| Bank charges verdict issued this week |
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| Monday, 21 April 2008 | |
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Page 2 of 2 The likelihood of such gaps has already been raised as a potential issue, with the parties and the judge acknowledging there ay be a need for supplemental hearings post judgment."Whichever side wins, an appeal seems almost certain, and even if judgement is made, for example, in July, an appeal would probably not be heard until 2009. With the possibility of a further appeal to the House of Lords in due course, this means that even if the OFT wins, it is unlikely that consumers will start to get their money back for some time. In fact, the issue could drag on beyond the end of next year," Williams points out. Claims handlers People who want to reclaim bank charges, particularly those trying to seek repayment of overdraft charges incurred in the second half of 2001/early 2002, should still lodge their complaint with their bank. Template letters can be found on the Which? website. It costs nothing to make a claim and a new complaint will be in the system ready for resolution when the test case is concluded. Banks are required by the FSA to write to their customers to keep them informed on the progress of their complaint. Individuals suffering from financial hardship should make this clear to their bank when making a complaint. The FSA’s waiver, which prevents bank charges complaints progressing, makes an exception for individuals in genuine hardship. In some cases, claims handling companies are offering their services to people looking to claim back bank charges. Making a claim is simple so Which? believes there is no need to employ a third party. Claims handlers will charge a percentage of whatever money is reclaimed and, in some cases, also ask for money up front. The legal situation is slightly different in Scotland so Which? recommends individuals take independent legal advice as the timing of a claim could prove significant. The same regulations apply in Scotland, however, so banks operating there will be affected by the outcome of the test case in the same way as banks in the rest of the UK. Related articles
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