[Shaun]

Originally Posted by Shaun

Like I said I can't see it being an issue but it may be something the banks crab hold off and then try to use against people. It may make some drop out when they get a letter saying the OFT have looked at it and see £12 as reasonable but I can't see it stopping people who are determined.

I've read a few questions on the boards, so I thought I would lay out some notes on my best guess. The OFT opinion is due towards the end of March, but may fall back until the first few days in April.


FIRST THE IMPACT OF THE EXPECTED OFT ANNOUNCEMENT

I know many people are worried about the impact, and quite rightly so. Let me clarify a few things. I believe you are better to reclaim now, but by no means does this mean that you won't be able to claim after the OFT announcement.

What is likely to happen

1. New Bank Charges Dropped.

The OFT is likely to opine that it won't investigate bank charges over a certain amount - (probably £12 - £15). While it's not a ruling, this has probably been done after talks and compromises with the banks, so they will probably drop their charges to this level.

2. Banks will automatically give the difference bank on request.

From this point on, if you request a reclaim of six years charges, you are likely to automatically get back the difference between what you were charged and the new charges. E.g £35 - £15 per charge.

3. Getting ALL your money back WITHOUT going to court will be more difficult.

Because of the above situation, the banks are less likely to settle for the whole amount without more force, as they will argue that there is a settlement with the OFT.

My personal belief is the correct amount is the difference between what you were asked for and around fiver (ie £35 - £5) which is a rough compromise figure on what the charges do cost the banks.

Yet with the OFT backing, the banks are likely to stick it out for more on this, making you have to take them to the small claims court to get the full amount back.

SUMMARY SO FAR.

Just to summarise, this all means, after the OFT ruling you are MORE likely to get some money back without a fight, but LESS likely to get all your money back without a fight.

http://forums.moneysavingexpert.com/....html?t=391787,