£2bn bank charge claim back on cards
A pot of £2.12 billion is waiting to be claimed by consumers who have been charged by credit card issuers.According to uSwitch, 18.96 million British consumers has been charged a total of £4 billion in bank charges and more than half have not claimed their money back.The price comparison site estimates that 52 per cent of customers have not reclaimed money charged by their banks and credit card providers, equalling £2.12 billion in unclaimed fees. Campaigners claim that charges as much as £30 are unlawful, as banks are only supposed to charge fees to cover administration costs.Consumers are being urged to reclaim bank charges, for bounced cheques and exceeded overdraft limits, as banks have been automatically refunding fees rather than see potentially damaging test cases taken to court. Thousands of pounds has already been paid to consumers in overdraft and other fees, with many people downloading pro-forma letters from internet sites.Nick White, director of financial services at uSwitch, said: "While the majority of banks are bending over backwards to refund bank charges to those consumers that take the initiative to fight back, this is not because the banks have gone soft in the last couple of months."Banks are reported to be considering imposing annual fees for standard current accounts, but 83 per cent of the 4,450 consumers polled by YouGov on behalf of uSwitch said that they would ditch their bank if annual fees were introduced.
Has Lord Mandelson isolated the UK government?
There is yet more comment in the weekend press regarding Lord Mandelson and his recent attack on the Bank of England, whom he blames for the snail-like pace at which additional finance is being made available to the car industry. However, while Lord Mandelson provoked a furious response from the Bank of England he was later made to amend his earlier statement and withdraw his criticism of "his col...Read More
Why has the UK stock market disconnected from the economy?
Despite the fact that UK GDP (Gross Domestic Product) was a disappointing -0.4% during the last quarter, against an expectation of 0.2% growth, the UK stock market ended on a high today adding 60 points to 5268. But why is the UK stock market racing ahead when the UK economy appears to be going into reverse?
As we have mentioned on numerous occasions, the UK stock market tends to lo...
Simple ways to reduce your car insurance
As UK car insurance policies are renewed up-and-down country each and every year the trend for policy premiums seems to be going higher and higher each year. However, while much of the increase in policy payments is down to uninsured drivers causing damage on the roads it is the humble and honest car driver who is suffering. So what can you do to reduce your future car insurance premiums?
Were Lloyds Bank investors short-changed with HBOS?
As the acquisition of HBOS continues to unravel before our very eyes there are serious concerns that investors in Lloyds Bank have been short-changed by the acquisition. It is no secret that Gordon Brown and various regulators in the UK were very keen to see Lloyds Bank step in and save HBOS as the company was literally on the verge of collapse. However, just a few months after the acquisition has...Read More
Terraced trend increases over ten years
Property price increases have been the greatest for terraced houses as compared to all other types of property in the UK over the past decade, according to a new report by Halifax estate agents.The price of an average terraced house has risen by 239 per cent from £54,945 in 1996 to £186,316 last year. The average increase for all types of property was 205 per cent overall.Terraced houses still h...Read More