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Bank charging you? Claim it back!
BillieTheBot
Posts: 8,721 Bot
Story.
Basically penalty clauses in UK contracts are not legally enforcable if the penalty is greater than the cost of the breach to the other party.
That means a £30 overdraft charge isn't legally enforcable if you only went £29.99 over your limit.
Get writing to your bank and demand these charges back!
It's all written down in the law.
Basically penalty clauses in UK contracts are not legally enforcable if the penalty is greater than the cost of the breach to the other party.
That means a £30 overdraft charge isn't legally enforcable if you only went £29.99 over your limit.
Get writing to your bank and demand these charges back!
It's all written down in the law.
Beep boop. I'm a bot.
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Comments
I shall add it to my bag of tricks.
And for your good self to have a think about - what is the consideration for a credit card?
"Not what you know, it's who you know"
The link I posted is legitimate, isn't asking for money, and tells you what to do.
and its not even a loophole, the banks are just ripping people off, and shouldnt be
i should imagine that if you take them to a small claims court for mass amount of charges, then there is no way they can avoid paying up, they are probly banking on those people having been charged under £50 to not bother because of the costs
really pisses me off and has got me really upset too
Thanks
Which bank is that?
Lloyds TSB
I have followed all steps from the MoneyClaim site - that is where I got my template letter from. I am now going to send the a Letter before Action - hopefully that will give them a kick up the backside. My claim is only around £100 but I am willing to lose money in the process because it is the principle of the matter more than money.
Am I the only one who thinks you should keep better track of the money you have so you don't overdraw? Its not the banks fault you can't do math or spend wisely. I could kind of understand one place, but multiple? 100 is one thing also, as banks can charge alot, but nearly a greand? I can't even comprehend being so out of the loop with your own money that it would come to that.
i'm sure at some point that will be very useful to know. thanks kermit.
... *goes off to spend lots of money*
Not as easy as that though, really.
If you have a tight budget- one without much surplus- if an emergency knocks you into the unauthorised overdraft then they clobber you with charges. We started with a £30 charge, but because there's a £30 hole in the tight budget next month the standing order bounces, costing £30, and they then apply another £30 overdraft fee. And so on and so forth.
Because of snowballing going £5 over your budget can apply charges of £300 or £400 in a matter of a few months, which is what happened to us.
So actually, it is the bank's fault for taking £30 for a slight transgression which doesn't cost them anything anyway because they also charge me interest at 18% for lending me the money.
And as GWST says, she's a qualified debt advisor, and I work in mortgages, so both of us know how to count, thanks a lot. Being able to count doesn't make £50 appear out of nowhere though.