt this blatent discrimination, I mean to the extent where they can be sued for slander.

 

What is Credit worthy ?

 

Do customers have to have a certain limit going into their bank account? Of course a silly question.

 

Us paupers that arent so rich, Oh well. As long as we make it better for the big accounts, We dont mind.

 

Cant wait for that day when I am chosing to invest my lottery win into a one of many bank accounts!!

 

A list of banks that take this rule on and use for basing interest rates, should be listed somwhere so people know, what their so-called friendly banks think of them.

[JonCris]

Sorry, not sure if this has been mentioned already, had a quick look but couldnt see.

 

If it has - apologies..

 

http://news.bbc.co.uk/1/hi/business/5036098.stm

 

looks like they are trying to stuff us another way now to make their profit!!!

 

They are & as we all knew at the time it makes a lie of their previous statements that they don't rely on late payments to boost profits does it not.

 

You will note that they will increase their interest for "some" customers. Would these be the same customers they where bleeding dry with late payment charges. They are simply calling their late payment charges by another name & if you have had your rate increased you will effectivley be paying their "late payment" charges even when your not late.

 

They are attempting to frustrate a statutory body the OFT & can be challenged in court. I dont know who's advising them but they really shouldn't want to go down that road because they could find their charges & interest capped in law

 

The OFT could also use its most powerful weapon by warning that if the banks do this it may consider they are no longer "fit and proper persons" to hold a consumer credit licence.

 

It may also increase calls for the OFT to have greater legal powers to sanction banks by imposing large fines.

 

These proposals are "late payment" charges in everything but name & I think we should make a point of keeping a copy of the BBC article to produce in any future proceedings

[homer_j]

Personally speaking, this article has not been a suprise in my eyes, we all knew that the banks had to show reaction due to the 31st May deadline set by the OFT.

 

It is in my opinion also that the OFT ruling and the banks response to the OFT has no bearing on our claims. This is because the basic argument that we are all making is that these charges, whether they be at 12 or 35, are still punitive and unlawful.

 

General UK contract law which is not set by either the bank or the OFT states that the it is perfectly lawful for your bank to reclaim liquidated damages, however, the amount that they reclaim must be an accurate and true reflection of the loss incurred. If we can prove that the charges that the banks have imposed, once again whether at 12 or 35, is not a true and accurate loss then this becomes punitive and therefore unlawful.

 

I personally believe that banks will always be able to get their cut of the pie in whatever they do, so it is going to take a lot to get the situation to be as it morally and legally should be.

[Bookworm]

ALL THREADS ON THE SUBJECT MERGED. PLEASE PM ME THE LINK IF YOU FIND MORE!

[JonCris]

Personally speaking, this article has not been a suprise in my eyes, we all knew that the banks had to show reaction due to the 31st May deadline set by the OFT.

 

It is in my opinion also that the OFT ruling and the banks response to the OFT has no bearing on our claims. This is because the basic argument that we are all making is that these charges, whether they be at 12 or 35, are still punitive and unlawful.

 

General UK contract law which is not set by either the bank or the OFT states that the it is perfectly lawful for your bank to reclaim liquidated damages, however, the amount that they reclaim must be an accurate and true reflection of the loss incurred. If we can prove that the charges that the banks have imposed, once again whether at 12 or 35, is not a true and accurate loss then this becomes punitive and therefore unlawful.

 

I personally believe that banks will always be able to get their cut of the pie in whatever they do, so it is going to take a lot to get the situation to be as it morally and legally should be.

 

The problem is that their "charges" no longer need be "punitive" if they just increase the interest for "certain" customers.

It's a clear attempt to circumvent the OFT. They also misled the HOC when they stated in committee that their charges where not intended to be principally revenue generating but where meant to encourage prompt payment.

We must all complain NOW to the OFT & our MP's

[MARTIN3030]

The heightened press interest and public awareness on the charges question is going to probably start a new wave of advertising from the Banks.

 

I reckon the marketing gurus will be getting told to come up with some hard sell stuff to quieten things down.

 

Interesting that the Nationwide is shouting from the rooftops about their card that does not make charges for changing money abroad.

 

Hmnnnnnn good stuff but the banks knew back in April about the OFT interest and was this therefore a timely move to appear to look graceful ??

 

If so then a remarkable bit of marketing.

 

I am sure the Banks will now be focussed into having us believe they can be trusted .....................................but reducing the charges has only come about because of OFT intervention.

 

The only people who will be extremely upset about that will be the bank shareholders !

 

[morgan054]

Hi, Have not long found this site and have recently sent off my DPA from library template by registered mail, apparently received by Halifax on 31/5/06 so now waiting. The title is a result of a snippet that I read in the Mail dated 3/6/06 which says

 

 

"Banking group HBOS is reducing the penalty fees charged on its credit cards for people who exceed their credit limit or make late payments from £25 to £12 from the beginning of August. Barclaycard, Lloyds TSB and HSBC have also announced plans to cut their charges "

 

Is this their attempt at placating the OFT or making them look good to the consumer?