Until the result of the test case regarding bank charges issues, the regulator (Financial Services Authority) has put hold on reclaiming. However, it is not easy to claim back bank charges now as you can only go back six years and delaying may mean you lose the ability to get your cash for old expenses.
United Kingdom banks decided to go on the court together with the Office of Fair Trading to clarify the law on current bank charges in July 2007. This is due to the customers?complaint regarding charged rates after they sought to borrow money from the banking institutions without discussing the penalties or that they were being charged unfairly. Ever since then, bank customers tried to reclaim the bank charges they have already paid, quoting a piece of European regulation called the Unfair Terms in Consumer Contracts Regulations 1999 to back up their claims.
It became clear to the banks, the Office of Fair Trading, the Financial Ombudsman and Financial Services Authority that steps had to be taken into consideration to handle the significant number of customers?complaint in the fair and orderly way. In the end, the only method this might be dealt was by seeking the court assistance with these areas of law. Due to the considerable public interest, the banks and the Office of Fair Trading thought it was completely essential for the issues to be fully tested in the court.
Bank charges have been well publicized and are possibly unlawful charges on bank clients. There has been a tremendous amount of resentment concerning these costs, which range from extra through to bounced cheques and unauthorized borrowing interest. Bank charges exceeds approximately 3 billion pounds to 5 billion pounds annually. In order to successfully recover the bank charges a professional approach must be adopted.
Bank customers themselves can pursue their bank to recover bank charges from them. Recovering the information, preparing for a response and preparing the papers to submit a small claims application can be produced through the local county court. However, be wary of any actions or response that you’ll prepare since you may well be questioned if the complaint continues to the small claim court by the judge or the bank’s lawyers.
It is advisable to seek the aid of a specialist claiming company to help you through the bank charges claim process. Your solicitor can help you with all the preparations that you need for the processing of claim. They will also give you support in facing court proceedings and will show you on the next move. The process of recovering bank charges can vary but as a general, the rule average recovery period is around 3 months.
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