In Limbo-been Offered Settlement-not Started Court Proceedings

[bugged lady]

Okay.

 

Have read most of other threads here and for those who have already started court proceedings, then I can understand their dilemma and also that really they have no choice but to carry on fighting. Also those who are only just starting out have to go on, will probably NOT get a settlement offer and HAVE to take it to court. And believe me I wish them the very best of luck.

 

However, there must be a reasonable number of people out there like me who have had a settlement offer, which they were not going to accept (for one reason or another) and were going to go to court but haven't got that far before this OFT test case was announced.

 

Lets, be honest here the test case is going to take some time and no one can predict the outcome. I'm not being pessimist here - I for one want to see the man on the street win his cause!

 

In my own particular case I have been offered £4,200 on a claim for £6,500 (that includes the statutory interest to date).

 

I have a £1,200 o/d totally made up of charges, which suddenly (and I mean suddenly - the day the test case was announced!) I'm getting threatening letters over with the usual return cheque book, cards and threats to my credit etc!

 

I could muddle through, bite the bullet and pay off these charges on a repayment plan, take the court route and see what happens.

 

Or I could accept the £4,200 settlement offer which would pay off the o/d and still have £3,000 to do with what I wished.

 

So for me I have a choice.

 

For others there no doubt isn't that kind of choice. For other's they may not have the necessary funds to be able to 'muddle through' and keep the bank at bay till the test case has been decided.

 

For me this thread is about those other's who are now in a real sticky situation, with their backs to the wall and with no other real choice than to accept a settlement offer just to put them on an even keel and prevent any more charges occurring on their account.

 

I suppose personally whilst I have the choice, I still don't want to let those fat cat, smarmy, crafty lot off that easily!

 

I have read the reports from the FSA, OFT, FOS and (as I understand it) if you accept the bank's settlement offer it has to be in full and final settment-end of story.

 

HOWEVER! I also read that there can not be any reclaim on these particular set of charges, UNLESS, you can prove that you were coersed or bullied into accepting the bank's offer!

 

SO, I was thinking, am asking for thoughts opinions, for those out there who are in a dilemma now, who would be put at a real disadvantage NOW if they have to hang on till the test case is finished, or who are just really tempted to accept a settlement offer but have a real bee in their bonnet that they are being 'done over/seen off' by the banks and that the banks will really win to a degree by this new development.

 

Could there be any chance of accepting the offer settlement now and then when the OFT win their test case (thinking positively here!) reapplying for the rest of the charges which were not covered by the settlement on the grounds of 'you were forced to accept the settlement because of the harrassment, bullying tactics, etc this test case being brought has created and the financial hardship and/or stress etc brought about by the delay this test will cause'?

 

I appreciate that this is a long thread, for which I am sorry, but I'm trying to make it crystal clear as to what I'm trying to get at and to whom it may well relate.

 

Also to date there has been no thread started for those who will suffer extreme financial hardship as a result of this test case being brought.

 

In the statement of the FSA (I think that's the correct statement) it did say that those suffering real hardship should not have to wait and that in those circumstances the claims should continue to be dealt with.

 

However, it does not clarify (unless I read it wrong), where or who should continue to deal with these cases. It all seemed like a lot of good words but no real information on how to proceed and which avenue to take in these cases. Does it mean the FOS will HAVE to deal with them and try to make some form of settlement (not necessarily the completely correct one-ie a settlement just to get those people out of difficulty, but not a full repayment) OR does it mean that these people will have the right to go to court and have their case heard in any even, without a stay being applied; and if this is the case, who will decide not to exercise a stay?

 

Many thanks for taking the time to read this and I hope you will give all your thoughts and opinions. It just seems to me there must be a lot of people out there now who saw these bank charge refund claims as a lifeline to get them out of stick and now the line has been pulled away.

[PeterAnderson]

Hi - there

Not the expert but this will bump up your thread

 

Personally I would accept the offer and let them know you will still pursue the remainder at court when the legislation has been clarified.

 

I am really not sure this bit is correct because the law is the law and the OFT & FSA cannot change that

 

I have read the reports from the FSA, OFT, FOS and (as I understand it) if you accept the bank's settlement offer it has to be in full and final settment-end of story.

 

Please can you direct us to the above claim.

 

We over on the business threads are still confident that our cases will still be heard - and WON because we do not rely on the UTCCR's we are using Common Law and the outcome of the OFT case will have no bearing on our cases - IMVHO

[bugged lady]

Hi - yes will have to re find the reports - did soooo much reading on this. Don't think it will be today as have a busy schedule on, but as soon as I have a few minutes spare will look them up and add the links here.

[bugged lady]

Hi found the link you requested re 'if you accept offer it is full and final...'

 

Unauthorised overdraft charges go to High Court : FSA Money made clear – News

 

Its under the heading 'what should you do now', several paragraphs down in section 1.

 

Also there is a link at the bottom to all the other official sites/press releases etc.